Massachusetts 2025-2026 Regular Session

Massachusetts House Bill H1098 Compare Versions

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

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 1275 FILED ON: 1/14/2025
3	3	HOUSE . . . . . . . . . . . . . . . No. 1098
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Antonio F. D. Cabral
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
12	12	resolve:
13	13	Resolve establishing a commission to better protect consumers in Massachusetts.
14	14	_______________
15	15	PETITION OF:
16	16	NAME:DISTRICT/ADDRESS :DATE ADDED:Antonio F. D. Cabral13th Bristol1/14/2025Brian W. Murray10th Worcester2/4/2025 1 of 3
17	17	HOUSE DOCKET, NO. 1275 FILED ON: 1/14/2025
18	18	HOUSE . . . . . . . . . . . . . . . No. 1098
19	19	By Representative Cabral of New Bedford, a petition (accompanied by resolve, House, No.
20	20	1098) of Antonio F. D. Cabral and Brian W. Murray for an investigation by a special
21	21	commission (including members of the General Court) to better protect consumers by studying
22	22	and analyzing title insurance practices. Financial Services.
23	23	[SIMILAR MATTER FILED IN PREVIOUS SESSION
24	24	SEE HOUSE, NO. 952 OF 2023-2024.]
25	25	The Commonwealth of Massachusetts
26	26	_______________
27	27	In the One Hundred and Ninety-Fourth General Court
28	28	(2025-2026)
29	29	_______________
30	30	Resolve establishing a commission to better protect consumers in Massachusetts.
31	31	1 Resolved, (a) There shall be a special commission to better protect consumers by
32	32	2studying and analyzing title insurance practices in Massachusetts, for the purpose of making
33	33	3recommendations for changes to State laws relating to title insurance practices and rates and
34	34	4shall include but not be limited to: providing for the membership and purposes of the
35	35	5Commission; requiring the Commission to report to certain persons by a certain date; and
36	36	6generally relating to the Commission to Better Protect Consumers in Massachusetts.
37	37	7 (b) The commission shall: (i) review State laws relating to title insurance practices and
38	38	8rates; (ii) review the mechanisms available to enforce State laws relating to title insurance
39	39	9practices and rates and the effectiveness of those mechanisms; (iii) identify title insurance issues
40	40	10that affect consumers in Massachusetts, including but not limited to the purchase of title
41	41	11insurance for borrower and lender; (iv) examine the rate–setting factors for title insurance 2 of 3
42	42	12premiums; (v) examine how rates and services in other states compare to those in Massachusetts;
43	43	13(vi) identify ways to improve consumer education about title insurance practices and rates; (vii)
44	44	14study whether mechanics’ liens on properties scheduled for settlement have an impact on the
45	45	15timeliness of settlements or on title insurance premium rates; (viii) review the time limits,
46	46	16subsequent to closing, for the issuance of title insurance policies; (ix) study affiliated business
47	47	17arrangements among title insurance producers, builders, title insurance companies, realtors,
48	48	18lenders, real estate closing attorneys, actuaries, and other businesses involved with the settlement
49	49	19of real estate transactions to determine the impact of these arrangements on title insurance
50	50	20premium rates; (x) study title insurance for mortgage refinancing with same lender; (xi) study the
51	51	21feasibility of establishing a public option for title insurance guarantee plan such as the Iowa Title
52	52	22Guaranty System and the economic impact on the Commonwealth; (xii) study alternatives to real
53	53	23estate attorneys as sales agents; (xiii) study any other issue with significant impact on title
54	54	24insurance; and (xiv) study the existence and/or impacts of risk transfer for properties in the state
55	55	25that are “registered land” through the Land Court.
56	56	26 (c) The Commission shall consist of thirteen members: one member of the Senate,
57	57	27appointed by the President of the Senate; one member of the House, appointed by the Speaker of
58	58	28the House; the Massachusetts Insurance Commissioner, or its designee, who shall be co-chair;
59	59	29the Massachusetts Attorney General, or its designee, who shall be co-chair; the Executive
60	60	30Director of the Board of Registration of Real Estate Brokers and Salespersons, or its designee;
61	61	31the Commissioner of Consumer Affairs and Business Regulation, or its designee; the Secretary
62	62	32of Housing and Community Development, or its designee; and six members to be appointed by
63	63	33the governor, provided that one member is from the Massachusetts Law Reform Institute, the
64	64	34Massachusetts State Bar Association, the Massachusetts Mortgage Bankers Association, 3 of 3
65	65	35MassHousing, the New England Land Title Association, and the American Academy of
66	66	36Actuaries.
67	67	37 The commission may consult with relevant experts to support the commissions’
68	68	38objectives and production of its report.
69	69	39 (d) The Commission shall report on its findings, recommendations, and suggested
70	70	40legislation with the clerks of the senate and house of representatives, the senate and house
71	71	41committees on ways and means, the joint committee on consumer protection and professional
72	72	42licensure, the joint committee on financial services, the joint committee on housing, and the joint
73	73	43committee on state administration and regulatory oversight not later than December 31, 2026.
74	74	44 (e) This act shall take effect upon its passage.