SECTION 103.
There shall be a special commission, governed by section 2A of chapter 4 of the General Laws, to study the financial and economic impacts of crumbling concrete foundations due to the presence of pyrrhotite.
The commission shall consist of: 1 person to be appointed by the president of the senate, who shall serve as co-chair; 1 person to be appointed by the speaker of the house of representatives, who shall serve as co-chair; 1 person to be appointed by the minority leader of the senate; 1 person to be appointed by the minority leader of the house of representatives; the attorney general or a designee; the secretary of public safety and security or a designee; the commissioner of insurance or a designee; and 7 persons to be appointed by the governor, 1 of whom shall be nominated by the Massachusetts Municipal Association, Inc., 1 of whom shall be nominated by the Massachusetts Concrete & Aggregate Producers Association, Inc., 1 of whom shall be nominated by the Massachusetts Insurance Federation, Inc., 1 of whom shall be nominated by the Massachusetts Association of Realtors, 1 of whom shall be nominated by The Real Estate Bar Association for Massachusetts, Inc. and 2 of whom shall be residents of municipalities in which crumbling concrete foundations that have deteriorated due to the presence of pyrrhotite have been found.
The study shall include, but not be limited to: (i) an examination of the degree to which concrete foundations are crumbling due to the presence of pyrrhotite in the commonwealth; (ii) a review of the affected locations within the commonwealth; (iii) an estimate of the total cost to fully restore concrete foundations damaged due to the presence of pyrrhotite; (iv) an analysis of the effect that the presence of pyrrhotite has on property values and the resulting fiscal impact on property tax revenues; (v) an analysis of the impact on the real estate industry; (vi) a review of best practices undertaken in other states to deal with crumbling foundations that have deteriorated due to the presence of pyrrhotite; and (vii) an examination of potential remedies for residential homeowners affected by crumbling foundations that have deteriorated due to the presence of pyrrhotite. The commission shall meet not less than 4 times and shall conduct at least 1 public hearing in a region where concrete foundations have deteriorated due to the presence of pyrrhotite.
The commission shall submit the results of its study and its recommendations, including drafts of legislation necessary to care those recommendations into effect, by filing the same with the clerks of the house of representatives and the senate, the joint committee on consumer protection and professional licensure and the house and senate committees on ways and means not later February 1, 2019.