Bill > S751

This bill establishes two new review boards within the Massachusetts Division of Banks: a mortgage review board and a small business loan review board. The mortgage review board will be divided into two regional boards covering the Boston metropolitan area and central/western Massachusetts, each consisting of 5 members (2 mortgagees and 3 community representatives) appointed by the commissioner for 3-year terms. These boards will review residential mortgage loan denials where an applicant believes the denial was based on property location, with the board required to provide a written determination within 45 days of an appeal. The small business loan review board will also have 5 members (2 bank representatives and 3 small business representatives), tasked with reviewing small business loan denials that applicants believe were unreasonably rejected. This board must provide findings to applicants within 30-60 days of review, offer information on alternative financing sources, and submit an annual report to legislative committees about small business credit availability. Both boards aim to provide additional oversight and support for individuals and small businesses seeking financial loans, with members serving without compensation and the commissioner authorized to establish rules and regulations for their operation.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S751