Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Chapter 183 of the General Laws is hereby amended by striking out section 65, added by chapter 187 of the acts of 1985, and inserting in place thereof the following section:-
Section 65. Any mortgagee doing business in the commonwealth who makes in excess of five mortgage loans per year shall accept a written memorandum of a preliminary contract of insurance pursuant to section ninety-eight of chapter one hundred and seventy-five as evidence of insurance from any duly licensed agent, broker or insurance company; provided, however, that a contract for insurance for a term of not less than one year is issued within thirty days of said memorandum, or in the event of the cancellation of said memorandum, the mortgagee shall be provided with prior written notification thereof.