Sec. 36a-498b. Release of secondary mortgage. Notice of outstanding balance of obligation secured by secondary mortgage.
Sec. 36a-498b. Release of secondary mortgage. Notice of outstanding balance
of obligation secured by secondary mortgage. (a) Each mortgage lender, mortgage
correspondent lender and mortgage broker, all as defined in section 36a-485 and licensed
under section 36a-489, shall deliver to the mortgagor a release of a secondary mortgage:
(1) Upon receipt by such licensee of cash or a certified check in the amount of the
outstanding balance of the obligation secured by such mortgage; or (2) upon payment
by the payor bank, as defined in section 42a-4-105, of any check that is payable to such
licensee or its assignee in the amount of the outstanding balance of the obligation secured
by such mortgage.
(b) Each such licensee shall advise any person designated by the mortgagor of the
amount of the outstanding balance of the obligation secured by the secondary mortgage
granted to such licensee no later than the second business day after the licensee receives
a request for such information.
(P.A. 08-176, S. 55.)
History: P.A. 08-176 effective July 1, 2008.