Mortgage Servicing and Loan Modifications: 19(f)(4)(ii) Timing.
1. Requirement. Section 1026.19(f)(4)(ii) provides that the settlement agent shall provide the disclosures required under § 1026.19(f)(4)(i) no later than the day of consummation.
1. Requirement. Section 1026.19(f)(4)(ii) provides that the settlement agent shall provide the disclosures required under § 1026.19(f)(4)(i) no later than the day of consummation.
Wis. Stat. § 422.306(2) (Consumer Credit Transactions); Wis. Stat. § 708.15(3) (Mortgage Satisfaction)
Requirements: None.
Ala. Code §§ 35-10-27, 35-10-30, 35-10-92
Alaska Stat. § 34.20.050
Requirements: After ten days written request to discharge, mortgage holder who refuses or neglects to discharge is liable for $300 damages plus any damages resulting from refusal or neglect.
Ariz. Rev. Stat. Ann. § 33-712
Requirements: Any person receiving satisfaction of mortgage is liable for actual damages upon failure to record within thirty days; after continuing failure for a further thirty days following a written request, liability is for $1000 plus any actual damages. Mortgagor may obtain payoff deed from a title insurer in specified manner if mortgage holder (including “account servicing agent”) fails to provide such after sixty days from date of full payment. § 33-750.
Ark. Code Ann. § 23-39-513(2)
Requirements: Improper refusal to issue satisfaction or release is prohibited practice. See Appx. D.1, State Remedies, supra.
Cal. Civ. Code § 2941 (West)
Requirements: Mortgagee or assignee receiving satisfaction of mortgage is liable for actual damages and $500 upon failure to record within thirty days or, after recording, failure to honor written request to deliver original note to mortgagor. Cf. § 2943.1 as to equity line of credit after July 1, 2015.
Requirements: None.
Conn. Gen. Stat. § 49-8
Requirements: If release is not delivered within sixty days of satisfaction, mortgage holder is liable the greater of actual damages or $200 per week after the sixty-day period up to a maximum of $5000, plus costs and attorney fees. Mortgagor may have satisfaction recorded by duly appointed officer if mortgagee fails to record such within sixty days of payment. § 49-8a.
Del. Code Ann. tit. 25, § 2111
Requirements: None.
Fla. Stat. §§ 701.03, 701.04
Requirements: Within forty-five days of full payment, holder must cancel as required by law and must deliver to payor recorded satisfaction.
Ga. Code Ann. § 7-1-1013(4)
Requirements: Improper refusal to issue a satisfaction of loan is a prohibited act. Violation is misdemeanor subject to imprisonment or fine no greater than $1000. § 7-1-1019.
Haw. Rev. Stat. § 506-8
Requirements: Where failure to provide release within sixty days of written request, holder is liable for treble damages, costs, and attorney fees.
Idaho Code § 45-915
Requirements: Upon demand, holder must immediately deliver certificate of satisfaction or have it recorded; liability for non-compliance is damages plus $100.
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.