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Mortgage Servicing and Loan Modifications: MICHIGAN

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.

Mortgage Servicing and Loan Modifications: MINNESOTA

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).

Mortgage Servicing and Loan Modifications: MISSOURI

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.

Mortgage Servicing and Loan Modifications: MONTANA

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.

Mortgage Servicing and Loan Modifications: NEBRASKA

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.

Mortgage Servicing and Loan Modifications: NEW HAMPSHIRE

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.

Mortgage Servicing and Loan Modifications: NEW YORK

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.

Mortgage Servicing and Loan Modifications: NORTH CAROLINA

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.

Mortgage Servicing and Loan Modifications: NORTH DAKOTA

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.

Mortgage Servicing and Loan Modifications: VERMONT

Vt. Stat. Ann. tit. 27, § 464

Requirements: Payoff statement to be mailed or delivered within five days of request; holder or any authorized servicer’s liability in civil action for noncompliance: $25 per day up to $5000, consequential and punitive damages, costs, and attorney fees. See also tit. 8, § 2232a(c).

Mortgage Servicing and Loan Modifications: VIRGINIA

Va. Code Ann. § 6.2-418

Requirements: The holder shall mail or deliver written statement of the amount to the property owner or property owner’s designee within ten business days of the receipt of a written request from such party or party’s designee.