AB390,7,86 4. The address, facsimile transmission number, or electronic mail or other
7electronic transmission address to which the secured creditor must send the
8statement.

AB390,7,109 5. Sufficient information to enable the secured creditor to identify the secured
10obligation and the real property encumbered by the security interest.

AB390,7,1411 (b) If a notification under par. (a) directs the secured creditor to send the payoff
12statement to a person identified as an authorized agent of the entitled person, the
13secured creditor must send the statement to the agent, unless the secured creditor
14knows that the entitled person has not authorized the request.

AB390,7,1815 (c) 1. Except as provided in subd. 2., within 4 days after the effective date of a
16notification that complies with par. (a), the secured creditor shall issue a payoff
17statement and send it as directed under par. (a) 3. in the manner prescribed in sub.
18(2) for giving a notification.

AB390,7,2319 2. If the person to whom the notification is given once held an interest in the
20secured obligation but has since assigned that interest, the person need not send a
21payoff statement but shall, within 4 days after the effective date of the notification,
22give a notification of the assignment to the person to whom the payoff statement
23otherwise would have been sent, providing the name and address of the assignee.

AB390,7,2524 3. A secured creditor that sends a payoff statement to the entitled person or the
25authorized agent may not claim that the notification did not satisfy par. (a).

AB390,8,1

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1(d) A payoff statement must contain all of the following:

AB390,8,42 1. The date on which it was prepared and the payoff amount as of that date,
3including the amount by type of each fee, charge, or other sum included within the
4payoff amount.

AB390,8,65 2. The information reasonably necessary to calculate the payoff amount as of
6the requested payoff date, including the per diem interest amount.

AB390,8,97 3. The payment cutoff time, if any, the address or place where payment,
8including payment by electronic transmission, if available, must be made, and any
9limitation as to the authorized method of payment.

AB390,8,1110 (e) A payoff statement may contain the amount of any fees authorized under
11this subsection not included in the payoff amount.

AB390,8,1712 (f) A secured creditor may not qualify a payoff amount or state that it is subject
13to change before the payoff date unless the payoff statement provides information
14sufficient to permit the entitled person or the person's authorized agent to request
15an updated payoff amount at no charge and to obtain that updated payoff amount
16during the secured creditor's normal business hours on the payoff date or the
17immediately preceding business day.

AB390,8,2218 (g) A secured creditor must provide upon request one payoff statement without
19charge during any 2-month period. A secured creditor may charge a fee of $25 for
20each additional payoff statement requested during that 2-month period. However,
21a secured creditor may not charge a fee for providing an updated payoff amount
22under par. (f) or a corrected payoff statement under sub. (4) (a).

AB390,9,423 (h) Except as otherwise provided in sub. (7), if a secured creditor to which a
24notification has been given under par. (a) does not send a timely payoff statement
25that substantially complies with par. (d), the secured creditor is liable to the entitled

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1person for any actual damages caused by the failure plus $500, but not punitive
2damages. A secured creditor that does not pay the damages provided in this
3paragraph within 30 days after receipt of a notification demanding payment may
4also be liable for reasonable attorney fees and costs.

AB390,9,10 5(4) Understated payoff statement: correction; effect. (a) If a secured
6creditor determines that the payoff amount it provided in a payoff statement was
7understated, the secured creditor may send a corrected payoff statement. If the
8entitled person or the person's authorized agent receives and has a reasonable
9opportunity to act upon a corrected payoff statement before making payment, the
10corrected statement supersedes an earlier statement.

AB390,9,1411 (b) Subject to par. (c) 1., a secured creditor that sends a payoff statement
12containing an understated payoff amount may not deny the accuracy of the payoff
13amount as against any person that reasonably and detrimentally relies upon the
14understated payoff amount.

AB390,9,1515 (c) This section does not do any of the following:

AB390,9,1716 1. Affect the right of a secured creditor to recover any sum that it did not include
17in a payoff amount from any person liable for payment of the secured obligation.

