Ms Spiliotis hereby amends section 56 of Chapter 183 by inserting the following section at the end,
A mortgagor shall not be required to pay a prepayment fee or penalty, or be have funds refused by a bank for property insurance or tax payments, due to limitations set by state or federal agencies for ceiling amounts held in escrow, for the term of the loan.
Residential real estate payments under the terms of a first mortgage including property tax and insurance premiums shall be recalculated as needed.
The commissioner of banking and insurance shall establish regulations rules as deemed necessary to carry out the purposes of this section. Not limited to emergency provisions and unfair payments under the provisions of Chapter 167 of the Massachusetts General Laws.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.