By the Division of Banks
Massachusetts Division of Banks to Hold Hearing on Lending Regulations
WHO: As the Massachusetts Division of Banks prepares to amend rules that govern how lenders must notify consumers about loan terms when they borrow, it will hold a public hearing on November 6, 2014 to gather input on two regulations.
WHAT: The Division will receive comments on proposed amendments to 209 CMR 32.00 Disclosure of Consumer Credit Costs and Terms that informs consumers about the terms and costs of credit, regulates certain credit card practices, and provides for fair and timely resolution of credit billing disputes. This regulation also gives consumers a right to cancel certain transactions that involve their primary residence. The Division is also seeking comments on proposed amendments to 209 CMR 40.00 Unfair and Deceptive Practices in Consumer Transactions. This rule governs high cost and high rate mortgage loans, includes prohibitions, and requires certain disclosures.
The proposed amendments to these regulations considerably streamline the existing rules. The changes are intended to make it easier to comply with state regulations since compliance with many provisions of the Consumer Financial Protection Bureau’s (CFPB) rules will constitute compliance with the cited provisions of 209 CMR 32.00 and 209 CMR 40.00. These amendments are proposed in accordance with the Administration’s commitment to ensuring that the Commonwealth’s regulations are both effective and efficient.
WHEN: The public hearing during which the Division will accept comments is scheduled for:
Thursday, November 6, 2014 at 10:00AM, 1000 Washington St, Boston, MA, 02118
Hearing Room 1-E
Additional announcements relative to the hearing and subsequent rule-making will be posted on the Division's website. Written comments may be submitted to the Massachusetts Division of Banks, 1000 Washington St., 10th Floor, Boston, MA 02118-6400 or at firstname.lastname@example.org. All comments to the Division must be submitted by 5 p.m. on Friday, November 14, 2014.
The Division of Banks oversees state-chartered banks and credit unions and is responsible for the licensing and supervision of non-depository licensees including mortgage lenders, mortgage brokers, mortgage loan originators, consumer finance companies, money services businesses, debt collectors, and loan servicers. The Division is an agency within the Office of Consumer Affairs and Business Regulation.