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Can you summarize 209 CMR 49?
Division of Banks and Loan Agencies > Insurance sales for banks, credit unions, and lenders
Short Summary
This document, 209 CMR 49.00, establishes the application and approval procedures for banks, credit unions, and lenders seeking to exercise insurance sales agency powers. It applies to banks and lenders subject to the jurisdiction of the Commissioner of Banks, as well as federal banks engaging in insurance sales activities. The document outlines the eligibility requirements, application process, and terms and conditions governing insurance sales activities. It also mentions the consumer protections mandated by Massachusetts General Laws and regulations. The document defines various terms used in the regulations and references the Interagency Agreement Relative to Bank Insurance Sales Consumer Complaint Resolution Procedures and the Community Reinvestment Act. The Division of Insurance enforces the terms and conditions found within 209 CMR 49.06 with respect to federal banks. Overall, this document provides a comprehensive framework for the regulation of insurance sales activities by banks, credit unions, and lenders in Massachusetts.
Whom does it apply to?
Banks, credit unions, lenders, federal banks, affiliates, subsidiary corporations, and third-party vendors engaged in insurance sales activities
What does it govern?
Insurance sales activities of banks, credit unions, and lenders
What are exemptions?
Credit insurance activities of banks, federal banks, or lenders
What are the Penalties?
The document does not specify penalties for non-compliance or violation of its provisions.
Jurisdiction
Massachusetts