Establishes mortgage review boards and a small business loan review board within the Division of Banks.
This bill establishes two regional mortgage review boards and a small business loan review board within the Division of Banks. The regional boards will review residential mortgage loan denials, while the small business loan review board will review small business loan denials. Members of these boards will be appointed by the commissioner for a term of three years, with specific representation from banks, small businesses, and the community. The boards will provide written determinations to applicants within 45 days and may extend this period to 60 days.
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