MA S1177

Requires mortgage assignments to be recorded within 30 days of execution, with pre-existing unrecorded assignments having 90-180 days from the Act's effective date to be filed

Mandates that mortgage discharges include a certified copy of the original "wet-ink" mortgage note marked "paid in full," and requires note owners to return the cancelled note to mortgagors within 20 days of payoff

Eliminates foreclosure by entry and possession, restricting mortgagees to recovering property only through court action; possession obtained through entry recorded less than 3 years before the Act's effective date will never foreclose redemption rights

Creates $2,500 per violation penalties (adjusted annually for inflation) for failing to provide accurate mortgage statements with current mortgagee, note owner, and servicer information, enforceable under Chapter 93A consumer protection law

Establishes criminal penalties of up to 5 years imprisonment and fines up to $50,000 for individuals ($250,000 for entities) for filing fraudulent documents affecting real property title, with a 10-year statute of limitations