Confidential Information Statement

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Statement of Information
The statement of information or statement of identity, generally referred to as an “SI,” is designed to protect both buyer
and seller.
Stop for a moment and consider how many residents in have the same or similar names. In searching a title, we will
inevitably encounter judgments, bankruptcies, divorces and income-tax liens against persons with similar names.
These issues can cloud the title to property unless eliminated by information showing that neither the buyer nor the seller
We hope that the following points may help clarify any misconceptions regarding the statement of information:
- it is not intended to be an invasion of privacy
- the early receipt of this document helps us do our job quickly and accurately
- it is not used as a credit check or for credit purposes
Good Funds Law
The “Good Funds Law” is contained in G.L.C. 183, §63B. The
full text of the statute is as follows: No mortgagee who makes a
contains reasonable risk-based procedures to:
loan to be secured by a mortgage or lien on real estate located
in the commonwealth in conjunction with which, a mortgage
- Collect identifying information about customers
deed evidencing the same is to be recorded in a registry of
opening an account
deeds or registry district in the commonwealth, shall deliver
- Verify that customers are who they say they are to
said deed or cause the same to be delivered into the possession
the extent reasonable and practicable
of such registry of deeds or registry district for the purpose
- Maintain records of customer information and
of the recording thereof unless prior to the time said deed is
methods used to verify their identity
so delivered for recording, said mortgagee has caused the full
amount of the proceeds of such loan due to the mortgagor
- Determine whether the customer appears on any
pursuant to the settlement statement relevant thereto given
list of suspected terrorists or terrorist
to said mortgagor or in the instance of any such loan in
organizations
which the full amount of the proceeds due to the mortgagor
pursuant to the terms thereof are not to be advanced prior to
said recording, so much thereof as is designated in the loan
agreement, to be transferred to the mortgagor, the mortgagor’s
check, bank treasurer’s check, cashier’s check or by a transfer
of funds between accounts within the same state or federally
chartered bank or credit union, or by the funds transfer system
owned and operated by the Federal Reserve Banks, or by a
transfer of funds processed by an automated clearinghouse;
provided, however, that neither the mortgagor’s attorney
or the mortgagee’s attorney shall be required to make
disbursements or deliver said proceeds to the mortgagor in
such form; provided, however, that the provisions of this
section shall not apply to the commonwealth, its agencies, or
political subdivisions.
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