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Opinion Summary of Selected Opinion 98-222

Date: 10/01/1998
Organization: Division of Banks
Docket Number: 98-222

This opinion was issued in the fourth quarter of 1998.

Table of Contents

Collection of real estate taxes on mortgage loans

Massachusetts Gen. Laws chapter 171, section 65 mandates that a credit union collect a proportionate part of the estimated real estate taxes on mortgage loans. M.G.L. c. 171 § 65(6) authorizes the Board of Directors of the credit union to waive the requirement that the mortgagors pay their real estate taxes to the credit union. In order to waive this requirement, the mortgagor must make a formal, written request to have the requirement waived, and the credit union's credit committee must certify that the balance of the first mortgage loan is fifty percent or less of the value of the mortgaged property. The tax payment requirement may be waived only if the mortgagor meets the fifty percent requirement.

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