| Date: | 06/30/2000 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 00-055 |
This opinion was issued during the 2nd quarter of 2000.
- This page, Summary of Selected Opinion 00-055, is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 00-055
Table of Contents
Jurisdiction of review boards as applied to certain commercial real estate loans
Massachusetts General Laws chapter 167 section 14C and its implementing regulations 209 CMR 39.00 et seq, provides for the establishment of certain Review Boards for certain loan types.
The jurisdiction of the Small Business Loan Review Board extends to denied small business loan applications to businesses located in Massachusetts with gross revenues of $1 million or less in its preceding fiscal year. The types of loans eligible for review include lines of credit, term loans and corporate credit card requests. It is the position of the Division that the jurisdiction of the Small Business Loan Review Board does not extend to requests for the acquisition or refinancing of commercial real estate or investment properties. Further, the separate Mortgage Review Board extends only to denied applications for a first mortgage or to refinance an existing purchase mortgage on 1 to 4 family, owner-occupied properties in Massachusetts. Therefore, the Bank should not send a Notice of Appeals for the denials of this type of loan.