SB170 Alabama 2010 Session

Sponsors

Session

Regular Session 2010

Title

Residential Mortgage Satisfaction Act, method for clearing residential land titles for subsequent transactions, self-help title clearing remedy using affidavit of satisfaction and satisfaction agent, document of rescission by secured creditor to rescind erroneous recording of a mortgage, Secs. 35-10B-101 to 35-10B-104, inclusive, 35-10B-201 to 35-10B-205, inclusive, 35-10B-301 to 35-10B-308, inclusive, 35-10B-401, 35-10B-402 added, Secs. 35-10-26, 35-10-30 am'd. (2010-20614)

Description

<p class="bill_description"> This bill would adopt the Alabama Uniform Residential Mortgage Satisfaction Act</p><p class="bill_description"> 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</p><p class="bill_description"> 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</p><p class="bill_description"> 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</p><p class="bill_description"> This bill would limit damages to actual damages plus $500 and attorneys' fees in certain circumstances</p><p class="bill_description"> 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</p><p class="bill_description"> 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</p><p class="bill_entitled_an_act"> To adopt the Alabama Uniform Residential Mortgage Satisfaction Act as a new Chapter 10B, Title 35, Code of Alabama 1975, to provide a uniform method for clearing residential land titles for subsequent transactions; to provide a method for a landowner or other entitled person to request a payoff statement pursuant to a notification transmitted to a secured creditor; to require a secured creditor, upon notification, to comply with the request for a payoff statement within 30 days; to secured creditors to record mortgage satisfactions within 30 days of the payment date; to provide penalties for violations; to provide a self-help title clearing remedy pursuant to the use of an Affidavit of Satisfaction and a Satisfaction Agent; to provide for the use of a Document of Rescission by a secured creditor to rescind an erroneous recording of a mortgage; and to amend Sections 35-10-26 and 35-10-30, Code of Alabama 1975, to conform those code sections to the new chapter. </p>

Subjects

Property, Real and Personal