HB111 Alabama 2010 Session

Summary

Primary Sponsor

James E. Buskey

Democrat

Session

Regular Session 2010

Title

Uniform Residential Mortgage Satisfaction Act, uniform method for clearing residential land titles for subsequent transactions, Chapter 10B, Title 35 added, Secs. 35-10-26, 35-10-30 am'd.

Description

This bill would adopt the Alabama Uniform Residential Mortgage Satisfaction Act.

This bill would provide a method for a landowner or other entitled person to request a payoff statement pursuant to a notification that may be transmitted to a secured creditor by first class mail, facsimile, or email.

This bill would require a secured creditor, upon notification, to comply with the request for a payoff statement within 30 days or be liable for damages.

This bill would require secured creditors to record mortgage satisfactions within 30 days of the day the mortgage is paid or be liable for damages.

This bill would limit damages to actual damages plus $500 and attorneys' fees in certain circumstances.

This bill would provide a self-help title clearing remedy for a person entitled to the recording of a mortgage satisfaction pursuant to the use of an Affidavit of Satisfaction and a Satisfaction Agent.

This bill would also provide for the use of a Document of Rescission by a secured creditor to rescind an erroneous recording of a mortgage satisfaction and limit potential liability.

Show more Show less

Subjects

Property, Real and Personal