Florida Senate - 2012                                    SB 1050
       
       
       
       By Senator Bogdanoff
       
       
       
       
       25-00953-12                                           20121050__
    1                        A bill to be entitled                      
    2         An act relating to mortgages; amending s. 701.04,
    3         F.S.; requiring that the holder of a mortgage deliver
    4         an estoppel letter containing certain information
    5         regarding the unpaid balance of the loan secured by
    6         the mortgage to an owner of an interest in property
    7         encumbered by the mortgage, upon request; providing
    8         that if the requestor is not the mortgagor, the
    9         estoppel letter need not contain an itemization of the
   10         unpaid balance of the loan, but must include a per-day
   11         amount for the unpaid balance; requiring that an owner
   12         of an interest in property encumbered by a mortgage
   13         include, along with the request, a copy of the
   14         instrument showing an ownership interest in the
   15         property; providing an effective date.
   16  
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. Subsection (1) of section 701.04, Florida
   20  Statutes, is amended to read:
   21         701.04 Cancellation of mortgages, liens, and judgments.—
   22         (1) Within 14 days after receiving a receipt of the written
   23  request by of a mortgagor or an owner of an interest in property
   24  encumbered by a mortgage, the holder of a mortgage shall
   25  deliver, or cause to be delivered through the mortgage servicer,
   26  to the requestor mortgagor at a place designated in the written
   27  request an estoppel letter setting forth the unpaid balance of
   28  the loan secured by the mortgage, including principal, interest,
   29  and any other charges properly due under or secured by the
   30  mortgage and interest on a per-day basis for the unpaid balance.
   31  However, if the requestor is not the mortgagor, the estoppel
   32  letter need not contain an itemization of the unpaid balance of
   33  the loan secured by the mortgage, but must include a per-day
   34  amount for the unpaid balance. An owner of an interest in
   35  property encumbered by a mortgage shall include, along with the
   36  request, a copy of the instrument showing an ownership interest
   37  in the property. Whenever the amount of money due on any
   38  mortgage, lien, or judgment is shall be fully paid to the person
   39  or party entitled to the payment thereof, the mortgagee,
   40  creditor, or assignee, or the attorney of record in the case of
   41  a judgment, to whom such payment has shall have been made, shall
   42  execute in writing an instrument acknowledging satisfaction of
   43  the said mortgage, lien, or judgment and have the same
   44  acknowledged, or proven, and duly entered of record in the book
   45  provided by law for such purposes in the proper county. Within
   46  60 days after of the date of receiving receipt of the full
   47  payment of the mortgage, lien, or judgment, the person required
   48  to acknowledge satisfaction of the mortgage, lien, or judgment
   49  shall send or cause to be sent the recorded satisfaction to the
   50  person who has made the full payment. In the case of a civil
   51  action arising out of the provisions of this section, the
   52  prevailing party is shall be entitled to attorney attorney’s
   53  fees and costs.
   54         Section 2. This act shall take effect upon becoming a law.