Maine Revised Statutes Title 9-A Sec. 9-305-B – Timely responses to requests for payoff figures
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Terms Used In Maine Revised Statutes Title 9-A Sec. 9-305-B
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
A creditor, assignee or servicer shall respond to a request for a payoff figure within 3 business days following receipt of such a request from a consumer or an agent of the consumer for a consumer credit transaction secured by a mortgage on real estate. The response must include a precise payoff figure as of a date certain and must contain information permitting the consumer or the consumer’s agent to update that figure, such as providing a per diem rate from a date certain. A charge may not be assessed for the first 2 requests in any calendar year, and a charge for each subsequent request may not exceed $5. [PL 2005, c. 206, §3 (NEW).]
SECTION HISTORY
PL 2005, c. 206, §3 (NEW).