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Can you summarize Title 209 CMR?
Code of Massachusetts Regulations > Division of Banks and Loan Agencies
Short Summary
The provided legal document content covers various aspects of record keeping by licensees in Massachusetts, assessment of mortgage lenders’ record of community investment, licensing and regulation of money services businesses, community reinvestment in Massachusetts, determination and documentation of borrower’s interest in home loans, unfair and deceptive acts and practices in consumer transactions, audit and security requirements for credit unions, Truth in Lending Act and its regulations, licensing of mortgage lenders and mortgage brokers, authorized powers and activities of credit unions, application and approval procedures for insurance sales agency powers, requirements and procedures for establishing branch offices by credit unions, small loans, sales finance companies, and insurance premium finance companies, additional consumer protections for reverse mortgage borrowers, servicing of loans and collection of debts, and the Right to Cure notification process for mortgage defaults. These documents apply to various entities and individuals involved in the respective industries or activities mentioned. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Licensees in the Commonwealth of Massachusetts, mortgage lenders operating in Massachusetts, money services businesses in Massachusetts, financial institutions in Massachusetts, lenders and borrowers involved in home loan transactions, entities involved in consumer transactions related to high-cost home loans, credit unions in Massachusetts, individuals or businesses offering or extending credit to consumers, individuals or entities involved in the licensing and supervision of mortgage loan originators, co-operative banks and savings banks in Massachusetts, lenders and mortgage servicers involved in mortgage loans secured by residential property, debt collectors, third party loan servicers, student loan servicers, lenders and mortgage servicers involved in reverse mortgage loans, debt collectors, third party loan servicers, borrowers, creditors, mortgagees, mortgage servicers, and third-party organizations involved in mortgage loans secured by owner-occupied residential properties
What does it govern?
Record keeping by licensees in the Commonwealth of Massachusetts, assessment of mortgage lenders' record of community investment, licensing and regulation of money services businesses, community reinvestment in Massachusetts, determination and documentation of borrower's interest in home loans, unfair and deceptive acts and practices in consumer transactions, audit and security requirements for credit unions, Truth in Lending Act and its regulations, licensing of mortgage lenders and mortgage brokers, authorized powers and activities of credit unions, application and approval procedures for insurance sales agency powers, requirements and procedures for establishing branch offices by credit unions, small loans, sales finance companies, and insurance premium finance companies, additional consumer protections for reverse mortgage borrowers, servicing of loans and collection of debts, Right to Cure notification process for mortgage defaults
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Massachusetts