Bill > H1543

This bill aims to provide remedies to consumers for clearing titles after the payoff of mortgages. The key provisions of the bill are: 1. It amends Chapter 260 of the General Laws, retroactively as of April 13, 2006, to strike out and insert a new Section 33. This new section sets a timeframe for the expiration of a mortgage's power of sale and other foreclosure-related actions after the mortgage is paid off. Specifically, the power of sale and foreclosure actions cannot be exercised or begun after payoff and the expiration of either 35 years from the recording of the mortgage (if no term is stated) or 5 years from the expiration of the term or maturity date (if the term or maturity date is stated), unless certain extension or acknowledgment documents are recorded. 2. After the expiration of the applicable period, the mortgage is considered discharged for all purposes, and in the case of registered land, the mortgage shall be marked as discharged on the relevant memorandum of encumbrances upon payment of the recording fee.

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https://malegislature.gov/Bills/191/H1543