SECTION 1. Chapter 167E of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by inserting after section 16 the following new section:—Section 17. Banks and lending institutions shall issue monthly statements to their mortgage loan customers which includes, but is not limited to, the following information: the balance of principal remaining to be paid; the most current interest rate available for the amount of principal remaining on said loan at the time such mortgage statement is printed; a confirmation of the most recent payment received; and the balance of any escrow accounts and a description of any payments from such escrow accounts.
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