Section 61. A mortgagee holding a first mortgage or lien on a dwelling house located in the commonwealth of 4 or fewer separate households occupied or to be occupied in whole or in part by the mortgagor who requires advance payments, deposits or other security by the mortgagor for the payment of real estate taxes on mortgaged property, shall pay interest to the mortgagor on any amount so paid or deposited in advance. Interest shall be paid at least once a year at a rate and in a manner to be determined by the mortgagee. Mortgagees showing a net loss from the investment of the amounts so paid or deposited may file with the commissioner of banks a request for an exemption from the requirement that the interest be paid to mortgagors.
Section: Previous 54D 55 56 57 58 59 60 61 62 63 63A 63B 64 65 66 NextLast modified: September 11, 2015