(a) A secured creditor shall submit for recording a satisfaction of a security instrument within thirty (30) days after the creditor receives full payment or performance of the secured obligation and shall send a copy of the recorded satisfaction of a security instrument to the landowner or landowner’s agent within 60 days after the creditor receives full payment or performance of the secured obligation. If a security instrument secures a line of credit or future advances, the secured obligation is fully performed only if, in addition to full payment, the secured creditor has received a notification requesting the creditor to terminate the line of credit or containing a statement sufficient to terminate the effectiveness of the provision for future advances in the security instrument.
(b) Except as otherwise provided in section 142c, a secured creditor that is required to submit a satisfaction of a security instrument for recording and does not do so by the end of the period specified in subsection (a) is liable to the landowner for any actual damages caused by the failure, but not punitive damages.
(c) Except as otherwise provided in subsection (d) and in section 142c, a secured creditor that is required to submit a satisfaction of a security instrument for recording and does not do so by the end of the period specified in subsection (a) is also liable to the landowner for $500 and any reasonable attorney’s fees and court costs incurred if, after the expiration of the period specified in subsection (a):(1) the landowner gives the creditor a notification, by any method authorized by section 141b that provides proof of receipt, demanding that the creditor submit a satisfaction for recording; and(2) the creditor does not submit a satisfaction for recording within 30 days after receipt of the notification.
(1) the landowner gives the creditor a notification, by any method authorized by section 141b that provides proof of receipt, demanding that the creditor submit a satisfaction for recording; and
(2) the creditor does not submit a satisfaction for recording within 30 days after receipt of the notification.
(d) Subsection (c) does not apply if the secured creditor received full payment or performance of the secured obligation before the effective date of this chapter.