AN ACT RELATIVE TO THE COLLECTION AND DISSEMINATION OF CERTAIN REPORTS BY THE DIVISION OF BANKS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1.Section 114C of chapter 140 of the General Laws, as appearing in the
2000 Official Edition, is hereby amended by striking out the second paragraph.
Section 13 of chapter 140D of the General Laws
Section 23 of chapter 167B of the General Laws
Section 24 of said chapter 167B, as appearing in the
2000 Official Edition, is
hereby amended by
striking out the third paragraph.
Chapter 183 of the General Laws is hereby amended by
section 61, as so appearing, and inserting in place thereof the following
Section 61. A mortgagee holding a first mortgage or lien on a dwelling
located in the commonwealth of 4 or fewer separate households occupied or to
be occupied in whole or in part by the mortgagor who requires advance payments,
deposits or other security by the mortgagor for the payment of real estate
on mortgaged property, shall pay interest to the mortgagor on any amount so
or deposited in advance. Interest shall be paid at least once a year at a rate
and in a manner to be determined by the mortgagee. Mortgagees showing a net
from the investment of the amounts so paid or deposited may file with the
commissioner of banks a request for an exemption from the requirement that the
interest be paid to mortgagors.