MA H4104

Bill

A communication from the Division of Banks (under the provisions of section 2A of Chapter 167 of the General Laws) submitting a summary of proposed amendments to 209 CMR 40.00 et seq., Unfair and Deceptive Practices in Consumer Transactions.

Introduced
03/17/2016

In Committee
03/17/2016

Crossed Over

Passed

Dead
07/31/2016

Introduced Session

189th General Court

Bill Summary

AI Summary

This bill proposes amendments to Massachusetts regulations concerning unfair and deceptive practices in consumer transactions, specifically focusing on high-cost mortgages. The primary goal is to streamline compliance by aligning state regulations with those of the Consumer Financial Protection Bureau (CFPB), a federal agency that oversees financial products and services. While adopting federal standards, the amendments aim to retain certain Massachusetts-specific protections that are considered more advantageous to consumers, such as the definition of a "high cost home loan" or "high cost mortgage" and how "points and fees" are calculated. The changes involve updating definitions, clarifying language, and referencing specific federal regulations (cited as 12 CFR 1026) to ensure consistency and improve readability, while also making minor adjustments to existing prohibitions and limitations related to these types of loans.

Committee Categories

Business and Industry

Sponsors (0)

No sponsors listed

Last Action

Senate concurred (on 03/21/2016)

Official Document

https://malegislature.gov/Bills/189/H4104

(8 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/189/H4104
Bill	https://malegislature.gov/Bills/189/H4104.pdf

Bill	Bill Name	Last Action	Type
H2016	House Rules governing the 2015-2016 legislative sessions	Order adopted, see H56	Similar To
H3333	Making appropriations for the fiscal year 2015 to provide for supplementing certain existing appropriations and for certain other activities and projects	Signed by the Governor, Chapter 10 of the Acts of 2015	Similar To
H3593	Opinion of the Justices of the Supreme Judicial Court to the House ofRepresentatives [on certain questions ofLaw pertaining to the origin of a "moneyBill" in relation to the generalAppropriation bill for fiscal year 2016]	Placed on file	Similar To
H4727	A communication from the Massachusetts Department of Elementary and Secondary Education (under the provisions of sections 1B, 1J and 1K of Chapter 69 of the General Laws) submitting amendments to 603 CMR 2.00, regulations on accountability and assistance for school districts and schools	Senate concurred	Similar To
H54	Annual report of the Public Employee Retirement Administration Commission (under sections 21, 102 and 103 of Chapter 32 of the General Laws) relative to the percentum change in the average cost-of-living as shown by the United States consumer price index for the year 2014 compared with such index for the year 2013	Accompanied a study order, see H4367	Similar To
S28	Making appropriations for the fiscal year 2015 to provide for supplementing certain existing appropriations and for certain other activities and projects	Text of S21, printed as amended	Similar To
S50	Providing for an employee retirement incentive program	Passed to be engrossed	Similar To
S8	Text of the Senate Rules as adopted by the Senate as the permanent rules of the Senate for 2015-2016.		Similar To

Bill > H4104

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Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (0)

Last Action

Official Document

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