HOUSE DOCKET, NO. 1006 FILED ON: 1/12/2009
HOUSE . . . . . . . . . . . . . . No. 1310
The Commonwealth of Massachusetts
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PRESENTED BY:
Linda Dean Campbell
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To the Honorable Senate and House of
Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act imposing a transfer fee on mortgage foreclosures.
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PETITION OF:
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Name:
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District/Address:
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Linda Dean Campbell
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15th Essex
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William Lantigua
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16th Essex
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Denise Provost
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27th Middlesex
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Paul McMurtry
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11th Norfolk
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William N. Brownsberger
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24th Middlesex
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Jennifer M. Callahan
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18th Worcester
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The Commonwealth of Massachusetts
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In the Year Two Thousand and Nine
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An Act imposing a transfer fee on mortgage foreclosures.
Whereas
, The deferred operation for this act would tend to defeat its purpose, which is forthwith to make ,
therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follow
s:
SECTION 1. Section 27 of chapter 183 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by striking out the last sentence and inserting in place thereof the following paragraphs:-
There is hereby imposed a transfer
fee upon any mortgagee receiving proceeds pursuant to the foregoing. Said fee shall not be considered a cost or expense to be reduced from the surplus above. The fee shall be paid to the court issuing the final decree or recording or registering certificat
e of entry. The court shall then be responsible for disbursing such fee to the general fund of the city or town where the foreclosed premises were sited.
The fee to be assessed as follows:
(i)
For a single family residential property the fee imposed shall
be 3% of the remaining principal of the loan.
(ii)
For multi-family residential properties the fee shall be 6% of the remaining principal of the loan, however, that fee shall be reduced to 4% upon presentation to the court of leases with all existing tena
nts of the units for a term of not less than 1 year.
(iii)
The provisions of this transfer fee shall be applicable to properties that are zoned residential, or mixed residential and commercial, and agricultural which have a place of residence on the land.
Other than the court, the treasurer of the city or town of foreclosure, or the holder of the mortgage shall be bound to see to the application of the money arising from such sale
.
