The proposed bill amends Chapter 11-18 of the General Laws by introducing a new section that establishes the criminal offense of real estate title fraud. It defines key terms related to the mortgage lending process, patterns of fraud, and the responsibilities of individuals making unsolicited offers to purchase real estate. Specifically, it mandates that such offers include clear notices indicating that the offer may not reflect the fair market value of the property and, if applicable, that it is below the municipal assessed value. These notices must be presented in a separate document, printed in capital letters at a minimum font size of eight points, and signed by all owners or prospective sellers of the real estate.

The bill outlines penalties for violations, including misdemeanor charges for failing to provide the required notices and felony charges for committing real estate title fraud through forgery or fraudulent documentation. A person found guilty of real estate title fraud may face imprisonment for up to ten years and fines up to $50,000 for a first offense, while those committing fraud as part of a pattern may face up to twenty years of imprisonment and fines up to $100,000. Additionally, victims of real estate title fraud are granted the right to pursue legal action to recover actual damages or a minimum of $5,000, along with costs incurred in bringing such action, including reasonable attorney's fees.

Furthermore, the bill requires municipalities that allow remote filing of electronic instruments to obtain sufficient documentation to verify the identity of individuals making such filings, with any non-compliant filings deemed void. The act is set to take effect upon passage.