Our current process is to provide a copy of the promissory note when the loan is paid off (consumer/residential)... this process has been in place since forever! In addition, the lien release letter is provided for auto loans and for residential mortgages we do the SAT as required. We would like to eliminate the need of providing a copy of the promissory note. Is this requirement buried within NYS law or is it simply something that was the normal and we are just a little slow in catching up?

Also, if we have a unsecured loan, would a letter on letter satisfy the "release of the promissory note" if we don't have to provide a copy?

Thank you for insight!