An Act regulating certain mortgages
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to regulate shared appreciation mortgage loans in Massachusetts. Shared appreciation mortgages are a type of loan where the loan balance increases as the property value increases, potentially creating a financial burden for borrowers. The bill seeks to establish rules and guidelines for these loans to protect consumers and ensure transparency.
Key provisions
- Requires lenders to provide clear and conspicuous disclosures to borrowers about the terms of shared appreciation mortgages.
- Establishes standards for the calculation of the loan balance increase.
- Addresses potential risks associated with shared appreciation mortgages.
- Specifies requirements for borrower education and counseling.
- Creates a process for resolving disputes related to shared appreciation mortgages.
- Defines the term ‘shared appreciation mortgage’ for regulatory purposes.
- Mandates reporting requirements for lenders offering these loans.
Who is affected
- Mortgage borrowers
- Lenders offering shared appreciation mortgages
- Financial institutions
- Massachusetts residents
- The housing market in Massachusetts
Notable changes
- The bill specifically targets shared appreciation mortgages, which are not currently subject to extensive regulation.
Bill text
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Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Cosponsors
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