Bill > H1483

This bill seeks to prevent unnecessary vacancies in foreclosed homes by amending Chapter 186A of the General Laws. Key provisions include: 1. Defining "Fair Market Rent" as the amount established by the U.S. Department of Housing and Urban Development for a comparable unit in the area. 2. Expanding the definition of "Foreclosure Sale Purchaser" to include the Federal Deposit Insurance Corporation. 3. Requiring foreclosure sale purchasers to notify tenants in writing of the rent amount, agreed upon monthly rent payments, or Fair Market Rent that must be paid. 4. Prohibiting foreclosure sale purchasers from evicting tenants without just cause or a binding purchase and sale agreement for a third-party buyer. 5. Increasing the penalty for unlawful evictions by foreclosure sale purchasers to at least $5,000 payable to the tenant. 6. Clarifying that existing tenants maintain their rights as tenants-at-will or under lease, even after a foreclosure sale. The overall goal is to provide more protections for tenants in foreclosed homes and prevent unnecessary vacancies.

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https://malegislature.gov/Bills/192/H1483