HB111 Alabama 2010 Session

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

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.