HB 5428 Summary

• Mortgagees must execute and deliver mortgage releases to the town clerk and provide a certified copy to the mortgagor upon satisfaction, bona fide offer to satisfy, or agreed partial release of a mortgage.

• Mortgagees must accept multiple forms of payment for mortgage satisfaction including bank checks, certified checks, attorney IOLTA account checks, title insurance company checks, and wire transfers.

• Connecticut banks and credit unions must accept and credit periodic and partial payments on residential mortgage loans on the business day received, provided proper payment instructions and account identification are given.

• Property owners can dissolve mechanic's liens by lodging a bond with 125% of the lien amount with the town clerk, eliminating the need for court intervention.

• Mortgagees and plaintiffs must execute and deliver release documents within 60 days of a written request, with liability for damages of $200 per week (up to $5,000 maximum) or actual loss plus costs and attorney's fees for failure to comply.