Bill
Bill > H944
MA H944
Providing remedies to consumers for clearing title after payoff of mortgages
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 to provide remedies to consumers for clearing titles after the payoff of mortgages. The Judiciary.
AI Summary
This bill aims to provide remedies to consumers for clearing titles after the payoff of mortgages. The key provisions are: 1) A power of sale in any mortgage of real estate shall not be exercised, and an entry shall not be made nor possession taken nor proceeding begun for foreclosure of any such mortgage, after payoff and the expiration of 35 years from the recording of the mortgage (or 5 years from the expiration of the mortgage term or maturity date), unless an extension or acknowledgment of the mortgage is recorded. 2) After the expiration of the applicable period, the mortgage shall be considered discharged for all purposes without the need for further action by the owner of the equity of redemption or any other interested parties.
Committee Categories
Justice
Sponsors (2)
Last Action
Accompanied a study order, see H4874 (on 08/09/2018)
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/H944 |
| Bill | https://malegislature.gov/Bills/190/H944.pdf |
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