09.03.06.13

.13 Payoff and Accounting Statements-----Releases.

A. Within 5 business days after written request by the borrower, a licensee shall provide the borrower or the borrower's designee with a written statement of the dollar figure which will repay a loan in full.

B. Upon written request by the borrower, a licensee shall provide, within a reasonable time, but not in excess of 45 days, an accounting statement to the borrower, setting forth:

(1) All payments made on the loan;

(2) All amounts credited to principal and interest; and

(3) Any other charges.

C. If a loan is being serviced by a different entity than the licensee, this regulation applies when the servicer of the loan is in receipt of a written request from the borrower for a payoff or accounting statement.

D. Within 30 days from the date a loan is repaid in full, a licensee shall:

(1) Prepare and forward to the borrower documents sufficient for the borrower to obtain a release of the lien securing the loan; or

(2) Prepare and deliver to the appropriate city or county land records office documents which are sufficient to release the lien securing the loan.