Bill
Bill > H2954
MA H2954
Relative to the fiduciary responsibility of lenders for non-payment of insurance premiums from escrowed accounts
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
Relative to fiduciary responsibilities of lenders for non-payment of insurance premiums from escrowed accounts. Financial Services.
AI Summary
This bill aims to hold lenders responsible for failing to pay insurance premiums from escrowed accounts, even if there are sufficient funds available. If a lender neglects to pay the premium and the property owner suffers a loss as a result, the lender will be liable for the loss, up to the coverage limits of the lapsed insurance policy. The lender must also pay the insurance premium, any increased cost for a new policy for three years, and any late fees charged by the insurance company.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H4778 (on 07/18/2018)
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/H2954 |
| Bill | https://malegislature.gov/Bills/190/H2954.pdf |
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