Section 80 Equity Theft 1

Section 1 of chapter 60 of the General Laws, as so appearing, is hereby amended by inserting after the definition of "Collector" the following 2 definitions:-

"Excess equity", any remaining surplus amount above the taxes, interest, fees and charges of keeping, as reflected in the tax title account balance as of the date of the foreclosure judgment, and the fees, expenses, charges and costs actually and reasonably incurred in selling or appraising the property in accordance with section 64A following a final judgment of foreclosure; provided, however, that where the property is sold in accordance with said section 64A, the excess equity shall be determined by deducting from the gross sale proceeds: (i) the tax title balance as of the date of the foreclosure judgment; (ii) any unpaid property tax, assessments for unpaid water and sewer charges, property insurance and homeowners' association or condominium fees accruing from the date of foreclosure; and (iii) any documented, post-judgment costs incurred by the judgment holder from the sale of the property including, but not limited to, broker or real estate agent fees or commissions, listing fees, marketing and advertising costs, legal fees, litigation fees and costs, closing costs, transfer fees, auctioneer fees, notice to property owner, appraisal fees, publication costs, property management, emergency demolition, environmental fees and other fees, charges or costs directly or indirectly related to the maintenance, marketing and sale of the property; provided further, that where the property is retained by the judgment holder in accordance with said section 64A, the excess equity shall be determined by deducting the tax title account balance as of the date of the foreclosure judgment and any documented post-judgment costs of appraisal incurred by the judgment holder from the appraised highest and best use value of the property as of the date of the final judgment of foreclosure.

"Language understandable by a least sophisticated consumer", language that complies with the standard for evaluating truth and deception under the Fair Debt Collection Practices Act, 15 U.S.C. section 1692 et seq., as summarized in Jeter v. Credit Bureau, Inc., 760 F.2d 1168 (11th Cir. 1985).