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Glossary of Legislative Terms

CS/SB 1016: Mortgage Payoff Letters

GENERAL BILL by Banking and Insurance ; Burgess

Mortgage Payoff Letters; Revising the timeframe within which a mortgagee or mortgage servicer must send or cause to be sent an estoppel letter containing specified information; requiring notice to the mortgagor of a request for an estoppel letter under certain circumstances; requiring a mortgagee or mortgage servicer to provide a copy of a corrected estoppel letter to a mortgagor under certain circumstances; providing that a corrected estoppel letter supersedes any previous estoppel letter under certain circumstances; prohibiting payments received pursuant to an estoppel letter from being returned and requiring such payments to be promptly applied to any unpaid balance of the loan properly due under or secured by a mortgage, etc.

Effective Date: October 1, 2022, and applies to all mortgages existing as of that date and entered into on or after that date, as well as to all loans secured by such mortgages
 Last Action: 3/14/2022 House - Died in Messages
Bill Text: Web Page | PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Rules (RC)


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Bill History

Date Chamber Action
11/19/2021 Senate • Filed
12/13/2021 Senate • Referred to Banking and Insurance; Judiciary; Rules -SJ 68
1/11/2022 Senate • Introduced -SJ 68
2/3/2022 Senate • On Committee agenda-- Banking and Insurance, 02/08/22, 3:00 pm, 37 Senate Building
2/8/2022 Senate • CS by Banking and Insurance; YEAS 11 NAYS 0 -SJ 364
2/10/2022 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
• CS by Banking and Insurance read 1st time -SJ 365
2/11/2022 Senate • Original reference(s) removed: Judiciary
• Remaining references corrected to Rules -SJ 382
• Now in Rules
2/18/2022 Senate • On Committee agenda-- Rules, 02/23/22, 9:00 am, 412 Knott Building
2/23/2022 Senate • Favorable by- Rules; YEAS 17 NAYS 0 -SJ 451
• Placed on Calendar, on 2nd reading
2/24/2022 Senate • Placed on Special Order Calendar, 03/01/22 -SJ 484
3/1/2022 Senate • Retained on Special Order Calendar
3/2/2022 Senate • Read 2nd time -SJ 515
• Amendment(s) adopted (579878) -SJ 517
• Read 3rd time -SJ 518
• CS passed as amended; YEAS 39 NAYS 0 -SJ 518
3/2/2022 House • In Messages
3/12/2022 House • Indefinitely postponed and withdrawn from consideration
3/14/2022 House • Died in Messages