Bill > S1104

This bill aims to protect homeowners from unnecessary foreclosures. It amends Section 35C of Chapter 244 of the General Laws by striking out subsection (h) and replacing it with new provisions. The key provisions are: (1) Creditors cannot require an affidavit, statement, agreement or addendum that limits ownership or occupancy of a residential property by a borrower as a condition of sale or transfer to a tax-exempt entity under Section 501(c)(3) of the Internal Revenue Code, or an entity controlled by such a tax-exempt entity. (2) If a tax-exempt entity obtains a mortgage, note, or security instrument that secures the entity's contingent right to receive a share of the property's appreciation, the entity shall not be liable for monetary, injunctive, or other equitable relief, as long as the person acquiring or re-acquiring the property is advised of this requirement in advance. (3) The Attorney General may make rules and regulations interpreting subsection 35C(h)b.

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https://malegislature.gov/Bills/193/S1104