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 reviewing mortgage and small business loan applications to ensure fairness and compliance with regulations. The goal is to provide an additional layer of oversight and potentially prevent discriminatory lending practices. The bill seeks to establish these boards and outline their operational procedures.
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 will review mortgage and small business loan applications.
- The bill aims to ensure fairness and compliance in lending practices.
- Specific operational procedures for the boards will be determined.
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.
- Potentially addresses concerns about discriminatory lending practices.
- Adds a review process to existing lending operations.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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