THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 167, section 7A, and chapter 171, section 65C1/2, as added by SECTIONS 2 and 3 of Chapter 258 of the Acts of 2010, and in accordance with the provisions of Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Wednesday, September 14, 2011 at 10:30 a.m., Hearing Room 1-E, 1st Floor, 1000 Washington Street, Boston, Massachusetts at which comments will be received by the Division of Banks (the "Division") relative to the adoption of 209 CMR 55.00: <em>REVERSE MORTGAGE LOANS</em> .
The purpose of the proposed regulation is to clarify the opt-in and counselor certification requirements for in-person counseling requirements for reverse mortgage loans as well as to establish the eligibility, procedures, disclosures and counseling requirements for a reverse mortgage program. Changes may be made based on testimony at the public hearing or during the comment period.
Written comments may be submitted to the Division on the proposed regulation until 5:00 p.m. on September 21, 2011. Copies of the proposed regulation are available at, and copies may be obtained from, the Massachusetts Division of Banks, 1000 Washington Street, Boston, Massachusetts 02118 or at www.mass.gov/dob/.