reglab/statecodes huggingface dataset:
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 46.00 - Community Reinvestment › Section 46.43 - Content and Availability of Public File

Current through Register 1525, July 5, 2024
(1)
Information Available to the Public
. An institution
			 shall maintain a public file that includes the following information:
(a) all written comments received from the
			 public for the current year and each of the prior two calendar years that
			 specifically relate to the institution's performance in helping to meet
			 community credit needs, and any response to the comments by the institution, if
			 neither the comments nor the responses contain statements that reflect
			 adversely on the good name or reputation of any persons other than the
			 institution or publication of which would violate specific provisions of
			 law;
(b) a copy of the public
			 section of the institution's most recent CRA Performance Evaluation prepared by
			 the Commissioner. The institution shall place this copy in the public file
			 within 30 business days after its receipt from the Commissioner;
(c) a list of the institution's branches,
			 their street addresses, and geographies;
(d) a list of branches opened or closed by
			 the institution during the current year and each of the prior two calendar
			 years, their street addresses, and geographies;
(e) a list of services (including hours of
			 operation, available loan and deposit products, and transaction fees) generally
			 offered at the institution's branches and descriptions of material differences
			 in the availability or cost of services at particular branches, if any. At its
			 option, an institution may include information regarding the availability of
			 alternative systems for delivering retail banking services
			 (
e.g
., ATMs, ATMs not owned or operated by or exclusively for
			 the institution, banking by telephone or computer, loan production offices, and
			 bank-at-work or bank-by-mail programs);
(f) a map of each assessment area showing the
			 boundaries of the area and identifying the geographies contained within the
			 area, either on the map or in a separate list, provided however, a map of the
			 assessment area does not need to be maintained if the institution is a credit
			 union whose membership by-law provisions do not correspond to a defined
			 geographic area; and
(g) any other
			 information the institution chooses.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 46.00 - Community Reinvestment › Section 46.44 - Public Notice by Institutions

Current through Register 1525, July 5, 2024
An institution shall provide in the public lobby of its main
				office and each of its branches the appropriate public notice set forth in 209
				CMR 46.62. Only a branch of an institution having more than one assessment area
				shall include the bracketed material in the notice for branch offices. Only an
				institution that is an affiliate of a holding company shall include the next to
				the last sentence of the notices. An institution shall include the last
				sentence of the notices only if it is an affiliate of a holding company that is
				not prevented by statute from acquiring additional
				institutions.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 46.00 - Community Reinvestment › Section 46.45 - Publication of Planned Examination Schedule

Current through Register 1525, July 5, 2024
The Commissioner publishes at least 30 days in advance of the
				beginning of each calendar quarter a list of institutions scheduled for CRA
				examinations in that quarter.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 46.00 - Community Reinvestment › Section 46.46 - Alternative Examination Procedures

Current through Register 1525, July 5, 2024
The Commissioner shall establish alternative examination
				procedures for institutions which were rated "outstanding" as of their most
				recent state or federal CRA compliance examination. After January 1, 1998, such
				alternative examination procedures will also apply to institutions which were
				rated "high satisfactory" as of their most recent state or federal examination.
				The purpose of such alternative procedures shall be to reduce the cost to
				institutions. The alternative procedures shall in no way limit public
				participation.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 46.00 - Community Reinvestment › Section 46.61 - Ratings

Current through Register 1525, July 5, 2024
(1)
Ratings in
			 General
.
(a) In assigning a
			 rating, the Commissioner evaluates an institution's performance under the
			 applicable performance criteria in 209 CMR 46.00, in accordance with
			 209 CMR
			 46.21, and
			 46.28. This
			 includes consideration of low-cost education loans provided to low-income
			 borrowers and activities in cooperation with minority- or women-owned financial
			 institutions and low-income credit unions, as well as adjustments on the basis
			 of evidence of discriminatory or other illegal credit practices.
(b) An institution's performance need not fit
			 each aspect of a particular rating profile in order to receive that rating, and
			 exceptionally strong performance with respect to some aspects may compensate
			 for weak performance in others. The institution's overall performance, however,
			 must be consistent with safe and sound banking practices and generally with the
			 appropriate rating profile as follows.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 47.00 - Parity With National Banks (reserved)

