Public Hearing Notice  Proposed Amendments to 801 CMR 4.00: Rates

Pursuant to the provisions of G.L. c. 167C, s. 5, as amended by St. 2020, c. 338, s. 2; G.L. c. 171, s. 8, as amended by St. 2020, c. 338, s. 23; and St. 2020, c. 358, s. 107 and in accordance with the provisions of Massachusetts General Laws chapter 30A, section 2, a joint public hearing will be held on Tuesday, June 22, 2021 at 10:30 a.m. at which comments will be received by the Executive Office for Administration and Finance and the Division of Banks (Division) relative to the establishment of fees in connection with the licensing of student loan servicers and automatic federal student loan servicers pursuant to Chapter 358 of the Acts of 2020 and in connection with provisions relative to the fees to establish state-chartered bank and state-chartered credit union branches under Chapter 338 of the Acts of 2020, and regulation 801 CMR 4.02. 

The link providing information regarding the hearing will be posted by Monday, June 21, 2021 at 12:00 noon and will be available at www.mass.gov/dob.  While it is not necessary to pre-register to provide oral testimony, anyone who emails their intention to provide oral testimony at the hearing in advance will receive preference in the order of testimony provided.  Such optional notice must include the person’s name, telephone number, and email address and should be sent to dob.comments@mass.gov via email by Monday, June 21, 2021 at 5:00 p.m.  In addition, written testimony can also be provided in advance via email to dob.comments@mass.gov.  If there are any questions, please contact the Division’s Legal Unit at 617-956-1525.

The purpose of 801 CMR 4.02 – 209 Division of Banks and Loan Agencies is to set forth the respective fees and assessments for state-chartered banks and state-chartered credit unions, as well as the provisions relative to the Division of Banks’ licensees and registrants.  The proposed amendments establish investigation and licensing fees for student loan servicers and automatic federal student loan servicers required to be licensed by the Division of Banks pursuant to Chapter 358 of the Acts of 2020.  In addition, the fee for a state-chartered bank to establish a new branch is lowered to $500, to be consistent and equal with the fee for a credit union to establish a new branch, pursuant to Chapter 338 of the Acts of 2020.

Written comments may be submitted to the Division on the proposed fees until Wednesday, June 23, 2021 at 5:00 p.m.  Copies of the proposed fees are available at, and copies may be obtained from, the Massachusetts Division of Banks, at www.mass.gov/dob/.