Relates to discharge of a mortgage

This bill requires lenders to accept and apply mortgage payments received at specified locations and methods, prohibiting them from returning or destroying payments based solely on a payoff statement. It mandates lenders promptly apply payments to outstanding principal, interest, or fees and establishes clear deadlines (30-90 days) for providing a "satisfaction of mortgage" document after full payment. Lenders failing to meet these deadlines face escalating penalties ($500 to $1,500) unless they make fewer than five mortgage loans annually. The law directly affects mortgage lenders and borrowers by streamlining mortgage discharge processes and reducing payment-related disputes.