AB390,9,1918 2. Limit any claim or defense that a person liable for payment of a secured
19obligation may have under law other than this section.

AB390,9,25 20(5) Secured creditor to submit satisfaction for recording; liability for
21failure. (a) A secured creditor shall submit for recording a satisfaction of a security
22instrument within 30 days after the secured creditor receives full payment or
23performance of the secured obligation or payment as provided in a payoff statement
24under sub. (3) or a corrected payoff statement under sub. (4), whichever is applicable.
25If a security instrument secures a line of credit or future advances, the secured

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1obligation is fully performed only if, in addition to full payment or performance of the
2secured obligation or payment as provided in a payoff statement under sub. (3) or a
3corrected payoff statement under sub. (4), the secured creditor has received a
4notification requesting the secured creditor to terminate the line of credit or
5containing a statement sufficient to terminate the effectiveness of the provision for
6future advances in the security instrument.

AB390,10,117 (b) Except as otherwise provided in sub. (7), a secured creditor that is required
8to submit a satisfaction of a security instrument for recording and that does not do
9so by the end of the period specified in par. (a) is liable to the landowner for $500, plus
10any actual damages caused by the failure, but not punitive damages, and any
11reasonable attorney fees and court costs incurred.

AB390,10,1812 (c) Paragraph (b) applies to a secured creditor that receives full payment or
13performance of the secured obligation or payment as provided in a payoff statement
14under sub. (3) or a corrected payoff statement under sub. (4) on or after the effective
15date of this paragraph .... [LRB inserts date]. Section 706.05 (9) and (10), 2009 stats.,
16applies to a secured creditor that received partial or full payment or performance of
17the secured obligation before the effective date of this paragraph .... [LRB insert
18date].

AB390,10,20 19(6) Form and effect of satisfaction. A document is a satisfaction of a security
20instrument if it satisfies s. 706.05 (8).

AB390,10,22 21(7) Limitation of secured creditor's liability. A secured creditor is not liable
22under this section if all of the following apply:

AB390,10,2423 (a) The secured creditor established a reasonable procedure to achieve
24compliance with its obligations under this section.

AB390,10,2525 (b) The secured creditor complied with that procedure in good faith.

AB390,11,2

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1(c) The secured creditor was unable to comply with its obligations because of
2circumstances beyond its control.

AB390,11,7 3(8) Satisfaction agent; notification to creditor of affidavit of satisfaction.
4(a) Only a title company, acting directly or through an authorized agent, may serve
5as a satisfaction agent under this section. An affidavit of satisfaction under this
6section is valid only for security instruments recorded against residential real
7property.

AB390,11,138 (b) Upon, or at any time after, full payment or performance of the secured
9obligation or payment as provided in a payoff statement under sub. (3) or a corrected
10payoff statement under sub. (4), a satisfaction agent acting for and with authority
11from the landowner may give the secured creditor a notification that the satisfaction
12agent may submit for recording an affidavit of satisfaction of the security instrument
13against residential real property. The notification must include all of the following:

AB390,11,1414 1. The identity and mailing address of the satisfaction agent.

AB390,11,1615 2. Identification of the security instrument for which a recorded satisfaction is
16sought, including the names of the original parties to the security instrument.

AB390,11,1817 3. A statement that the satisfaction agent has reasonable grounds to believe
18all of the following:

AB390,11,2019 a. That the real property described in the security instrument is residential
20real property.

AB390,11,2221 b. That the person to which the notification is being given is the secured
22creditor.

AB390,11,2523 c. That the secured creditor has received full payment or performance of the
24secured obligation or payment as provided in a payoff statement under sub. (3) or a
25corrected payoff statement under sub. (4).

AB390,12,3

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14. A statement that the satisfaction agent may sign and submit for recording
2an affidavit of satisfaction of the security instrument unless, within 30 days after the
3effective date of the notification, any of the following occurs:

AB390,12,54 a. The secured creditor submits a satisfaction of the security instrument for
5recording.

