CT HB06370

Mortgagees must provide payoff or reinstatement payment statements in writing within seven business days of a written request from the mortgagor, their attorney, or authorized agent.

Mortgagees that fail to provide statements by the requested date forfeit interest accrual on the mortgage loan until the statement is delivered.

First payoff or reinstatement payment statement requested within a calendar year must be provided free of charge, unless expedited delivery is requested and a fee is agreed upon.

Connecticut banks and credit unions issuing mortgages on or after October 1, 2021, must reinstate mortgages when borrowers pay the full reinstatement amount by the statement expiration date and cannot charge for costs, expenses, or attorneys' fees not listed on the reinstatement statement.

Act takes effect October 1, 2021, and amends General Statutes Section 49-10a.