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Proposed Amendments to 209 CMR 32.00: Disclosure of Consumer Credit Costs and Terms

Wednesday, March 3, 2010
10:30 a.m. - 12:30 p.m.

Address

One South Station, Hearing Room A, 2nd Floor, Boston, MA 02110

Overview

Pursuant to the provisions of Massachusetts General Laws chapter 140D, section 3 and in accordance with the provisions of Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Wednesday, March 3, 2010 at 10:30 a.m., Hearing Room A, 2nd Floor, One South Station, Boston, Massachusetts at which comments will be received by the Division of Banks (the "Division") relative to the adoption of amendments to 209 CMR 32.00: Disclosure of Consumer Credit Costs and Terms.

The purpose of the proposed amendments is to adopt recent amendments to federal Regulation Z in order to maintain regulatory consistency between federal and state Truth-In-Lending regulations. These changes include adding two new sections, Sections 209 CMR 32.35 and 209 CMR 32.36, to establish prohibited acts or practices in connection with higher-priced mortgage loans and in connection with credit secured by a consumer's principal dwelling, respectively. Three new sections, 209 CMR 32.46 to 209 CMR 32.48, inclusive, are added to establish special disclosure requirements for private education loans. Additional amendments, among others, would make changes to a number of other sections in order to recognize past federal revisions relating to electronic signatures and electronic disclosures as well as on open-end credit governing credit cards. All such changes are being made in order to retain the exemption of the Massachusetts statute as long as it equals or exceeds the federal law protections. Other 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 amendments until 5:00 p.m. on Thursday, March 4, 2010. Copies of the proposed amendments are available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.mass.gov/dob/.

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Written comments accepted until March 4, 2010.

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