summary
Introduced
06/29/2023
06/29/2023
In Committee
06/29/2023
06/29/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
Relative to shared appreciation mortgage loans. Financial Services.
AI Summary
This bill amends Chapter 167E of the General Laws to allow banks to offer "shared appreciation mortgage loans." These are mortgage loans where the bank and the homeowner agree that the bank will share in the appreciation of the home's value when it is sold, in exchange for a reduced interest rate or principal amount for the homeowner. The bill sets limits on the bank's share of the appreciation (no more than 25%) and the term of the loan (no more than 10 years). The Commissioner of the Department of Banking is required to promulgate regulations to implement this new type of mortgage loan.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H4705 (on 06/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/193/H3954 |
| BillText | https://malegislature.gov/Bills/193/H3954.pdf |
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