An Act providing mortgage customers additional mandatory information regarding their accounts

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act providing mortgage customers additional mandatory information regarding their accounts

An Act providing mortgage customers additional mandatory information regarding their accounts By Representative Ayers of Quincy, a petition (accompanied by bill, House, No.

What This Bill Does

• An Act providing mortgage customers additional mandatory information regarding their accounts By Representative Ayers of Quincy, a petition (accompanied by bill, House, No.
• 1083) of Bruce J.
• Ayers that banking and lending institutions be required to issue certain information on monthly statements to mortgage loan customers.
• Financial Services.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

An Act providing mortgage customers additional mandatory information regarding their accounts
By Representative Ayers of Quincy, a petition (accompanied by bill, House, No. 1083) of Bruce J. Ayers that banking and lending institutions be required to issue certain information on monthly statements to mortgage loan customers. Financial Services.

Current Bill Text

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Bill H.1083

Chapter 167E of the General Laws is hereby amended by inserting after section 16 the following new section:—Section 17. Banks and lending institutions shall issue monthly statements to their mortgage loan customers which includes, but is not limited to, the following information: the balance of principal remaining to be paid; a confirmation of the most recent payment received; and the balance of any escrow accounts and a description of any payments from such escrow accounts.

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