Except as provided in paragraph (2) of this subsection, this section applies only to a plan between a credit grantor and a consumer borrower under which a credit grantor has taken any property as security for credit extended under the plan. This section does not apply to a loan to which § 3-105.1 of the Real Property Article applies. A credit grantor shall release any recorded mortgage, deed of trust, security agreement, or other lien securing the extension of credit within a reasonable time after: The outstanding unpaid indebtedness under a plan has been paid in full; There are no further obligations of the credit grantor or the consumer borrower under the plan; and The account under the plan is closed. The release shall be: In writing; and Prepared at the expense of the credit grantor. If the credit grantor does not record the release, the credit grantor shall furnish the consumer borrower with the release in a recordable form. If the credit grantor records the release, the credit grantor shall furnish the consumer borrower with a copy of the release. If a fee is collected by a credit grantor for the recording of a release: The release shall be recorded by the credit grantor; and Any portion of the fee not paid to a governmental entity for recording the release shall be refunded to the borrower. If a fee is not collected by a credit grantor for the recording of a release, the credit grantor is not obligated to record the release.