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HOUSE DOCKET, NO. 3914         FILED ON: 10/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3783

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Robert A. DeLeo

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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 flood insurance.

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PETITION OF:

 

Name:

District/Address:

Robert A. DeLeo

19th Suffolk

Martha Coakley

(Attorney General)

David T. Vieira

3rd Barnstable

Robert L. Hedlund

Plymouth and Norfolk

Viriato Manuel deMacedo

1st Plymouth

Timothy R. Madden

Barnstable, Dukes and Nantucket

Josh S. Cutler

6th Plymouth

Katherine M. Clark

Fifth Middlesex

James M. Cantwell

4th Plymouth

Bruce J. Ayers

1st Norfolk

Garrett J. Bradley

3rd Plymouth


HOUSE DOCKET, NO. 3914        FILED ON: 10/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3783

By Mr. DeLeo of Winthrop, a petition (subject to Joint Rule 12) of Robert A. DeLeo, Martha Coakley (Attorney General) and others relative to the requirement of residential property owners to purchase or pay for flood insurance.  Financial Services. 


The Commonwealth of Massachusetts
 

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In the Year Two Thousand Thirteen

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An Act relative to flood insurance.
 

              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 183 of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by inserting after section 68 the following section:-

              Section 69.   No creditor, as defined in section 35B of chapter 244, shall require in a mortgage, note or otherwise, a purchaser or owner of residential property to purchase or pay for flood insurance on the property: (i) at a coverage amount that exceeds the outstanding mortgage thereon; (ii) that includes coverage for contents; or (iii) that includes a deductible less than $5,000.  In each instance where a creditor requires in a mortgage, note, or otherwise, a purchaser or owner of a residential property to purchase or pay for flood insurance on said property, the creditor shall provide notice to the purchaser or owner of the residential property at the time the purchaser or owner of the residential property is notified of the need to purchase or pay for flood insurance that states the following in clear and conspicuous print: ‘Please note that the flood insurance we are requiring you to purchase will only protect your creditor/lender’s interest in your property.  It may not be sufficient to pay for many needed repairs after a flood and may not compensate you for your losses in the property due to the flood.  If you wish to protect your home or investment, you may wish to purchase more flood insurance than the amount we are requiring you to buy.’

              SECTION 2. This act shall be effective upon passage.

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