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 12-month period, must provide periodic statements to mortgagors upon request. A "periodic statement" is specified as a document that meets the federal requirements outlined in 12 CFR 1026.41, which includes guidelines on timing, form, and content of the statements. The bill emphasizes that compliance with these federal regulations will also satisfy the requirements of this state law.

The bill is set to take effect on October 1, 2025, and does not impose any fiscal impact on the state or municipalities, as it only affects private entities. The legislation aims to enhance transparency and communication between mortgage lenders and borrowers, ensuring that mortgagors receive timely and clear information regarding their mortgage accounts.