Massachusetts 2023-2024 Regular Session

Massachusetts Senate Bill S1104 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	SENATE DOCKET, NO. 1216 FILED ON: 1/19/2023
3	3	SENATE . . . . . . . . . . . . . . No. 1104
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Jacob R. Oliveira
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act protecting homeowners from unnecessary foreclosures.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :Jacob R. OliveiraHampden, Hampshire and WorcesterRebecca L. RauschNorfolk, Worcester and Middlesex2/6/2023 1 of 2
16	16	SENATE DOCKET, NO. 1216 FILED ON: 1/19/2023
17	17	SENATE . . . . . . . . . . . . . . No. 1104
18	18	By Mr. Oliveira, a petition (accompanied by bill, Senate, No. 1104) of Jacob R. Oliveira and
19	19	Rebecca L. Rausch for legislation to protect homeowners from unnecessary foreclosures. The
20	20	Judiciary.
21	21	The Commonwealth of Massachusetts
22	22	_______________
23	23	In the One Hundred and Ninety-Third General Court
24	24	(2023-2024)
25	25	_______________
26	26	An Act protecting homeowners from unnecessary foreclosures.
27	27	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
28	28	of the same, as follows:
29	29	1 Section 35C of chapter 244 of the General Laws is hereby amended by striking out
30	30	2subsection (h) and replacing it with the following:-
31	31	3 (h) In all circumstances in which an entity with a tax-exempt filing status under section
32	32	4501(c)(3) of the Internal Revenue Code, or an entity controlled by an entity with such tax exempt
33	33	5filing status:-
34	34	6 a. Offers to purchase either a mortgage loan or residential property, no creditor shall
35	35	7require as a condition of sale or transfer to any such entity any affidavit, statement, agreement or
36	36	8addendum limiting ownership or occupancy of the residential property by the borrower and, if
37	37	9obtained, such affidavit, statement, agreement or addendum shall not provide a basis to avoid a
38	38	10sale or transfer nor shall it be enforceable against such acquiring entity or any real estate broker,
39	39	11borrower or settlement agent named in such affidavit, statement or addendum. 2 of 2
40	40	12 b. Obtains from a person acquiring or re-acquiring a residential property any mortgage,
41	41	13note, or security instrument encumbering such residential property that secures the contingent
42	42	14right of the entity to receive a share of the appreciation in value of such residential property upon
43	43	15the sale, conveyance, assignment, or other transfer thereof, upon refinancing of the first priority
44	44	16mortgage loan, or other payoff or satisfaction thereof, or upon the occurrence of other events,
45	45	17including reaching a defined maturity date, said entity shall not be liable for monetary relief,
46	46	18injunctive relief, or other equitable relief at common law or by statute, including Chapter 93A,
47	47	19Chapter 140D, Chapter 183C, and/or Chapter 271, Section 49 of the General Laws, for the use or
48	48	20terms of said mortgage, note, or security instrument so long as such person is advised, in advance
49	49	21of the closing of such person’s acquisition or re-acquisition of such residential property, that
50	50	22such person will be required to give such a mortgage, note, or security instrument to such entity
51	51	23at the closing.
52	52	24 c. The Attorney General may make rules and regulations interpreting subsection 35C(h)b.
53	53	25of this chapter.