MA S566

Bill

MA S566

To establish a resolution trust fund for receipt of reasonable mortgage payments

Introduced
01/22/2019

In Committee
01/22/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation to establish a resolution trust fund for receipt of reasonable mortgage payments. Financial Services.

AI Summary

This bill establishes a Resolution Trust Fund (the Fund) to receive mortgage payments where the current mortgage holder and/or note-owner cannot be identified. The Fund can accept such mortgages and modify them to comply with traditional prime lending characteristics. The Fund will record the transfer of mortgages, notify mortgagors of the modified terms, pay taxes and service the loans. It may retain up to 15% of the payments for administrative costs, with any excess invested prudently. If a mortgage is foreclosed, the proceeds will go to the Fund. When a mortgage is paid off, the Fund will provide a discharge. The Community Economic Development Assistance Corporation (CEDAC) will administer the Fund and allocate monies not attributable to a specific county based on the number of "Eaton" affidavits filed in each county over the previous 5 years. CEDAC will hold public hearings in counties where the Fund accrues at least $300,000 to determine how to expend the funds, prioritizing areas with high numbers of Eaton affidavits, for affordable housing and community development projects.

Committee Categories

Business and Industry

Sponsors (6)

Michael Brady (D), Mike Connolly (D), Julian Cyr (D), Sal DiDomenico (D), Pat Jehlen (D), Mary Keefe (D),

Last Action

Accompanied a study order, see S2543 (on 02/18/2020)

Official Document

https://malegislature.gov/Bills/191/S566

(14 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/S566
Bill	https://malegislature.gov/Bills/191/S566.pdf

Bill	Bill Name	Last Action	Type
H1143	Relative to funding the Behavioral Health Workforce Development Trust Fund	Accompanied a study order, see H4450	Similar To
H1220	Relative to breaking generational cycles of poverty	Accompanied a study order, see H5125	Similar To
H1655	Relative to relief for the Municipal Affordable Housing Trust Fund	Accompanied a study order, see H5123	Similar To
H2003	Establishing a mobile integrated health care trust fund and refining the mobile integrated health care program administered by the Department of Public Health	Accompanied a study order, see H5090	Similar To
H2347	Relative to the State Retiree Benefits Trust Fund board of directors	Accompanied a study order, see H4722	Similar To
H4016	Relative to grants from the Massachusetts Tourism Trust Fund	Signed by the Governor, Chapter 50 of the Acts of 2019	Similar To
H4061	Funding the town of Hanover's Other Post Employment Benefits Liability Trust Fund	Signed by the Governor, Chapter 44 of the Acts of 2020	Similar To
H4097	Relative to the funding of the Other Post-Employment Benefits Liability Trust Fund in the Town of Uxbridge	Signed by the Governor, Chapter 7 of the Acts of 2020	Similar To
H437	Relative to the safety of schools, residences, and public assemblies	Accompanied a new draft, see H4426	Similar To
S1293	To promote public health through the prevention and wellness trust fund	Read and referred to the committee on Senate Ways and Means	Similar To
S1800	Relative to the Garden of Peace	Accompanied a study order, see S2569	Similar To
S2106	To advance modern and sustainable solutions for transportation	Accompanied a study order, see S2558	Similar To
S2543	Order relative to authorizing the joint committee on Financial Services to make an investigation and study of certain current Senate documents relative to financial services issues	Discharged to the committee on Senate Rules	Replaced by
S333	Relative to school choice	Accompanied a study order, see S2538	Similar To

Bill > S566

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (6)

Last Action

Official Document

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