§9-305-B. Timely responses to requests for payoff figures
116 words·~1 min read·
/me/title-9-a-maine-consumer-credit-code/9-305-b·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A creditor, assignee or servicer shall respond to a request for a payoff figure within 3 business days following receipt of such a request from a consumer or an agent of the consumer for a consumer credit transaction secured by a mortgage on real estate. The response must include a precise payoff figure as of a date certain and must contain information permitting the consumer or the consumer's agent to update that figure, such as providing a per diem rate from a date certain. A charge may not be assessed for the first 2 requests in any calendar year, and a charge for each subsequent request may not exceed $5. [PL 2005, c. 206, §3 (NEW).]