§667-86 Mortgage foreclosure dispute resolution special fund.
189 words·~1 min read·
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§667-86 Mortgage foreclosure dispute resolution special fund.
(a)There is established in the state treasury a special fund to be known as the mortgage foreclosure dispute resolution special fund to be administered by the department to implement and operate the mortgage foreclosure dispute resolution program established by this part. Moneys collected as fees or fines under sections 454M-10, 667-76, 667-78, 667-79, and 667-53, for the mortgage dispute resolution program and contributions from the sources identified under subsection
(b)shall be deposited in the fund. Interest earned from the balance of the fund shall become a part of the fund.
(b)All persons who record an affidavit in the office of the assistant registrar of the land court , pursuant to section 501-118, or who record a conveyance document in the bureau of conveyances for an owner-occupied property subject to a nonjudicial power of sale foreclosure shall pay a fee of $100 , which shall be deposited into the mortgage foreclosure dispute resolution special fund on a quarterly basis. [L 2011, c 48 , pt of §1 , §45(2) ; am L 2012, c 182, §§4 8 , 49 ]