Budget Amendment ID: FY2015-S4-67

OTH 67

Good Funds Statute

Mr. Rodrigues moved that the proposed new text be amended moved that the bill be amended by inserting, after section__, the following new sections:-

“SECTION__. Section sixty-three B of chapter one hundred eighty-three is hereby amended by adding the following paragraph:-

This section shall only apply to a loan to be secured by a mortgage or lien on real estate located in the Commonwealth that is owner occupied one to four family residential real estate (including individual units of condominiums and cooperatives).

Any mortgagor claiming to be aggrieved by a violation of this section may, within three years after the violation, institute and prosecute in his own name and on his own behalf, or for himself and for others similarly situated, a civil action for any damages incurred or for one-thousand dollars for each violation, whichever is greater, and for injunctive relief.

Any mortgagor so aggrieved and who prevails in such an action shall be awarded triple damages; and the mortgagor shall also be awarded the costs of the litigation and reasonable attorneys’ fees. The Undersecretary of the Massachusetts Office of Consumer Affairs & Business Regulation is hereby authorized to enforce the provisions of this section including, but not limited to, the promulgation of reasonable rules and regulations, and shall take such affirmative action as in her judgment will effect the purposes of this section.

A violation of section sixty-three B of chapter one hundred eighty-three shall also be deemed an unfair and deceptive act and unfair method of competition pursuant to the provisions of chapter 93A, including its private rights of actions and remedies and rights, remedies, and duties of the Attorney General therein.

SECTION__. Section six of chapter two hundred fifty-five E is amended by inserting after clause (ii) the following clause:-

(iii) any violation of section sixty-three B of chapter one hundred eighty-three.”