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 a certain period of time 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 provide damages in certain circumstances for failing to comply.
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.
Read for the first time and referred to the Senate committee on Banking and Insurance
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 836
Motion to Adopt adopted Roll Call 835
Financial Services first Substitute Offered
Third Reading Passed
Read for the second time and placed on the calendar with 1 substitute and
Read for the first time and referred to the House of Representatives committee on Financial Services
Source: Alabama Legislature