Bill > H2273

This bill establishes the Massachusetts Neighborhood Preservation Fund to be administered by the state secretary. The key provisions are: 1. Mortgagees, mortgage servicers, note holders, and nominees for lenders are required to record an assignment of mortgage within 30 days of transferring a mortgage or note, with the recording fees paid by the mortgagee, mortgage servicer, or note holder, not the mortgagor. 2. Mortgagees, mortgage servicers, note holders, and nominees for lenders must provide the mortgagor with a copy of the recorded assignment and supporting documentation to verify the correct mortgage holder or servicer. 3. Failure to record and provide the assignment and supporting documents within 30 days renders the mortgage or note terms void and unenforceable. 4. The Fund will be funded by a $55 fee from each recorded mortgage assignment, which will go towards local aid in the registry district where the mortgage is recorded, and a $20 surcharge will be deposited into the Massachusetts Community Preservation Trust Fund.

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https://malegislature.gov/Bills/190/H2273