General Laws of Massachusetts - Chapter 183C Predatory Home Loan Practices
- Massachusetts General Laws - Title - Chapter 183C, Section 1
This chapter may be known and cited as the Predatory Home Loan Practices Act.
- Massachusetts General Laws - Definitions - Chapter 183C, Section 2
As used in this chapter, the following words shall, unless the context requires otherwise, have the following meanings:— “Annual percentage rate”, the annual percentage rate...
- Massachusetts General Laws - Certification from counselor with third-party nonprofit organization - Chapter 183C, Section 3
A creditor may not make a high-cost home mortgage loan without first receiving certification from a counselor with a third-party nonprofit organization approved by the...
- Massachusetts General Laws - Obligor’s ability to make payments; presumption - Chapter 183C, Section 4
A lender shall not make a high-cost home mortgage loan unless the lender reasonably believes at the time the loan is consummated that 1 or...
- Massachusetts General Laws - Prepayment fees and penalties - Chapter 183C, Section 5
A high-cost home mortgage loan shall not contain any provision for prepayment fees or penalties.
- Massachusetts General Laws - Limitation on financing of points and fees - Chapter 183C, Section 6
A high-cost home mortgage loan shall not include the financing of points and fees greater than 5 per cent of the total loan amount or...
- Massachusetts General Laws - Interest rate increases - Chapter 183C, Section 7
A high-cost home mortgage loan shall not contain a provision that increases the interest rate after default. This section shall not apply to interest rate...
- Massachusetts General Laws - Limitation on scheduled payments - Chapter 183C, Section 8
A high-cost home mortgage loan shall not contain a scheduled payment that is more than twice as large as the average of earlier scheduled payments....
- Massachusetts General Laws - Demand for repayment - Chapter 183C, Section 9
A high-cost home mortgage loan shall not contain a demand feature that permits the lender to terminate the loan in advance of the original maturity...
- Massachusetts General Laws - Periodic payment schedule - Chapter 183C, Section 10
A high-cost home mortgage loan shall not contain a payment schedule with regular periodic payments such that the result is an increase in the principal
- Massachusetts General Laws - No fee to modify or defer payment - Chapter 183C, Section 11
A lender shall not charge a borrower a fee or other charge to modify, renew, extend or amend a high-cost home mortgage loan or to...
- Massachusetts General Laws - Consolidation of payments - Chapter 183C, Section 12
A high-cost home mortgage loan shall not include terms pursuant to which more than 2 periodic payments required under the loan are consolidated and paid...
- Massachusetts General Laws - Forum for disputes - Chapter 183C, Section 13
Without regard to whether a borrower is acting individually or on behalf of others similarly situated, any provision of a high cost home mortgage loan...
- Massachusetts General Laws - Lender’s payment of contractor - Chapter 183C, Section 14
A lender shall not pay a contractor under a home improvement contract from the proceeds of a high cost home mortgage loan other than (i)...
- Massachusetts General Laws - Affirmative claims and defenses available; applicability - Chapter 183C, Section 15
(a) Any person who purchases or is otherwise assigned a high-cost home mortgage loan shall be subject to all affirmative claims and any defenses with...
- Massachusetts General Laws - Default in connection with refinancing - Chapter 183C, Section 16
A lender shall not recommend or encourage default on an existing loan or other debt prior to and in connection with the closing or planned...
- Massachusetts General Laws - Application of chapter; violations - Chapter 183C, Section 17
(a) This chapter shall apply to any lender who attempts to avoid its application by dividing any loan transaction into separate parts for the purpose...
- Massachusetts General Laws - Relief; remedies - Chapter 183C, Section 18
(a) A violation of this chapter shall constitute a violation of chapter 93A. (b) An aggrieved borrower or borrowers may bring a civil action for...
- Massachusetts General Laws - Regulations - Chapter 183C, Section 19
The commissioner shall promulgate regulations necessary to carry out the provisions of this chapter.
Last modified: September 11, 2015