Current through Register 1525, July 5, 2024
REGULATORY AUTHORITY:
209 CMR 47.00: M.G.L. c. 167F, § 2, clause 31.; c. 30A,
				§ 8.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 48.00 - Licensee Record Keeping › Section 48.01 - Applicability and Purpose

Current through Register 1525, July 5, 2024
The purpose of
				209 CMR
				48.00 is to establish procedures and requirements for
				record keeping by licensees. You must comply with
				209 CMR
				48.00 if you meet the definition of a
				licensee.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 48.00 - Licensee Record Keeping › Section 48.02 - Definitions

Current through Register 1525, July 5, 2024
The following words shall have the following meanings:
Commissioner
. The Commissioner of
				Banks.
Commonwealth
. The Commonwealth of
				Massachusetts.
Electronic
. Relating to technology as
				having electrical, digital, magnetic, wireless, optical, electromagnetic or
				similar capabilities.
Electronic Record
. A record created,
				generated, sent, communicated, received or stored by electronic means.
Examination
. The examination or
				inspection of a licensee's books and records as required by applicable
				statute.
Licensee
. Any person who is registered
				as a third party loan servicer under the provisions of M.G.L. c. 93,
				§§ 24 through 28 or any person who is licensed as: a debt collector
				under the provisions of M.G.L. c. 93, §§ 24 through 28; a student
				loan servicer or an automatic federal student loan servicer under the
				provisions of M.G.L. c. 93L; a small loan company under the provisions of
				M.G.L. c. 140, §§ 96 through 114A; a check seller under the
				provisions of M.G.L. c. 167F, § 4; a foreign transmittal agency under the
				provisions of M.G.L. c. 169; a check casher under the provisions of M.G.L. c.
				169A; a motor vehicle sales finance company under the provisions of M.G.L. c.
				255B; an insurance premium finance agency under the provisions of M.G.L. c.
				255C; a retail installment sales finance company under the provisions of M.G.L.
				c. 255D; or a mortgage lender or a mortgage broker under the provisions of
				M.G.L. c. 255E.
NMLS
. The Nationwide Multi-state
				Licensing System & Registry, a multistate licensing system owned and
				operated by the State Regulatory Registry LLC (SRR), a wholly owned subsidiary
				of the Conference of State Bank Supervisors (CSBS), an association of state
				financial services regulators.
Person
. A natural person or an
				organization including a corporation, a limited liability company or
				partnership, partnership, association, cooperative or trust.
You
. A licensee.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 48.00 - Licensee Record Keeping › Section 48.03 - How Long to Keep Books and Records

Current through Register 1525, July 5, 2024
You must keep all books, records, and accounts as required by
				State and federal law and regulation. If you are licensed as a debt collector
				or registered as a third party loan servicer, you must maintain all books,
				records, and accounts for a minimum of two years. If you are licensed as a
				student loan servicer or licensed as an automatic federal student loan
				servicer, you must maintain all books, records, and accounts for not less than
				two years following the final payment on a student loan or the assignment of a
				student loan, whichever occurs first, or except as otherwise required by
				federal law or a contract with the United States Secretary of Education under
				20
				U.S.C. 1087f. If you are licensed as a small
				loan company, check seller, foreign transmittal agency, check casher, motor
				vehicle sales finance company, insurance premium finance agency, retail
				installment sales finance company, mortgage lender, mortgage broker, mortgage
				company, you must maintain all books, records, and accounts for a minimum of
				three years. This includes, but is not limited to, a complete customer account
				history for each transaction including but not limited to terms and conditions
				of the agreement, payment dates, maturity or final payment due date, refunds,
				refinancing date, collection or legal action taken.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 48.00 - Licensee Record Keeping › Section 48.04 - Where to Keep Books and Records

