(a) An entitled person, or an agent authorized by an entitled person to request a payoff statement, may give to the secured creditor a notification requesting a payoff statement for a specified payoff date not more than thirty (30) days after the notification is given. The notification must contain:(1) the entitled person’s name;(2) if given by a person other than an entitled person, the name of the person giving the notification and a statement that the person is an authorized agent of the entitled person;(3) a direction whether the statement is to be sent to the entitled person or that person’s authorized agent;(4) the address to which the creditor must send the statement; and(5) sufficient information to enable the creditor to identify the secured obligation and the real property encumbered by the security interest.
(1) the entitled person’s name;
(2) if given by a person other than an entitled person, the name of the person giving the notification and a statement that the person is an authorized agent of the entitled person;
(3) a direction whether the statement is to be sent to the entitled person or that person’s authorized agent;
(4) the address to which the creditor must send the statement; and
(5) sufficient information to enable the creditor to identify the secured obligation and the real property encumbered by the security interest.
(b) If a notification under subsection (a) directs the secured creditor to send the payoff statement to a person identified as an authorized agent of the entitled person, the secured creditor must send the statement to the agent, unless the secured creditor knows that the entitled person has not authorized the request.
(c) Within 14 days after the effective date of a notification that complies with subsection (a), the secured creditor shall issue a payoff statement and send it as directed pursuant to subsection (a)(3) in the manner prescribed in section 141b for giving a notification. A secured creditor that sends a payoff statement to the entitled person or the authorized agent may not claim that the notification did not satisfy subsection (a). If the person to whom the notification is given once held an interest in the secured obligation but has since assigned that interest, the person need not send a payoff statement but shall give a notification of the assignment to the person to whom the payoff statement otherwise would have been sent, providing the name and address of the assignee.
(d) A payoff statement must contain:(1) the date on which it was prepared and the payoff amount as of that date, including the amount by type of each fee, charge, or other sum included within the payoff amount; and the principal and interest and other charges properly due or secured by the secured obligation and interest in a per-day basis for the unpaid basis;(2) the information reasonably necessary to calculate the payoff amount as of the requested payoff date, including the per diem interest amount; and(3) the payment cutoff time, if any, the address or place where payment must be made, and any limitation as to the authorized method of payment.
(1) the date on which it was prepared and the payoff amount as of that date, including the amount by type of each fee, charge, or other sum included within the payoff amount; and the principal and interest and other charges properly due or secured by the secured obligation and interest in a per-day basis for the unpaid basis;
(2) the information reasonably necessary to calculate the payoff amount as of the requested payoff date, including the per diem interest amount; and
(3) the payment cutoff time, if any, the address or place where payment must be made, and any limitation as to the authorized method of payment.
(e) A payoff statement may contain the amount of any fees authorized under this section not included in the payoff amount.
(f) A secured creditor may not qualify a payoff amount or state that it is subject to change before the payoff date unless the payoff statement provides information sufficient to permit the entitled person or the person’s authorized agent to request an updated payoff amount at no charge and to obtain that updated payoff amount during the secured creditor’s normal business hours on the payoff date or the immediately preceding business day.
(g) A secured creditor must provide upon request one payoff statement without charge during any six-month period. A secured creditor may charge a fee of $25 for each additional payoff statement requested during that six-month period. However, a secured creditor may not charge a fee for providing an updated payoff amount under subsection (f) or a corrected payoff statement under section 142a.
(h) Unless the security instrument provides otherwise, a secured creditor is not required to send a payoff statement by means other than first-class mail. If the creditor agrees to send a statement by another means, it may charge a reasonable fee for complying with the requested manner of delivery.
(i) Except as otherwise provided in section 142c, if a secured creditor to which a notification has been given pursuant to subsection (a) does not send a timely payoff statement that substantially complies with subsection (d), the creditor is liable to the entitled person for any actual damages caused by the failure plus $500, but not punitive damages. A creditor that does not pay the damages provided in this subsection within thirty (30) days after receipt of a notification demanding payment may also be liable for reasonable attorney’s fees and costs.