Babcock Law-

Hearings took place on Wednesday night on two separate MERS bills written by Attorney General Peter Kilmartin. Supporters and Opponents of the Rhode Island House of Representative’s sponsored bill met and testified for over an hour before the House Corporations Committee in hearing room 203 at the Rhode Island State House. Supporters and Opponents of the Senate Sponsored bill testified concurrently before the Senate Judiciary Committee.

Attorney General Peter Kilmartin’s office testified first and stated that “this bill is about transparency, recording fees, and the right for the consumer to know who owns your mortgage”

MERS Vice President of Legislative Affairs Bill Hultman followed Kilmartin’s office and testified in opposition to the bill. Hultman’s testimony focused on his belief that in requiring promissory notes to be recorded, this legislation is a first of this kind in the country. Hultman’s belief is erroneous. Further even if Rhode Island were the first state to require recording of promissory notes that alone does nothing to speak against the necessity for or legitimacy of a policy of this kind.

[BABCOCK LAW]

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