An Act providing mortgage customers additional mandatory information regarding their accounts
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires Massachusetts banks and lending institutions to include specific information on monthly mortgage statements sent to customers. The information provided would relate to the customer’s account and mortgage details. The goal is to give mortgage customers greater transparency and understanding of their loans. This legislation builds upon previous attempts to improve mortgage customer disclosures.
Key provisions
- Monthly mortgage statements must include details about the loan balance.
- Statements must include information about any escrow accounts.
- The statements must outline any late payment fees or penalties.
- Information regarding mortgage insurance premiums must be included.
- Details about any changes to the loan terms must be disclosed.
- Customers must receive a summary of their monthly payments.
- The statements must include contact information for the lender.
Who is affected
- Mortgage loan customers in Massachusetts
- Banking and lending institutions in Massachusetts
- Financial Services industry in Massachusetts
Notable changes
- This bill mandates specific information on mortgage statements, expanding upon existing disclosure requirements.
- It aims to improve customer awareness of their mortgage obligations.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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