Bill Text: FL H0505 | 2012 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Mortgages

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-03-06 - Laid on Table, companion bill(s) passed, see CS/SB 1050 (Ch. [H0505 Detail]

Download: Florida-2012-H0505-Introduced.html

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HB 505

1	A bill to be entitled
2	An act relating to mortgages; amending s. 701.04,
3	F.S.; requiring a mortgage holder to provide certain
4	information within a specified time relating to the
5	unpaid loan balance due under a mortgage if an owner
6	of an interest in the property makes a written request
7	under certain circumstances; providing an effective
8	date.
9
10	Be It Enacted by the Legislature of the State of Florida:
11
12	Section 1.  Section 701.04, Florida Statutes, is amended to
13	read:
14	701.04  Cancellation of mortgages, liens, and judgments.-
15	(1)  Within 14 days after receipt of the written request of
16	a mortgagor or an owner of an interest in property encumbered by
17	a mortgage, the holder of a mortgage shall deliver or cause the
18	servicer of the mortgage to deliver to the person making the
19	request mortgagor at a place designated in the written request
20	an estoppel letter setting forth the unpaid balance of the loan
21	secured by the mortgage.,
22	(a)  If the mortgagor makes the request, the estoppel
23	letter must include an itemization of the including principal,
24	interest, and any other charges properly due under or secured by
25	the mortgage and interest on a per-day basis for the unpaid
26	balance.
27	(b)  If an owner of an interest in the property makes the
28	request, the request must include a copy of the instrument
29	showing the owner's ownership interest in the property, and the
30	estoppel letter may include the itemization of information
31	required under paragraph (a), but must at a minimum include the
32	total unpaid balance due under or secured by the mortgage on a
33	per-day basis.
34	(2)  Whenever the amount of money due on any mortgage,
35	lien, or judgment has been shall be fully paid to the person or
36	party entitled to the payment thereof, the mortgagee, creditor,
37	or assignee, or the attorney of record in the case of a
38	judgment, to whom the such payment was shall have been made,
39	shall execute in writing an instrument acknowledging
40	satisfaction of the said mortgage, lien, or judgment and have
41	the instrument same acknowledged, or proven, and duly entered of
42	record in the book provided by law for such purposes in the
43	official records of the proper county. Within 60 days after of
44	the date of receipt of the full payment of the mortgage, lien,
45	or judgment, the person required to acknowledge satisfaction of
46	the mortgage, lien, or judgment shall send or cause to be sent
47	the recorded satisfaction to the person who has made the full
48	payment. In the case of a civil action arising out of the
49	provisions of this section, the prevailing party is shall be
50	entitled to attorney attorney's fees and costs.
51	(3)(2)  Whenever a writ of execution has been issued,
52	docketed, and indexed with a sheriff and the judgment upon which
53	it was issued has been fully paid, it is shall be the
54	responsibility of the party receiving payment to request, in
55	writing, addressed to the sheriff, return of the writ of
56	execution as fully satisfied.
57	Section 2.  This act shall take effect upon becoming a law.

CODING: Words stricken are deletions; words underlined are additions.