AB390,12,76 b. The satisfaction agent receives from the secured creditor a notification
7stating that the secured obligation remains unsatisfied.

AB390,12,108 c. The satisfaction agent receives from the secured creditor a notification
9stating that the secured creditor has assigned the security instrument and
10identifying the name and address of the assignee.

AB390,12,1311 (c) 1. A notification under par. (b) may be sent by a method authorized by sub.
12(2); alternatively, a notification under par. (b) may be sent to the electronic or other
13address provided by the secured creditor on a payoff statement under sub. (3) (d) 3.

AB390,12,1514 2. A notification under par. (b) may be sent along with a notification, if any, to
15terminate a line of credit or future advances as provided in sub. (5) (a).

AB390,12,2016 (d) The satisfaction agent is presumed to be acting for, and with authority from,
17the owner if the satisfaction agent, directly or through an agent, assisted in
18completing full payment or performance of the secured obligation or payment as
19provided in a payoff statement under sub. (3) or a corrected payoff statement under
20sub. (4).

AB390,12,2221 (e) Nothing in this section requires a person to agree to serve as a satisfaction
22agent.

AB390,13,2 23(9) Authorization to submit affidavit of satisfaction for recording; fees. (a)
24Subject to pars. (b) and (c), a satisfaction agent may sign and submit for recording

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1an affidavit of satisfaction of a security instrument against residential real property
2that complies with sub. (10) if either of the following applies:

AB390,13,53 1. The secured creditor has not, to the knowledge of the satisfaction agent,
4submitted for recording a satisfaction of a security instrument within 30 days after
5the effective date of a notification complying with sub. (8) (b).

AB390,13,66 2. The secured creditor authorizes the satisfaction agent to do so.

AB390,13,97 (b) A satisfaction agent may not sign and submit for recording an affidavit of
8satisfaction of a security instrument if it has received a notification under sub. (8)
9(b) 4. b. stating that the secured obligation remains unsatisfied.

AB390,13,1310 (c) If a satisfaction agent receives a notification under sub. (8) (b) 4. c. stating
11that the security instrument has been assigned, the satisfaction agent may not
12submit for recording an affidavit of satisfaction of the security instrument without
13doing both of the following:

AB390,13,1514 1. Giving a notification of intent to submit for recording an affidavit of
15satisfaction to the identified assignee at the identified address.

AB390,13,1616 2. Complying with sub. (8) with respect to the identified assignee.

AB390,13,2117 (d) A satisfaction agent may submit for recording an affidavit of satisfaction
18that complies with this section even if full payment or performance of the secured
19obligation or payment as provided in a payoff statement under sub. (3) or a corrected
20payoff statement under sub. (4) was made before the effective date of this paragraph
21.... [LRB inserts date].

AB390,13,2522 (e) The satisfaction agent may charge a reasonable fee for sending the
23notification under sub. (8) and preparing and executing the affidavit of satisfaction.
24A fee charged by a satisfaction agent under this paragraph that does exceed $75 is
25conclusively presumed to be reasonable.

AB390,14,2

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1(10) Content of affidavit of satisfaction. An affidavit of satisfaction of a
2security instrument against residential real property must do all of the following:

AB390,14,63 (a) Identify the original parties to the security instrument, the secured creditor,
4the recording data for the security instrument, and, if necessary for proper indexing
5of the affidavit, a legal description of the real property identified in the security
6instrument.

AB390,14,87 (b) State the basis upon which the person signing the affidavit is a satisfaction
8agent.

AB390,14,119 (c) State that the person signing the affidavit has reasonable grounds to believe
10that the real property described in the security instrument is residential real
11property.

AB390,14,1412 (d) State that the person signing the affidavit has reasonable grounds to believe
13that the secured creditor has received full payment or performance of the secured
14obligation.

