Regional Briefs
Broker, Lender Licenses Now Required Of Nonprofits
The state Division of Banks now requires nonprofit agencies that take part in a certain number of real estate transactions to be licensed as mortgage lenders and brokers.
In a letter to nonprofit and tax exempt organizations, division commissioner Steven L. Antonakes explained that previously, tax-exempt, nonproft organizations were exempt from licensing, but the division successfully pushed for an amendment to Chapter 206 of the Acts of 2007. The amendment specifically affects an Act Protecting and Preserving Home Ownership, which was signed into law in November.
The amendment deletes the mortgage lender and mortgage broker licensing exemption for any nonprofit or tax exempt agency or corporation with the purpose of assisting low to moderate income households in the purchase or rehabilitation of homes of four or fewer units.
Now, the law requires a license for any person or entity that acts as a mortgage lender or a mortgage broker with respect to residential property in Massachusetts five or more times in a year.
Mass. Bar Favors Patrick's CORI Changes
The Massachusetts Bar Association said it supports Gov. Deval Patrick's proposed Criminal Offender Record Information (CORI) reform legislation. If signed into law, the proposal would create more job opportunities for criminal offenders while protecting the public. In 2006, the MBA adopted a report that recommended several of the changes included in Patrick's legislation, including requiring state agencies to consider criminal offender background checks only after candidates have been deemed qualified. Also in line with the MBA report, Patrick's proposal requires accuracy of the CORI records, increased public education outreach and adopts penalties for abuse of the CORI law.
Petitions To Foreclose Top 3,000 In October
Lenders filed 3,040 petitions to foreclose in Massachusetts Land Court in October of 2007, marking the second time petitions filed rose above 3,000 in 2007, according to The Warren Group, the Boston-based publishers of Banker & Tradesman. In August of 2007, 3,115 petitions to foreclose were filed.
The 3,040 petitions filed in October represent a 43.9 percent increase over the 2,112 petitions filed in October 2006. For the first 10 months of 2007, 24,155 petitions to foreclose were filed, up 62.7 percent from 2006, according to The Warren Group.
Taxman Not Working Hard Enough
Poor corporate/business and sales tax receipts in December led to a $22 million shortfall in the monthly goal, according to The Massachusetts Department of Revenue.
Preliminary revenue collections for December totaled $1.84 billion, up $58 million, or 3.2 percent, from December 2006.
Year-to-date tax collections for FY08 total roughly $9.13 billion, up $365 million and 4.2 percent from the same period a year ago, the DOR said.
In December, the state collected $889 million in income taxes, $132 million in payments, $326 million in sales taxes and $346 million in corporate/business taxes.
Demand Surges For I-495 Offices
Vacancy rates in the greater Boston office market edged down slightly during the fourth quarter of 2007 with the market along I-495 seeing "a notable surge" in demand.
According to Boston commercial real estate broker Richards Barry Joyce & Partners, tenants in the northern part of the I-495 office market have absorbed 1.5 million square feet of Class A space during the last three years. Vacancy in that market has fallen from 38.4 percent to 16.7 percent in two years.
According to RBJ's officeSTATus Greater Boston Winter 2008 report, vacancy rates for office space across Greater Boston declined by 0.2 percent to 13.6 percent. It was the eighth consecutive quarter of falling vacancy, and during that time, more than 8.3 million square feet of space was taken off the market.
Class A office space was 10.3 percent vacant across the market during the quarter.
State: Work Becoming Safer, Healthier
State labor and job safety officials say the Massachusetts workplace was safer in 2006 than it was in 2005.
The state Division of Occupational Safety's occupational injury and illness survey found that work-related non-fatal illnesses and injuries dropped by more than 7 percent between 2005 and 2006.
The number of workplace fatalities dropped by more than 13 percent during the same period.
The survey also found that Massachusetts workplaces are safer than those in other states.
The education and health services sector had the highest number of injuries and illnesses in 2006, with 24,200.
The construction industry had the highest illness and injury incident rate, at 6.4 cases per 100 full-time workers.
AIM Raises Energy Bill Concerns
The Associated Industries of Massachusetts is concerned that the state senate's energy bill is unclear in some areas, too costly in others and is too selective about sources of renewable energy.
AIM generally favors the bill, but is concerned that it is unclear in the bill where money raised from the Regional Greenhouse Gas Initiative would be spent. AIM also said increasing the amount of renewable energy utilities are required to buy for customers could add considerably to the cost of electricity. And the bill fails to acknowledge hydroelectric power as "an equal partner as a source of renewable energy," AIM
said.
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