Current through Register 1525, July 5, 2024
(1) You may
			 keep books, records, and accounts at a location in the Commonwealth. You must
			 designate the location in NMLS, as well as the name of the individual
			 responsible for providing access, and provide immediate access to the
			 Commissioner or the Commissioner's designees in order to conduct an
			 examination. If you are a student loan servicer or an automatic federal student
			 loan servicer, you shall provide access to records not later than five business
			 days after the Commissioner, or his or her designee, makes a request for
			 records.
(2) You may also keep
			 books, records, and accounts at a location outside of the Commonwealth. You
			 must designate the location in NMLS, as well as the name of the individual
			 responsible for providing access. If you keep books, records, and accounts out
			 of state, you must:
(a) provide access, within
			 72 hours of an official request, or within five business days of an official
			 request if you are a student loan servicer or an automatic federal student loan
			 servicer, to any books, records, and accounts at a suitable location in the
			 Commonwealth, as determined by the Commissioner or the Commissioner's designee,
			 for the purpose of an examination; and
(b) for on-site examinations, provide
			 immediate access to books, records, and accounts to the Commissioner or the
			 Commissioner's designees in order to conduct the examination. You must also
			 separately reimburse the Commissioner for appropriate and necessary expenses
			 for an examiner, or examiners, to conduct an examination at a location outside
			 of the Commonwealth.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 48.00 - Licensee Record Keeping › Section 48.05 - Format of Books and Records

Current through Register 1525, July 5, 2024
(1) You must keep
			 books, records, and accounts in a manner that will allow the Commissioner to
			 determine if you are in compliance with applicable State and federal laws and
			 regulations.
(2) You may store
			 books, records, and accounts as electronic records. You must make all
			 electronic records accessible for examination through equipment available to
			 the Commissioner or the Commissioner's designees in compliance with applicable
			 law. If there is no equipment available to conduct the examination, you must
			 procure and make available such equipment, at your own expense. Prior to
			 maintaining your books, records, and accounts electronically, you must indicate
			 in NMLS how your books, records, and accounts will be stored, including the
			 name of the system utilized, and how such electronic records will be made
			 accessible to the Commissioner or the Commissioner's designees for the purpose
			 of an examination.
(3) You must
			 secure all books, records, and accounts against unauthorized access and
			 damage.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 48.00 - Licensee Record Keeping › Section 48.06 - Failure to Comply

Current through Register 1525, July 5, 2024
(1) If you do not comply
			 with
			 209 CMR
			 48.00, the Commissioner may modify, curtail, rescind,
			 or otherwise limit a licensee's authority to keep its books, records, and
			 accounts at a location outside of the Commonwealth or to store books, records,
			 and accounts in electronic form.
(2) If you do not comply with
			 209 CMR
			 48.00, the Commissioner may take enforcement action
			 against you, including but not limited to, the suspension or revocation of your
			 license under applicable authority.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 49.00 - Insurance Sales by Banks and Credit Unions › Section 49.01 - Purpose and Scope

Current through Register 1525, July 5, 2024
The purpose of
				209 CMR 49.00 is to establish
				the application and approval procedures for banks, credit unions and lenders
				seeking to exercise insurance sales agency powers pursuant to M.G.L. c. 167F,
				§ 2A and St. 1998, c. 129; and M.G.L. c. 171, §75B and St. 2002, c.
				454, under licenses issued by the Division of Insurance pursuant to M.G.L. c.
				175, § 209 and
				211 CMR
				142.00:
Insurance Sales by Banks and Credit
				Unions
. Terms and conditions governing the insurance sales activities
				and practices are also prescribed. The terms and conditions set forth in
				209
				CMR 49.06 are consumer protections mandated
				by M.G.L. c. 167F, § 2A(b)(1) through (9) and M.G.L. c. 171,
				§75B(b)(1) through (9) which ensure that such business is conducted in
				accordance with the consumer protection laws of the Commonwealth. These
				provisions are also applicable to federally chartered banks and credit unions
				pursuant to the cross reference set out in M.G.L. c. 175, § 209.
				References to banks and federal banks shall include credit unions consistent
				with the definition of a bank or a federal bank.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 49.00 - Insurance Sales by Banks and Credit Unions › Section 49.02 - Applicability and Relationship to Other State and Federal Law

