Establishes regional mortgage review boards and a small business loan review board within the Division of Banks.
The bill establishes two regional mortgage review boards in Massachusetts, one for the Boston metropolitan area and one for central and western Massachusetts. These boards will review mortgage loan denials believed to be based on property location. It also creates a small business loan review board to review unreasonably denied small business loan applications. Both boards will consist of five members appointed by the commissioner, with specific representation from banks, small businesses, and the community.
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