2003 House Bill 4817 ↩

Senate Roll Call 884: Passed

To reduce from 90 days to 60 days the time a mortgagee (the mortgage holder, including banks, mortgage companies, etc.) has to file a discharge of mortgage with the register of deeds. The bill would also increase from $100 to $1,000 the amount a mortgagee who fails to file a discharge within that time may be required to pay the borrower. Under current law, and under the bill, a mortgagee may also be required to pay to the borrower all other actual damages caused by the failure to provide a discharge as required.