The state of Maine has enacted LD-1012 effective August 25, 2011. The new law requires a mortgagee to provide the original recorded release of mortgage to the borrower within 30 days of receiving the lien release from the registry of deeds.
The new Maine law states:
"Within 30 days after receiving the recorded release of the mortgage from the registry of deeds, the mortgagee shall send the release by first class mail to the mortgagor’s address as listed in the mortgage agreement or to an address specified in writing by the mortgagor for this purpose. …”
To see the full text of Maine LD 1012 new law relating to lien releases, please click here.
The requirements to send the release to record within 60 days has been in effect for some time now, however, per the new law it added the additional requirement to send the recorded release to the homeowner. If not, the mortgagee is liable to an aggrieved party for damages equal to exemplary damages of $500.
If you have a lien release account with Nationwide Title Clearing, we have already updated your account procedures in order to be in compliance with this law. NTC will now send the original recorded lien release, together with a letter to the homeowner within 30 days of receipt of the recorded release.
If you are a current client and have any questions or concerns, please contact your Account Manager for immediate assistance.
If you are not a current client and are interested in learning more about our comprehensive services, please click here to request more information about Nationwide Title Clearing Lien Release Services.
