Skip to Content


SENATE DOCKET, NO. 133         FILED ON: 1/11/2013

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 482

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Michael J. Rodrigues

_______________

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 non-payment of insurance premiums from escrowed funds by lending institutions.

_______________

PETITION OF:

 

Name:

District/Address:

Michael J. Rodrigues

First Bristol and Plymouth


SENATE DOCKET, NO. 133        FILED ON: 1/11/2013

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 482

By Mr. Rodrigues, a petition (accompanied by bill, Senate, No. 482) of Michael J. Rodrigues for legislation relative to non-payment of insurance premiums from escrowed funds by lending institutions.  Financial Services. 


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Thirteen

_______________

 

An Act relative to non-payment of insurance premiums from escrowed funds by lending institutions.
 

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

              SECTION 1.  Chapter 167E of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after section 8, the following section:-

              Section 9.  If the lender, as a result of neglect, fails to pay the insurance premium on a property insurance policy on property secured by a mortgage when the insurance premium is due and there are sufficient escrowed funds on deposit to pay said insurance premium, and if the property owner suffers a loss as a result of this failure, then the lender is liable for the loss; except, however, that with respect to any loss, which would otherwise have been insured, the extent of the liability shall not exceed the coverage limits of any insurance policy, which has lapsed.  The lender shall pay the insurance premium and any increased cost for securing a new insurance policy for a period of three (3) years.

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.

Error