FINAL LIEN PAYMENT POLICY
Adopted by the Revenue Division Director under the authority granted by Portland City Council Ordinance 189413 (passed March 6, 2019).
ARB-LIC-14.03
PURPOSE
It is the purpose of this policy to establish the process to be used when a final payment is received that is for more than or less than the exact amount necessary to satisfy the City of Portland lien(s) designated for final payment.
POLICY
A. If the final payment received is more than $ 25.00 short of the exact amount necessary to satisfy the lien(s), the check will be returned to the payee with a letter stating the amount of the shortage, the correct payoff amount and due date except when:
1. The check is for the amount of the payoff quoted and was received by the due date.
• The lien should be adjusted to match the payoff amount quoted.
B. If the final payment received is less than $ 25.00 short of the exact amount necessary to satisfy the lien(s), the check will be posted as a satisfaction of the lien except when:
1. The amount does not cover the amount of principal owed.
• The check will be returned to the payee with a letter stating the amount of the shortage, the correct payoff amount and due date.
2. There has been an agreement made to receive the amount of the shortage.
C. If the final payment received is less than $ 25.00 over the exact amount necessary to satisfy the lien(s), the check will be posted as a satisfaction of the lien.
D. If the final payment received is more than $ 25.00 over the exact amount necessary to satisfy the lien(s) the check will be sent back with a letter stating the amount of the overage, the correct payoff amount and due date.
HISTORY
Adopted by Director of Revenue Division April 12, 2019.