§ 35-03-18 — Request for information concerning payoff and escrow amounts - Penalty - Venue

Venue.
Unless otherwise stated in the loan or mortgage, within seven business days after receipt of
a written request that specifies the name of the owner of the property and the loan number
assigned to a loan secured by a mortgage on residential real property and that indicates the
information is necessary to close a sale of the property, the servicer of a loan secured by a
mortgage on residential real property shall provide to the owner of the property or to that
person's representative full information concerning the amount necessary on a date specified in
the request to pay off the loan and of any amount held in escrow for payment of insurance
premiums, taxes, and other costs relating to the real property. The servicer of the loan secured
by a mortgage may not charge any fee for providing the information.
If the servicer of the loan fails to deposit with the United States postal service, facsimile, or
deliver personally the information requested within seven business days after receipt of the
written request for information and the closing date for sale of the property is postponed as a
result of the delay, the servicer of the loan is liable to the owner of the property for all damages
sustained because of the delay. Notwithstanding any other law, an action brought to recover
damages under this section must be heard in the county where the real property is located or
where the plaintiff resides if the residence is within this state.