Bill
Bill > S564
MA S564
Relative to non-payment of insurance premiums from escrowed funds by lending institutions
summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
For legislation relative to non-payment of insurance premiums from escrowed funds by lending institutions. Financial Services.
AI Summary
This bill amends Chapter 167E of the General Laws to hold lenders liable if they fail to pay an insurance premium on a property secured by a mortgage when there are sufficient escrowed funds available, and the property owner suffers a loss as a result. The lender would be responsible for paying the insurance premium and any increased cost for securing a new insurance policy for a period of three years. This provision aims to protect property owners from losses due to lenders' neglect in paying insurance premiums from escrowed funds.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Accompanied a study order, see S2496 (on 04/30/2018)
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/190/S564 |
| Bill | https://malegislature.gov/Bills/190/S564.pdf |
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