Current through Register 1525, July 5, 2024
(1)
General
.
			 209 CMR 49.00 shall apply to
			 banks and lenders as defined under
			 209 CMR 49.03 subject
			 to the jurisdiction of the Commissioner of Banks. Federal banks, as defined in
			 209 CMR 49.03, that
			 engage in insurance sales activities shall be governed by
			 209
			 CMR 49.06, which establishes consumer
			 protection terms and conditions applicable to such activities. The Division of
			 Insurance, however, shall enforce the terms and conditions found within
			 209
			 CMR 49.06 with respect to federal banks
			 pursuant to M.G.L. c. 175, § 209, and
			 211 CMR
			 142.00:
Insurance Sales by Banks and Credit
			 Unions
. All insurance sales activities of federal banks shall be
			 conducted in accordance with plans of operation which conform to
			 209 CMR
			 49.05(3), submitted to, and
			 approved by, the Division of Insurance under M.G.L. c. 175, § 209, and
			 211 CMR
			 142.00:
Insurance Sales by Banks and Credit
			 Unions
.
(2)
Insurance Producer Licensing Requirements
. Any bank or
			 lender authorized by the Commissioner to engage in insurance sales activity
			 shall obtain a license as an insurance producer from the Division of Insurance
			 prior to engaging in any such activity. Banks and lenders shall at all times
			 maintain valid insurance producer licenses under M.G.L. c. 175, § 209 and
			 shall conduct such business in full compliance with all applicable rules,
			 regulations and directives of the Division of Insurance pertaining to licensing
			 and the sale of insurance products.
(3)
Federal Conditions Governing
			 the Sale of Insurance
. The conditions and limitations and other
			 provisions contained in
			 209 CMR 49.00 are in addition
			 to federal conditions governing the sale of insurance products. Banks and
			 lenders shall comply with federal conditions governing the sale of insurance
			 products. The terms and conditions set out in M.G.L. c. 167F, § 2A(b)(1)
			 through (9), c. 171, § 75B(b)(1) through (9),
			 209
			 CMR 49.06, and
			 211 CMR
			 142.00:
Insurance Sales by Banks and Credit
			 Unions
, however, shall control in the case of a conflict with such
			 federal conditions.
(4)
Annuity Products
. Nothing in
			 209 CMR 49.00, shall prohibit
			 a bank or lender from exercising its express or incidental powers to sell
			 annuity products under state or federal law.
(5)
Credit
			 Insurance
.
			 209 CMR 49.00 shall not apply
			 to credit insurance activities of banks, federal banks or lenders pursuant to
			 M.G.L. c. 167F, § 2(16) and (17); c. 171, § 75, seventh paragraph and
			 ninth paragraph; or c. 255, § 12G, by virtue of c. 167F § 2A(d) and
			 c. 171, § 75B(d).
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 49.00 - Insurance Sales by Banks and Credit Unions › Section 49.04 - Eligibility to Conduct Insurance Sales Activities

Current through Register 1525, July 5, 2024
(1)
Financial and Managerial
			 Requirements
. Any bank or lender engaging in insurance sales
			 activities pursuant to
			 209 CMR 49.00 must possess
			 the necessary financial and managerial resources to ensure such activity will
			 not adversely affect the institution's safety and soundness.
(2)
Policy and Procedure
			 Requirements
. Any bank or lender engaging in insurance sales
			 activities pursuant to
			 209 CMR 49.00 must have in
			 place adequate policies and procedures governing the performance of such
			 activity by the institution and its employees, to minimize any credit, market,
			 liquidity, operational, legal, reputational and compliance risks to the bank or
			 lender.
(3)
Satisfactory CRA Rating Requirement
. Any bank or, if
			 applicable, a lender, seeking to engage in insurance sales activities pursuant
			 to
			 209 CMR 49.00 must have
			 received at least a satisfactory CRA rating at the most recent examination
			 conducted by the Commissioner or other applicable federal bank regulatory
			 agency at the time authority to engage in such activity is sought.
(4)
Review
.
			 Insurance sales activity undertaken by a bank or lender pursuant to
			 209 CMR 49.00 shall remain
			 subject to periodic review by the Commissioner. The Commissioner may modify,
			 curtail, rescind or otherwise limit the authority of a bank or lender to
			 conduct insurance sales activities pursuant to
			 209 CMR 49.00 through a
			 formal or informal remedial action if a bank or lender ceases to meet
			 applicable eligibility requirements of 209 CMR 49.04, based upon a report of
			 examination conducted by the Commissioner or other applicable federal bank
			 regulatory agency, or an investigation conducted by the Division of Insurance
			 or based on other reliable information.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 49.00 - Insurance Sales by Banks and Credit Unions › Section 49.05 - Application Process to Conduct Insurance Sales Activities

