Massachusetts General Laws ch. 140 sec. 90B – Home mortgages; application of consumer credit cost disclosure provisions; prerequisites to foreclosure
Section 90B. A transaction subject to the provisions of section ninety A shall also be subject to the provisions of chapter one hundred and forty D. A lender subject to the provisions of said section ninety A shall also be subject to the provisions of said chapter one hundred and forty D and, in the event of a conflict between the provisions of said section ninety A and said chapter one hundred and forty D, the provisions of said chapter one hundred and forty D shall control.
Terms Used In Massachusetts General Laws ch. 140 sec. 90B
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
If the borrower or his authorized representative requests, by registered mail, the lender to furnish him a copy of the note, the lender shall within fifteen days after receipt of said request, send by registered mail a true copy of said note to the person requesting the same at the address specified in such request. At least fifteen days prior to the commencement of any foreclosure proceedings the lender shall send to the borrower by registered mail a statement of his intention to foreclose which shall specify the amount of principal, interest and other indebtedness, if any, owing and accruing under the note and mortgage. Failure by the lender to comply with the provisions of this paragraph shall suspend his rights until such time as he complies with said provisions.