§ 34-26-5 Liability of mortgagee forfailure to discharge, release, or transfer mortgage. – (a) If any mortgagee, his, her or its heirs, executors, administrators, agents,successors, or assigns, shall not, within ten (10) days after a request made inthat behalf and a tender of all reasonable charges therefor, discharge themortgage in one of the modes aforesaid, or otherwise make and execute a releaseand quitclaim of the estate so mortgaged, and acknowledge it before some properofficer, or transfer the mortgage if required under the provisions of §34-26-4, he, she, or they so refusing shall be liable to make good all damagesthat shall accrue for want of the discharge, release, or transfer, to berecovered in a civil action; and in case judgment shall pass against the partysued, the mortgagee shall pay the plaintiff reasonable attorney's fees andtriple costs upon the suit.
(b) In the event of noncompliance with the provisions ofeither this section and/or § 34-26-2, the mortgagee shall pay a penalty tothe mortgagor for noncompliance in the amount of fifty dollars ($50.00) for afirst day of noncompliance and five dollars ($5.00) for each day thereafterthat the party remains in noncompliance. The mortgagor shall also be entitledto a reimbursement of reasonable attorney's fees, if applicable, for the costsincurred by the mortgagor and/or his, her or its attorneys in attempting toobtain a discharge to which the mortgage was lawfully entitled pursuant to theprovisions of this section and/or § 34-26-2. Demand for penalties and, ifapplicable, attorney's fees and costs pursuant to this section may be made tothe department of business regulation, in those instances in which themortgagee is a regulated institution as defined in Title 19, and the departmentshall direct such regulated institutions to pay applicable penalties andreimburse effected mortgagors for attorneys fees and costs incurred, onconfirmed instances of noncompliance. The department may promulgate rules andregulations governing the processing of such reimbursement. In those instancesin which the mortgagee is not a regulated institution as defined in Title 19,the Department shall provide the mortgagor with the name, address and telephonenumber of the regulatory agency having jurisdiction over the actions of suchmortgagees.
(c) As used herein, the term "first day of noncompliance"shall mean the first day following the last day for a mortgagee or similarparty to discharge the mortgage.
§ 34-26-5 Liability of mortgagee forfailure to discharge, release, or transfer mortgage. – (a) If any mortgagee, his, her or its heirs, executors, administrators, agents,successors, or assigns, shall not, within ten (10) days after a request made inthat behalf and a tender of all reasonable charges therefor, discharge themortgage in one of the modes aforesaid, or otherwise make and execute a releaseand quitclaim of the estate so mortgaged, and acknowledge it before some properofficer, or transfer the mortgage if required under the provisions of §34-26-4, he, she, or they so refusing shall be liable to make good all damagesthat shall accrue for want of the discharge, release, or transfer, to berecovered in a civil action; and in case judgment shall pass against the partysued, the mortgagee shall pay the plaintiff reasonable attorney's fees andtriple costs upon the suit.
(b) In the event of noncompliance with the provisions ofeither this section and/or § 34-26-2, the mortgagee shall pay a penalty tothe mortgagor for noncompliance in the amount of fifty dollars ($50.00) for afirst day of noncompliance and five dollars ($5.00) for each day thereafterthat the party remains in noncompliance. The mortgagor shall also be entitledto a reimbursement of reasonable attorney's fees, if applicable, for the costsincurred by the mortgagor and/or his, her or its attorneys in attempting toobtain a discharge to which the mortgage was lawfully entitled pursuant to theprovisions of this section and/or § 34-26-2. Demand for penalties and, ifapplicable, attorney's fees and costs pursuant to this section may be made tothe department of business regulation, in those instances in which themortgagee is a regulated institution as defined in Title 19, and the departmentshall direct such regulated institutions to pay applicable penalties andreimburse effected mortgagors for attorneys fees and costs incurred, onconfirmed instances of noncompliance. The department may promulgate rules andregulations governing the processing of such reimbursement. In those instancesin which the mortgagee is not a regulated institution as defined in Title 19,the Department shall provide the mortgagor with the name, address and telephonenumber of the regulatory agency having jurisdiction over the actions of suchmortgagees.
(c) As used herein, the term "first day of noncompliance"shall mean the first day following the last day for a mortgagee or similarparty to discharge the mortgage.
§ 34-26-5 Liability of mortgagee forfailure to discharge, release, or transfer mortgage. – (a) If any mortgagee, his, her or its heirs, executors, administrators, agents,successors, or assigns, shall not, within ten (10) days after a request made inthat behalf and a tender of all reasonable charges therefor, discharge themortgage in one of the modes aforesaid, or otherwise make and execute a releaseand quitclaim of the estate so mortgaged, and acknowledge it before some properofficer, or transfer the mortgage if required under the provisions of §34-26-4, he, she, or they so refusing shall be liable to make good all damagesthat shall accrue for want of the discharge, release, or transfer, to berecovered in a civil action; and in case judgment shall pass against the partysued, the mortgagee shall pay the plaintiff reasonable attorney's fees andtriple costs upon the suit.
(b) In the event of noncompliance with the provisions ofeither this section and/or § 34-26-2, the mortgagee shall pay a penalty tothe mortgagor for noncompliance in the amount of fifty dollars ($50.00) for afirst day of noncompliance and five dollars ($5.00) for each day thereafterthat the party remains in noncompliance. The mortgagor shall also be entitledto a reimbursement of reasonable attorney's fees, if applicable, for the costsincurred by the mortgagor and/or his, her or its attorneys in attempting toobtain a discharge to which the mortgage was lawfully entitled pursuant to theprovisions of this section and/or § 34-26-2. Demand for penalties and, ifapplicable, attorney's fees and costs pursuant to this section may be made tothe department of business regulation, in those instances in which themortgagee is a regulated institution as defined in Title 19, and the departmentshall direct such regulated institutions to pay applicable penalties andreimburse effected mortgagors for attorneys fees and costs incurred, onconfirmed instances of noncompliance. The department may promulgate rules andregulations governing the processing of such reimbursement. In those instancesin which the mortgagee is not a regulated institution as defined in Title 19,the Department shall provide the mortgagor with the name, address and telephonenumber of the regulatory agency having jurisdiction over the actions of suchmortgagees.
(c) As used herein, the term "first day of noncompliance"shall mean the first day following the last day for a mortgagee or similarparty to discharge the mortgage.
