CT SB00810

Mortgagees must provide payoff or reinstatement payment statements within seven business days of written request, or forfeit interest accrual rights after the request date.

Mortgagees cannot charge fees for the first payoff or reinstatement statement requested within a calendar year, unless expedited delivery is requested and agreed upon in writing.

Mortgages issued by Connecticut banks or credit unions on or after October 1, 2019 must be reinstated upon payment of the reinstatement statement amount and cannot charge borrowers for costs, expenses, or attorneys' fees related to default that were not included on the statement.

Mortgagees cannot impose fees or charges on borrowers after receiving reinstatement payments if those costs were not disclosed on the reinstatement payment statement.

The act becomes effective October 1, 2019 and amends Connecticut General Statutes Section 49-10a.