Bill > H1901

This bill aims to protect real estate titles in Massachusetts by introducing comprehensive reforms to mortgage recording, foreclosure processes, and property ownership documentation. The legislation establishes strict requirements for mortgage assignments, foreclosure deeds, and property transactions, requiring detailed documentation and timely recording of mortgage-related instruments. Key provisions include mandating that mortgage statements provide current information about mortgagees, note owners, and servicers, and imposing significant financial penalties (at least $2,500 per violation) for non-compliance. The bill also expands criminal penalties for fraudulent documents affecting property titles, with a ten-year statute of limitations for prosecuting such offenses. Additionally, the legislation requires the Attorney General to report annually on violations related to real estate titles and provides mechanisms for tracking and addressing potential fraudulent activities. The bill explicitly states its purpose as reversing the impact of structural racism in property lending and ownership, and aims to provide greater transparency and accountability in real estate transactions. Notably, the legislation applies to both registered and recorded land and supersedes conflicting provisions in existing laws, with the goal of enabling homeowners, municipalities, and other stakeholders to more accurately determine property ownership and mortgage details.

Justice

https://malegislature.gov/Bills/194/H1901