Bill > S1177

This bill establishes comprehensive new regulations for real estate title recording and mortgage processes in Massachusetts, aimed at protecting property owners and increasing transparency in real estate transactions. The legislation introduces strict requirements for recording mortgage-related documents, including mandating that assignments of mortgages, foreclosure deeds, and other critical documents be filed within specific timeframes and include detailed supporting documentation. Registries of deeds will now have more stringent recording standards, such as requiring clear, bolded headings on documents and comprehensive accompanying affidavits. The bill also imposes significant penalties for non-compliance, including fines of at least $2,500 per violation for mortgage servicers and note owners who fail to provide accurate mortgage statements or return paid-in-full mortgage notes to borrowers. Additionally, the legislation extends the statute of limitations for prosecuting fraudulent real estate documents to ten years and requires the Attorney General to report annually on referrals and enforcement actions related to real estate title violations. The bill covers both registered and recorded land and aims to provide greater protection and clarity for Massachusetts property owners by establishing more rigorous documentation and disclosure requirements throughout the mortgage and property transfer processes.

Justice

https://malegislature.gov/Bills/194/S1177