By Representative Hall of Westford and Senator Panagiotakos, joint petition (accompanied by bill, House, No. 971) of Geoffrey D. Hall, Steven C. Panagiotakos and another relative to certain mortgage guaranty insurance.  Financial Services.

The Commonwealth of Massachusetts

——————

PETITION OF:

Geoffrey D. Hall

Steven C. Panagiotakos

——————

In the Year Two Thousand and Seven.

——————

An Act relative to certain mortgage guaranty insurance.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1.  Chapter 167 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by adding the following section:—
Section 49. No mortgagee who offers mortgage guaranty issuance for disability shall sell, convey or otherwise transfer said mortgage, if the mortgagor has purchased such insurance, unless the subsequent mortgagee offers such insurance on the same terms and conditions.