Mortgage Servicing and Loan Modifications: ILLINOIS
765 Ill. Comp. Stat. Ann. §§ 905/2, 905/4
Requirements: Where failure to provide release within thirty days of payment, holder liable for $200 and attorney fees in civil action.
765 Ill. Comp. Stat. Ann. §§ 905/2, 905/4
Requirements: Where failure to provide release within thirty days of payment, holder liable for $200 and attorney fees in civil action.
Ind. Code §§ 32-29-1-6, 32-29-1-7, 32-29-11-1
Requirements: Upon mortgagor’s request mortgagee shall release, discharge, and enter satisfaction in record or deliver to mortgagor certificate of satisfaction to be recorded. Cf. § 24-4.5-1-301.5(8) as to applicability to mortgages.
Iowa Code § 655.1, 655.3
Requirements: Mortgagee to record release within thirty days of payment in full. § 655.1. Mortgagee who fails to discharge mortgage under § 655.1 liable for actual damages, $500 penalty, and attorney fees. § 655.3.
Kan. Stat. Ann. § 58-2309a
Requirements: Mortgagee or assignee who fails to enter satisfaction, within twenty days of written demand by certified or registered mail, is liable in civil action for $500 and any proven additional damages plus attorney fees.
Ky. Rev. Stat. Ann. § 382.365 (West)
Requirements: Release of lien required within thirty days of satisfaction. Where noncompliance without good cause follows written request made in person or by certified mail, final lien holder or assignee liable for attorney fees and damages, the amount dependent on time elapsed from date of notice.
La. Stat. Ann. § 9:5385
Requirements: Mortgagee or servicing agent or any holder to produce instrument for release within thirty days of written demand; noncompliance results in liability for damages and attorney fees. Mortgagee to deliver documentation for cancellation of mortgage to mortgagor within sixty days of payment; upon failure to do so mortgagor may proceed to have satisfaction recorded by submission of affidavit by authorized party and fifteen-day written notice to mortgagee. § 9:5167.1.
Me. Stat. Ann. tit. 9-A, § 9-307(3) (First Lien Mortgages)
Requirements: Creditor shall deliver written evidence of payment in full within thirty days of satisfaction. Civil action allowed seeking damages for noncompliance, no less than $250 and no more than $1000, plus costs and attorney fees. § 9-405. Fines and criminal penalties for knowing and willful violations. § 9-407. Mortgagor may have discharge recorded by attorney’s submission of affidavit. Tit. 33, § 553-A.
Md. Code Ann., Comm. Law § 12-1024 (West)
Requirements: Credit grantor to record or provide in recordable form release within a reasonable time after satisfaction.
Mass. Gen. Laws ch. 183, § 55
Requirements: Within forty-five days of payment, holder must record discharge and provide copy of discharge to payoff agent, or provide discharge for recording with a notice as specified. Liability for noncompliance: only actual damages if compliance within thirty days of written demand for compliance; the greater of $2500 or actual damages, costs and attorney fees. Defenses available to holder are specified. Discharge by affidavit of attorney is available where noncompliance.
Mich. Comp. Laws § 565.44
Requirements: Upon payment and request, holder must register discharge within sixty days (seventy-five days for period prior to Dec. 27, 2006), liability for non-compliance is $1000 plus actual damages; court may award double damages in civil action.
Minn. Stat. § 47.208
Requirements: Any holder is to deliver satisfaction to payer within forty-five days of payment and of receipt of written request; liability to payer for noncompliance is civil penalty up to $500 and actual damages. See also § 507.41 (liability for actual damages if failure to discharge within ten days of written request).
Miss. Code Ann. § 81-18-27(1)(e)
Requirements: Improper refusal to issue satisfaction is prohibited.
Mo. Rev. Stat. §§ 443.130, 443.170
Requirements: If no release submitted for recording within forty-five days of written request by certified mail, return receipt requested, mortgagee is liable for the lesser of the amount of $300 for each day after the 45th day that release is not recorded or 10% of the loan amount, plus court costs and attorney fees. Upon failure to provide release within thirty days, holder’s personal representative is liable for 10% of mortgage amount.
Mont. Code Ann. § 71-1-212
Requirements: Where failure to deliver certificate of release within ninety days after request, mortgagee, representative, or assignee is liable for $500 and actual damages.
Neb. Rev. Stat. §§ 76-252, 76-2803, 45-737(7)
Requirements: Where failure to deliver certificate of release in recordable form within sixty days after receiving full payment and written request, secured party or party licensed as mortgage banker (see § 45-702) is liable for the greater of $5000 or actual damages, plus attorney fees and costs.
N.H. Rev. Stat. Ann. § 397-A:15(V)
Requirements: Payoff amount as of specific date, with a daily interest rate charge, to be provided within five days of receipt of written request. Penalties: misdemeanor, fines, license revocation or suspension. § 397-A:20.
N.J. Stat. Ann. § 46:10B-25(f) (West)
Requirements: Payoff amount to be provided by seven days after request; no fee.
Requirements: None.
N.Y. Real Prop. Law § 274-a(2) (McKinney)
Requirements: Holder, assigns, or persons to whom payments are required to be made must provide payoff statement within thirty days of bona fide written request as specified; noncompliance results in liability for actual damages.
N.C. Gen. Stat. § 45-36.7
Requirements: Borrower may request statement for a specified date not more than thirty days after request given; creditor to deliver statement within ten days of request. For noncompliance creditor is liable for actual damages and, if those are unpaid within thirty days of receipt of demand, costs and attorney fees. No charge for initial request, but $25 fee allowed for each additional request during any six-month period.
N.D. Cent. Code § 35-03-18
Requirements: Mortgage servicer upon written request must provide amount for date specified as to payoff amount and escrow accounts. No fee. If noncompliance within seven days of receipt of request and if closing postponed due to delay, servicer liable for resulting damages.
Requirements: None.
Requirements: None.
Requirements: None.
Requirements: None.