S787
An Act ensuring timely insurance loss-draft payouts for homeowners
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill aims to improve the process by which homeowners receive insurance payouts after property damage. It focuses on regulating how mortgage lenders handle ‘loss drafts’ – the checks insurance companies send to lenders to reimburse homeowners for repairs. The goal is to ensure homeowners receive their insurance funds more quickly and efficiently. This legislation seeks to protect homeowners from delays in receiving compensation following a covered loss.
Key provisions
- Requires mortgage lenders to promptly process insurance loss drafts.
- Establishes regulations for lenders’ handling of these payouts.
- Aims to streamline the process of homeowners receiving funds from their insurance companies.
- Focuses on improving communication between lenders, insurance companies, and homeowners.
Who is affected
- Homeowners
- Mortgage lenders
- Insurance companies
- Financial Services Sector
Notable changes
- Addresses potential delays in insurance loss-draft payouts.
- Introduces regulations to standardize lender practices.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Paul W. Mark
Cosponsor
Paul W. Mark
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.
Bill S.787 194th (Current)
An Act ensuring timely insurance loss-draft payouts for homeowners
By Mr. Mark, a petition (accompanied by bill, Senate, No. 787) of Paul W. Mark for legislation to establish protections for homeowners by regulating mortgage lenders' handling of insurance payouts (loss drafts) after property damage. Financial Services.
View Text Print Preview Download PDF
Bill Information
Bill Information
Presenter: Paul W. Mark Status: Referred to Senate Committee on Ways and Means
Tabs
Bill History Petitioners Committee Vote Committee Summary Primary Sponsor Summary
Bill History
Displaying 4 actions for Bill S.787
| Date | Branch | Action |
| 2/27/2025 | Senate | Referred to the committee on Financial Services |
| 2/27/2025 | House | House concurred |
| 9/5/2025 | Joint | Hearing scheduled for 09/15/2025 from 10:30 AM-01:00 PM in A-1 |
| 1/12/2026 | Senate | Bill reported favorably by committee and referred to the committee on Senate Ways and Means |
Similar Bills
H.1175 194th (Current)
An Act to provide homeowners with fair insurance premiums
H.1176 194th (Current)
An Act relative to homeowners’ insurance complaint education
H.1225 194th (Current)
An Act ensuring sufficient notice to homeowners by insurance companies prior to an inspection
H.1097 194th (Current)
An Act relative to homeowners’ insurance
H.4112 194th (Current)
An Act relative to firefighting water supplies and a state cistern program
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.