Massachusetts S705 regulates shared equity investments in residential property.
Massachusetts S705 mandates that shared equity investors obtain a license from the Commissioner of Banks. It outlines the license application process, including background investigations and fees. The bill sets forth requirements for shared equity investments, such as a minimum homeowner equity of 10%, and prohibits certain actions by shared equity investors. It also details disclosure requirements, including providing homeowners with settlement examples and terms of the investment. The bill establishes penalties for violations and allows the Commissioner to take enforcement actions.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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