<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".14" citation="COMAR 09.03.06.14" title_num="09" subtitle_num="03" chapter_num="06" heading="Payoff and Accounting Statements — Releases.">
  <paragraph num="A.">
    <text>Within 5 business days after written request by the borrower, a licensee shall provide the borrower or the borrower's designee with a written statement of the dollar figure which will repay a loan in full.</text>
  </paragraph>
  <paragraph num="B.">
    <text>Upon written request by the borrower, a licensee shall provide, within a reasonable time, but not in excess of 45 days, an accounting statement to the borrower, setting forth:</text>
    <paragraph num="(1)">
      <text>All payments made on the loan;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>All amounts credited to principal and interest; and</text>
    </paragraph>
    <paragraph num="(3)">
      <text>Any other charges.</text>
    </paragraph>
  </paragraph>
  <paragraph num="C.">
    <text>If a loan is being serviced by a different entity than the licensee, this regulation applies when the servicer of the loan is in receipt of a written request from the borrower for a payoff or accounting statement.</text>
  </paragraph>
  <paragraph num="D.">
    <text>Within 30 days from the date a loan is repaid in full, a licensee shall:</text>
    <paragraph num="(1)">
      <text>Prepare and forward to the borrower documents sufficient for the borrower to obtain a release of the lien securing the loan; or</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Prepare and deliver to the appropriate city or county land records office documents which are sufficient to release the lien securing the loan.</text>
    </paragraph>
  </paragraph>
</regulation>