Current through Register 1525, July 5, 2024
(1)
General
. A bank
			 that is adequately capitalized, and has not been notified that it is in
			 troubled condition or that it is significantly undercapitalized, or a lender
			 that meets applicable statutory or regulatory net worth requirements, may
			 engage in insurance sales activities under
			 209 CMR 49.00, by submitting
			 an application to, and receiving approval from, the Commissioner; provided,
			 however, that such bank or lender also applies for and receives a license as an
			 insurance producer from the Division of Insurance pursuant to M.G.L. c. 175,
			 § 209 and
			 211 CMR
			 142.00:
Insurance Sales by Banks and Credit
			 Unions
, before commencing insurance sales activities.
(2)
Application
. A
			 bank or lender must include in its application a complete description of its
			 proposed insurance sales activities, its investment in such activity, and any
			 other information the Commissioner may require.
(3)
Plan of
			 Operation
. A bank or lender shall submit a plan of operation to
			 the Commissioner as part of the application process under 209 CMR 49.05. The
			 plan of operation shall contain:
(a) a
			 detailed description of the applicant's consumer complaint resolution
			 procedures, which shall include, but not be limited to, the names, addresses
			 and telephone numbers of designated personnel responsible for its enforcement;
			 a description of its procedures for forwarding copies of all consumer insurance
			 sales complaints to the Office of Consumer Affairs pursuant to
			 209
			 CMR 49.06(10)(a); and a
			 description of its procedures for the investigation and resolution of such
			 complaints under
			 209
			 CMR 49.06(10)(c);
(b) information demonstrating that the
			 applicant meets the financial managerial, capital or net worth, policy and
			 procedure, and other applicable eligibility requirements of
			 209 CMR
			 49.04;
(c) information demonstrating that the
			 applicant has established effective internal control procedures and safeguards
			 to ensure compliance with the consumer protection terms and conditions
			 prescribed by
			 209
			 CMR 49.06.
(d) detailed information demonstrating that
			 the applicant has established effective internal control procedures and
			 safeguards against the unauthorized release, dissemination, or sharing of
			 confidential customer information, including medical record information,
			 protected by M.G.L. c. 175I, within the applicant's organization, including its
			 affiliates, subsidiary corporations and third party vendors, as well as to
			 third parties; and
(e) a
			 representation and undertaking that insurance sales activities will be
			 conducted in accordance with
			 209 CMR 49.00, and all other
			 applicable state and federal law.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 49.00 - Insurance Sales by Banks and Credit Unions › Section 49.06 - Consumer Protection Terms and Conditions Governing the Sale of Insurance by Banks

Current through Register 1525, July 5, 2024
(1)
Applicability
.
(a)
General
. The provisions of 209 CMR 49.06 shall govern
			 the insurance sales activities of banks, federal banks and lenders. For
			 purposes of 209 CMR 49.06,
Bank
shall include a bank,
			 federal bank and lender unless otherwise provided.
(b)
Waivers
. A
			 mortgagee which is not chartered as a bank, federal bank or licensed as a small
			 loan company, mortgage lender or broker shall not be a bank for the purposes of
			 the waiver provisions of 209 CMR 49.06(4)(b). Federal banks shall be governed
			 by the waiver application provisions of
			 211
			 CMR 142.05(2)(b)  instead of
			 209 CMR 49.06(4)(b)1. and 2.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 49.00 - Insurance Sales by Banks and Credit Unions › Section 49.07 - Penalties and Sanctions

Current through Register 1525, July 5, 2024
Any bank or lender that violates the provisions of
				209 CMR 49.00, shall be
				subject to sanctions under M.G.L. c. 167, including, but not limited to, M.G.L
				c. 167 §§ 2A through 2G, c. 140, and c. 255E. The preceding sanctions
				are independent from additional sanctions that may be imposed by the
				Commissioner pursuant to M.G.L. c. 167F, § 2A(c), c. 171, § 75B(c)
				and by the Division of Insurance under
				211 CMR
				142.00:
Insurance Sales by Banks and Credit
				Unions
.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 49.00 - Insurance Sales by Banks and Credit Unions › Section 49.08 - Severability

