An Act to establish a Resolution Trust Fund for receipt of reasonable mortgage payments
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H1146 — An Act to establish a Resolution Trust Fund for receipt of reasonable mortgage payments
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1Introduced
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2In Committee
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3Passed House
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 194th General Court. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
An Act to establish a Resolution Trust Fund for receipt of reasonable mortgage payments
Bill Text
- Full text Current
AI-generated reading aid from the bill's amendatory text — verify against the official bill.
The bill establishes the Resolution Trust Fund to manage and mitigate issues related to predatory lending and untraceable mortgage ownership in Massachusetts.
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Chapter 10 of the General Laws
Section 79. (a) For the purposes of this section and section 80, the following terms shall, unless the context clearly requires otherwise, have the following meanings: ... [definitions of terms related to mortgage loans].
Defines essential terms related to mortgages and lending practices.
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Chapter 10 of the General Laws
Section 80. There shall be established and set up on the books of the Commonwealth a separate fund to be known as the Resolution Trust Fund, ...
Creates the Resolution Trust Fund, which will be managed by the Treasurer.
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Chapter 10 of the General Laws
(b) The fund may accept any mortgage loan that does not have an identifiable mortgagee or note owner.
Allows the fund to accept and manage mortgage loans lacking identifiable owners.
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Chapter 10 of the General Laws
(e) A court or other entity transferring such a mortgage loan to the fund shall, if it has jurisdiction to do so, modify the mortgage loan to the extent necessary to obtain compliance with traditional prime lending characteristics.
Mandates modifications to mortgage loans transferred to the fund to meet prime lending standards.
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Chapter 10 of the General Laws
(l) If a homeowner whose mortgage loan payments have been transferred to the fund becomes delinquent, the fund shall make every effort ... to assist the mortgagor to stay in its home.
Requires the fund to assist homeowners who are delinquent on their mortgage payments.
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Chapter 10 of the General Laws
(o) When a mortgagor completes payments of a mortgage loan transferred to the fund, the fund shall provide a discharge of the mortgage.
Ensures that once a mortgage is paid off, the fund provides official discharge documentation.
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Chapter 10 of the General Laws
(f) The Treasurer shall establish a point system for potential projects, based upon public input.
Incorporates a public input system for project funding decisions related to the fund.
Sponsors
- Michelle M. DuBois · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 203 not signed on
Sponsors (1)
- Michelle M. DuBois Democrat
Co-sponsors (0)
None.
Not signed on (203)
203 members have not signed on to this bill.
Show all 203 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does H1146 do?
- An Act to establish a Resolution Trust Fund for receipt of reasonable mortgage payments
- Who sponsors H1146?
- H1146 is sponsored by Michelle M. DuBois (Democrat).
- What is the current status of H1146?
- This bill died with 194th General Court. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track H1146?
- Track H1146 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 4 months ago · updated continuously
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