(1) Whenever a secured party collects in advance from the debtor a fee for filing a termination statement in connection with a transaction in which on or after the effective date of the 'Consumer Protection Code Revision Act of 1982' the secured party files a financing statement covering consumer goods, then within one month or within ten days following written demand by the debtor after there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value, the secured party shall file with each filing officer with whom the financing statement was filed, a termination statement to the effect that he no longer claims a security interest under the financing statement, which must be identified by file number. In other cases, whenever there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value, the secured party shall, on written demand by the debtor, send the debtor, for each filing officer with whom the financing statement was filed, a termination statement to the effect that he no longer claims a secured interest under the financing statement, which must be identified by file number. A termination statement signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record complying with subsection (2) of Section 36-9-405, including payment of the required fee. If the affected secured party fails to file a termination statement as required by this subsection, or to send a termination statement within ten days after proper demand for the termination statement he is liable to the debtor for one hundred dollars and, in addition, for any loss caused to the debtor by the failure.
(2) On presentation to the filing officer of a termination statement he must note it in the index. If he has received the termination statement in duplicate, he shall return one copy of the termination statement to the secured party stamped to show the time of receipt of the termination statement. If the filing officer has a microfilm or other photographic record of the financing statement, and of any related continuation statement, statement of assignment, and statement of release, he may remove the originals from the files at any time after receipt of the termination statement, or if he has no such record, he may remove them from the files at any time after one year after receipt of the termination statement.
(3) If the termination statement is in the standard form prescribed by the Secretary of State, the uniform fee for filing and indexing the termination statement is eight dollars, and otherwise is ten dollars, plus in each case an additional fee of two dollars for each name more than one against which the termination statement is required to be indexed.