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FL S0708
Bill
AI Summary
- Reduces the timeframe for a mortgagee or mortgage servicer to send an estoppel letter from 14 days to 10 days after receiving a written request from a mortgagor, record title owner, or authorized representative
- Requires estoppel letters to include an itemized breakdown of principal, interest, and other charges comprising the unpaid balance as of a specified date, plus per-day interest accruing after that date
- Prohibits mortgagees or mortgage servicers from qualifying, disclaiming reliance on, or conditioning the information in an estoppel letter (except where a lis pendens in foreclosure or suggestion of bankruptcy has been filed), and any attempt to do so is void and unenforceable
- Requires mortgagees or mortgage servicers to accept and apply payments made in reliance on an estoppel letter and prohibits returning such payments; corrected estoppel letters supersede prior ones only if received by 3 p.m. at least one business day before payment is issued
- Requires execution and recording of a mortgage release within 60 days after the loan is fully paid or paid pursuant to an estoppel letter, with reasonable attorney fees and costs awarded to the prevailing party in enforcement actions; applies retroactively to all mortgages existing as of or entered into on or after October 1, 2023
Legislative Description
Estoppel Letters
Last Action
Chapter No. 2023-135
5/26/2023
Committee Referrals
Rules3/22/2023
Full Bill Text
No bill text available