Florida passed a bill amending estoppel letter (payoff statement) requirements when a borrower requests an estoppel letter. The bill amends estoppel letter requirements with respect to when a request for an estoppel letter is deemed received by the lender or servicer, the content of the estoppel letter, the timing and delivery of the estoppel letter, and the delivery of a corrected estoppel letter. In addition, the bill requires a lender or servicer to execute a written instrument acknowledging satisfaction of the mortgage, have the instrument acknowledged and recorded, and send the recorded satisfaction to the borrower within 60 days of the date the mortgage was paid in full (including pursuant to an estoppel letter). Previously the lender or servicer was only required to send the recorded satisfaction to the borrower within 60 days of the date the mortgage was paid in full. The bill becomes effective October 1, 2023.
Click to view the Florida SB 708: https://www.tenaco.com/wp-content/uploads/2023/09/FL-SB-708-05-26-23-1.pdf
