Md. Code Regs. 09.03.06.14
Current through Register Vol. 51, No. 12, June 14, 2024
Section 09.03.06.14 - Payoff and Accounting Statements-ReleasesA. Within 5 business days after written request by the borrower, a licensee shall provide the borrower or the borrower's designee with a written statement of the dollar figure which will repay a loan in full. B. Upon written request by the borrower, a licensee shall provide, within a reasonable time, but not in excess of 45 days, an accounting statement to the borrower, setting forth: (1) All payments made on the loan; (2) All amounts credited to principal and interest; and C. If a loan is being serviced by a different entity than the licensee, this regulation applies when the servicer of the loan is in receipt of a written request from the borrower for a payoff or accounting statement. D. Within 30 days from the date a loan is repaid in full, a licensee shall: (1) Prepare and forward to the borrower documents sufficient for the borrower to obtain a release of the lien securing the loan; or (2) Prepare and deliver to the appropriate city or county land records office documents which are sufficient to release the lien securing the loan. Md. Code Regs. 09.03.06.14
Regulations .14, Code of Conduct_Mortgage Lenders, adopted as an emergency provision effective July 1, 1989 (16:14 Md. R. 1564); emergency status extended at 16:26 Md. R. 2782 (Emergency provisions are temporary and not printed in COMAR)
Regulations .14, Mortgage Lenders, adopted effective February 19, 1990 (17:3 Md. R. 297); recodified from .13 effective 46:19 Md. R. 813, eff. 10/4/2019