AB390,14,1815 (e) State that the person signing the affidavit, acting with the authority of the
16owner of the real property described in the security instrument, gave notification to
17the secured creditor of its authorization to sign and submit for recording an affidavit
18of satisfaction.

AB390,14,1919 (f) State either of the following:

AB390,14,2320 1. That more than 30 days have elapsed since the effective date of that
21notification, and the person signing the affidavit has no knowledge that the secured
22creditor has submitted a satisfaction of the security instrument for recording and has
23not received a notification that the secured obligation remains unsatisfied.

AB390,14,2524 2. That the secured creditor authorized the person signing the affidavit to sign
25and record an affidavit of satisfaction.

AB390,15,2

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1(g) Be signed by the satisfaction agent and contain a form of authentication
2authorized by s. 706.06 or 706.07.

AB390,15,7 3(11) Effect of affidavit of satisfaction. (a) An affidavit of satisfaction of a
4security instrument against residential real property that complies with the
5requirements of sub. (10) shall be entitled to record in accordance with s. 706.05 in
6the office of the register of deeds of the county in which the security instrument is
7recorded.

AB390,15,108 (b) Upon recording, an affidavit substantially complying with the
9requirements of sub. (10) constitutes a satisfaction of the security instrument
10described in the affidavit.

AB390,15,1311 (c) The recording of an affidavit of satisfaction of a security instrument does not
12by itself extinguish any liability of a person for payment or performance of the
13secured obligation.

AB390,15,19 14(12) Liability of satisfaction agent; statute of limitations. (a) 1. Except as
15provided in subd. 2., a satisfaction agent that records an affidavit of satisfaction of
16a security instrument erroneously is liable to the secured creditor for any actual
17damages caused by the recording and reasonable attorney fees and costs. An action
18under this subdivision shall be commenced within 2 years after the cause of action
19accrues or be barred.

AB390,15,2220 2. A satisfaction agent that records an affidavit of satisfaction of a security
21instrument erroneously is not liable if the satisfaction agent properly complied with
22this section.

AB390,16,223 (b) A satisfaction agent that records an affidavit of satisfaction of a security
24instrument with knowledge that the statements contained in the affidavit are false

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1is liable to the secured creditor for any actual damages caused by the recording and
2reasonable attorney fee and costs.

AB390,16,33 (c) This subsection does not preclude any of the following:

AB390,16,44 1. A court from awarding punitive damages on account of the conduct.

AB390,16,65 2. The secured creditor from proceeding against the satisfaction agent under
6the law of this state other than this section.

AB390,16,77 3. The enforcement of any criminal statute prohibiting the conduct.

AB390,16,12 8(13) Document of rescission: effect; liability for wrongful recording. (a)
9In this subsection, "document of rescission" means a document stating that an
10identified satisfaction or affidavit of satisfaction of a security instrument was
11recorded erroneously, the secured obligation remains unsatisfied, and the security
12instrument remains in force.

AB390,16,1613 (b) If a person records a satisfaction or affidavit of satisfaction of a security
14instrument in error, the person may execute and record a document of rescission.
15Upon recording, the document rescinds an erroneously recorded satisfaction or
16affidavit.

AB390,16,1817 (c) A recorded document of rescission has no effect on the rights of any of the
18following persons:

AB390,16,2119 1. A person that acquired an interest in the real property described in a security
20instrument after the recording of the satisfaction or affidavit of satisfaction of the
21security instrument and before the recording of the document of rescission.

AB390,16,2322 2. A person that would otherwise have priority over or take free of the lien
23created by the security instrument.

AB390,17,3

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1(d) A person that erroneously or wrongfully records a document of rescission
2is liable to any person injured thereby for the actual damages caused by the recording
3and reasonable attorney fees and costs.

AB390,17,5 4(14) Right of action not affected. Nothing in this section affects a person's
5right to bring an action under s. 847.09.