Bill > H1047

This bill aims to reform title insurance in Massachusetts. It prohibits lender's title insurance from being assessed to buyers who refinance their home mortgage. The bill requires title insurance companies to file quarterly statements with the state insurance commissioner and attorney general detailing their rates, which will be publicly posted. It also mandates written disclosure to buyers about the costs of title insurance, including the breakdown of premiums, commissions, and other fees. The bill provides for reduced "reissue" rates when a property is being refinanced and the buyer had prior title insurance coverage. Penalties are established for violating the provisions of this law.

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https://malegislature.gov/Bills/192/H1047