Sec. 36a-498b. Release of secondary mortgage. Notice of outstanding balance of obligation secured by secondary mortgage.
146 words·~1 min read·
/ct/title-36a/chapter-668-nondepository-financial-institutions/36a-498b·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Each mortgage lender, mortgage correspondent lender and mortgage broker, all as defined in section 36a-485 and licensed under section 36a-489 , shall deliver to the mortgagor a release of a secondary mortgage:
(1)Upon receipt by such licensee of cash or a certified check in the amount of the outstanding balance of the obligation secured by such mortgage; or
(2)upon payment by the payor bank, as defined in section 42a-4-105 , of any check that is payable to such licensee or its assignee in the amount of the outstanding balance of the obligation secured by such mortgage.
(b)Each such licensee shall advise any person designated by the mortgagor of the amount of the outstanding balance of the obligation secured by the secondary mortgage granted to such licensee no later than the second business day after the licensee receives a request for such information.