An Act relative to mortgage review boards and a small business loan review board within the division of banks
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill proposes the creation of two review boards within the Division of Banks: a mortgage review board and a small business loan review board. These boards would be responsible for examining and potentially reviewing mortgage and small business loan applications and practices. The goal is to ensure fairness and transparency in lending decisions and to address potential issues related to lending practices.
Key provisions
- Establishment of a mortgage review board.
- Establishment of a small business loan review board.
- These boards will operate within the Division of Banks.
- The boards are intended to review lending practices.
- The bill aims to promote fairness and transparency in lending.
Who is affected
- Borrowers
- Lenders
- Small business owners
- The Division of Banks
- Massachusetts residents
Notable changes
- Creates new oversight mechanisms for mortgage and small business loans.
- No specific changes to existing regulations are detailed in the text.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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