HOUSE DOCKET, NO. 2001        FILED ON: 2/18/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3598

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Michael D. Brady

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to registration of mortgage holders and providers.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Michael D. Brady

9th Plymouth

1/20/2011

Geraldine M. Creedon

11th Plymouth

2/3/2011

James J. Dwyer

30th Middlesex

2/3/2011

Benjamin Swan

11th Hampden

2/3/2011


HOUSE DOCKET, NO. 2001        FILED ON: 2/18/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3598

By Mr. Brady of Brockton, a petition (accompanied by bill, House, No. 3598) of Michael D. Brady and others relative to the registration of mortgage holders and providers.  Financial Services.

 

The Commonwealth of Massachusetts

 

_______________

In the Year Two Thousand Eleven

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An Act relative to registration of mortgage holders and providers.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Chapter 183 of the General Laws is hereby amended by inserting after section 54D the following section:-

Section 54E. All mortgagees, mortgagors and note holders for mortgages shall be required to register within 1 year of the passage of this section and within 6 months for all subsequent mortgagees, mortgagors and note holders with the state secretary. The registration shall include, but is not limited to, the following: name, address, telephone number, including home, cellular and work if applicable, fax number, email address, and the name, number and address of an emergency contact person. For mortgagees, there shall be an additional requirement to include the remaining term of the mortgage. For mortgagors and note holders, each shall be required to update the secretary when annually with the number of mortgages discharged,

Failure to register with the secretary may result in a penalty of not more than $5000 for mortgagors and note holders, and not more than $50 for mortgagees.

The secretary shall promulgate rules and regulations relative to the reporting requirements, enforcement and other penalties as necessary.