Section 81 Equity Theft 2

Subsection (c) of section 2C of said chapter 60, as so appearing, is hereby amended by striking out paragraph (9) and inserting in place thereof the following paragraph:-

(9) A purchaser owning any tax receivable shall give notice to a taxpayer, and to the appropriate municipality, within 12 business days of purchasing that tax receivable. The notice shall include the name, address, telephone number and preferred method of communication with the purchaser and any service agent acting on behalf of the purchaser. If the purchaser or the service agent of such tax receivables shall change, the new purchaser or service agent shall provide the notice required herein within 12 business days of the effective date of such change. Where the land is Class one, residential property, as defined in section 2A of chapter 59, such notice shall: (i) be mailed and addressed to the taxpayer at their last known residence and usual place of abode or place of business; (ii) be posted upon the Class one, residential property; (iii) be posted in a convenient and public place; and (iv) include a uniform notice prepared by the commissioner of revenue, in language understandable by a least sophisticated consumer, together with a notice in the 7 most commonly spoken languages in the commonwealth that the notice affects important legal rights and should be translated immediately. The notice shall state:

(i) that a complaint to foreclose the tax title may be filed on or after a specific date;

(ii) that the tax title has been sold to a purchaser of tax receivables;

(iii) why the property was taken and that the owner may redeem the property up until the property is foreclosed by a judgment issued on a proceeding before the land court;

(iv) the components of the amount as of the date of the notice, subject to accumulating taxes, fees and charges, required to redeem the property and the procedure for redemption;

(v) that if a complaint to foreclose the tax title is filed and the owner does not respond by filing an answer, the court may enter an order defaulting the owner;

(vi) that if a complaint to foreclose the tax title is filed, the owner may respond by filing an answer that requests that the court set the terms by which the owner may redeem the property;

(vii) that if the property is not redeemed, the purchaser is entitled to receive a judgment from the land court that transfers title to the property to the town or purchaser and permanently eliminates any title rights the owner has in the property; and

(viii) that following a foreclosure of the property, the former owner shall be entitled to any excess equity in the property, upon written request to the municipality or purchaser of tax receivables, pursuant to section 64A.