Current through Register 1525, July 5, 2024
If any provision of
				209 CMR 49.00, or the
				application thereof to any person or circumstance is for any reason held to be
				invalid, the remainder of
				209 CMR 49.00 and the
				application of such provisions to other persons or circumstances shall not be
				affected thereby.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 50.00 - Parity with Federal Credit Unions › Section 50.01 - Purpose and Scope

Current through Register 1525, July 5, 2024
The purpose of
				209 CMR 50.00 is to specify
				authorized powers and activities of credit unions, pursuant to M.G.L. c. 171,
				§ 6A, and to establish procedures and requirements, applicable to credit
				unions seeking to exercise powers granted to or conduct activities authorized
				for federal credit unions under federal law, to the extent that such powers are
				not otherwise prohibited.
In determining whether or not to authorize any power or
				activity, the Commissioner shall also determine whether or not competition
				among credit unions will be unreasonably affected and whether public
				convenience and advantage will be promoted.
A credit union may, under M.G.L. c. 171, § 6A and
				209 CMR 50.00, exercise only
				those powers and engage in only those activities expressly authorized by the
				Commissioner as set forth in
				209 CMR 50.00. Powers and
				activities not so authorized are prohibited.
209 CMR 50.00 shall apply
				only to credit unions as defined by
				209 CMR 50.02.
Any power authorized and exercised pursuant to
				209 CMR 50.00 shall be
				independent from, and in addition to, any other powers granted to credit unions
				under applicable Massachusetts General Laws, or regulations promulgated
				thereunder. The express powers granted to credit unions under the General Laws
				are not limited or otherwise restricted by
				209 CMR 50.00.
Any lending power authorized and exercised pursuant to
				209 CMR 50.00 shall be
				subject to the limitations on total obligations to one borrower found in M.G.L.
				c. 171, § 58, unless otherwise specified in
				209 CMR
				50.00.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 50.00 - Parity with Federal Credit Unions › Section 50.03 - Advisory Opinions

Current through Register 1525, July 5, 2024
The Commissioner may issue advisory rulings, pursuant to M.G.L.
				c. 30A, § 8, interpreting any provision of
				209 CMR 50.00. Each
				regulation or officially published interpretation or guideline issued by the
				NCUA which interprets a provision of federal law, as defined by
				209 CMR 50.02,
				similar in substance to a provision of
				209 CMR 50.00, shall, until
				rescinded by the NCUA, be deemed by the Commissioner to be an advisory ruling
				issued under M.G.L. c. 30A, § 8; provided, however, that the Commissioner
				may reject such a regulation or officially published interpretation or
				guideline issued by the NCUA.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 50.00 - Parity with Federal Credit Unions › Section 50.04 - Credit Union Eligibility to Conduct Activities

Current through Register 1525, July 5, 2024
(1)
Financial and Managerial
			 Requirements
. Any credit union engaging in an activity pursuant to
			 209 CMR 50.00 must be well or
			 adequately capitalized, and shall not be in troubled condition.
(2)
Policy and Procedure
			 Requirements
. Any credit union engaging in an activity pursuant to
			 209 CMR 50.00 must have in
			 place adequate policies and procedures governing the performance of such
			 activity by the credit union and its employees, to minimize any credit, market,
			 liquidity, operational, legal and reputational risks to the credit
			 union.
(3)
Satisfactory
			 CRA Rating Requirement
. Any credit union applying to engage in an
			 activity pursuant to
			 209 CMR 50.00 must have
			 received at least a satisfactory CRA rating at the most recent examination
			 conducted by the Commissioner pursuant to M.G.L. c. 167, § 14.
(4)
Review
. Any
			 activity undertaken by a credit union pursuant to
			 209 CMR 50.00 shall remain
			 subject to periodic review by the Commissioner. The Commissioner may modify,
			 curtail, rescind or otherwise limit a credit union's authority to conduct any
			 activity pursuant to
			 209 CMR 50.00 through a
			 formal or informal remedial action if a credit union ceases to meet any
			 applicable requirements, based upon a report of examination conducted by the
			 Commissioner or the NCUA, or based on other reliable information.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 50.00 - Parity with Federal Credit Unions › Section 50.08 - Credit Union Service Organizations

