Bill > H1404

This bill aims to protect homeowners from unnecessary foreclosures. It prohibits creditors from requiring any affidavit, statement, agreement, or addendum that limits the borrower's ownership or occupancy of the residential property, 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. Additionally, the bill allows these tax-exempt entities to obtain a mortgage, note, or security instrument that secures their contingent right to receive a share of the property's appreciation, provided the person acquiring or re-acquiring the property is informed of this requirement in advance. The Attorney General is authorized to make rules and regulations to interpret this provision.

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https://malegislature.gov/Bills/193/H1404