THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 244, section 35A, as most recently amended by SECTION 7 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, 1:00 p.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 56.00:
<em>RIGHT TO CURE A MORTGAGE DEFAULT</em> .
The purpose of the proposed regulation is to establish a form of notice relative to a borrower's right to cure a default on a residential mortgage loan. The regulation would establish the required information to be included in the right to cure notice, would establish procedures to determine whether a 150-day notice or a 90-day notice is required and the method of delivery for such notice, and would allow a borrower to request from the entity foreclosing on the mortgage all documentation evidencing the legal authority that it is the holder of the mortgage or is authorized by the holder of the mortgage to foreclose. 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/.