House Bill No. 5503 mandates that certain mortgagees, defined as owners or servicers of mortgage-secured debt who originate more than five mortgage loans within a twelve-month period, must provide periodic statements to mortgagors upon request. A "periodic statement" is specified as a document that must be delivered for each billing cycle of a mortgage and must adhere to the federal requirements outlined in Regulation Z (12 CFR 1026.41). This regulation stipulates standards for the timing, form, and content of the statements, ensuring they are clear, accessible, and informative for the borrower.

The bill does not impose any fiscal impact on the state or municipalities, as it only affects private entities. It is set to take effect on October 1, 2025, and establishes that mortgagees who comply with the federal regulation will also be considered compliant with the new state requirements. The bill was reported favorably by the Banking Committee, indicating broad support for its passage.