Hearing Held on Massachusett’s New Flood Insurance Law
The Massachusetts Division of Banks held a public informational hearing to get input on rules that require creditors to provide disclosures when a borrower is required to purchase flood insurance.
The regulations were mandated under a new law that goes into effect on Nov. 20. It prohibits creditors from requiring flood insurance that is greater than the balance of the mortgage or that has less than a $5,000 deductible. The law also requires creditors to provide borrowers with a notice about flood insurance coverage before it is purchased.
The hearing was scheduled for Thursday.
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