Bill
Bill > H1083
MA H1083
MA H1083Providing mortgage customers additional mandatory information regarding their accounts
summary
Introduced
02/27/2025
02/27/2025
In Committee
02/27/2025
02/27/2025
Crossed Over
Passed
Dead
Introduced Session
194th General Court
Bill Summary
By Representative Ayers of Quincy, a petition of Bruce J. Ayers that banking and lending institutions be required to issue certain information on monthly statements to mortgage loan customers. Financial Services.
AI Summary
This bill proposes to amend Chapter 167E of the General Laws to require banks and lending institutions to provide more comprehensive monthly statements to mortgage loan customers. Specifically, these monthly statements must now include three key pieces of information: (1) the remaining principal balance on the mortgage loan, (2) confirmation of the most recent payment received by the bank or lender, and (3) the current balance of any escrow accounts along with a description of payments made from those escrow accounts. An escrow account is typically a separate account held by the lender that collects additional funds from the borrower to pay for expenses like property taxes and homeowners insurance. By mandating these details on monthly statements, the bill aims to increase transparency and help mortgage customers better understand their loan status and associated account activities.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H4712 (on 11/10/2025)
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/194/H1083 |
| BillText | https://malegislature.gov/Bills/194/H1083.pdf |
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