Current through Register 1525, July 5, 2024
(1)
Application Process to Conduct Certain Activities Relative to
			 CUSOs
.
(a)
General
. A credit union that is well or adequately
			 capitalized, and has not been notified that it is in troubled condition, may
			 engage in any activity listed under 209 CMR 50.08(2) by submitting an
			 application to, and receiving approval from the Commissioner before commencing
			 the activity.
(b)
Application
. The application must include a complete
			 description of the credit union's proposed activity, the credit union's
			 investment in such activity, a description of the business purpose as well as
			 the anticipated financial and business impact, the written policies required by
			 209 CMR
			 50.04(2), as well as a
			 representation and undertaking that the activity will be conducted in
			 accordance with Massachusetts and federal law. The application must also
			 provide any other information the Commissioner may require.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 53.00 - Determination And Documentation Of Borrower's Interest › Section 53.01 - Authority, Purpose, and Scope

Current through Register 1525, July 5, 2024
(1)
Authority
.
			 209 CMR 53.00 is issued
			 pursuant to M.G.L. c. 183, § 28C.
(2)
Purpose
. A
			 lender is prohibited under M.G.L. c. 183, § 28C from knowingly refinancing
			 a home loan that was consummated within the prior 60 months unless the
			 refinancing is in the borrower's interest.
			 209 CMR 53.00 is intended to
			 provide such factors, classifications, differentiations or other provisions, or
			 such adjustments and exceptions for classes of transactions necessary to carry
			 out M.G.L. c. 183, § 28C.
(3)
Scope
.
			 209 CMR 53.00 applies to any
			 home loan lender.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 53.00 - Determination And Documentation Of Borrower's Interest › Section 53.03 - Prohibition on Refinancing a Home Loan Unless it is in the Borrower's Interest

Current through Register 1525, July 5, 2024
Pursuant to M.G.L. c. 183, § 28C, a lender shall not
				knowingly refinance a home loan that was consummated within 60 months prior to
				the lender's receipt of an application for a new home loan, unless the
				refinancing is in the borrower's interest.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 53.00 - Determination And Documentation Of Borrower's Interest › Section 53.04 - Determining Borrower's Interest

Current through Register 1525, July 5, 2024
(1) A home
			 loan shall be in compliance with
			 209
			 CMR 53.03 if it meets any of the following:
(a) The new home loan is guaranteed,
			 originated, or funded by the Federal Housing Administration, the Department of
			 Veterans Affairs, or other State or federal housing finance agencies;
(b) The annual percentage rate of the new
			 home loan at consummation does not exceed by more than 2.5 percentage points
			 for closed-end first-lien home loans, or by more than 3.5 percentage points for
			 closed-end subordinate-lien home loans, the yield on United States Treasury
			 securities having comparable periods of maturity to the loan maturity as of the
			 15th day of the month immediately preceding the
			 month in which the application for the extension of credit is received by the
			 lender;
(c) The new home loan is an
			 open-end home loan and the annual percentage rate under the agreement will not
			 exceed at any time the Prime rate index as published in the Wall Street Journal
			 plus a margin of one percentage point;
(d) The new home loan is a Qualified
			 Mortgage; or
(e) The borrower is
			 able to recoup the costs of refinancing the home loan within two years, taking
			 into account the costs and fees, and the interest rate on the new home loan is
			 reduced without increasing the amortization period of the new home loan
			 compared to the original amortization term of the old home loan.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 53.00 - Determination And Documentation Of Borrower's Interest › Section 53.05 - Underwriting Standards

Current through Register 1525, July 5, 2024
In making a home loan in which a determination under
				209 CMR
				53.04 that the home loan is in the borrower's
				interest is required, a lender shall use sound underwriting practices which are
				reasonable in relation to the home loan requested.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 53.00 - Determination And Documentation Of Borrower's Interest › Section 53.07 - Demonstration and Documentation of Compliance

Current through Register 1525, July 5, 2024
(1) A lender shall develop policies and
			 procedures to demonstrate compliance with
			 209 CMR 53.00. Such policies
			 and procedures shall include, at a minimum, a worksheet or other document to be
			 dated at or before closing by the lender indicating how the lender determined
			 that the home loan is in the borrower's interest. Such worksheet or other
			 document shall include, at a minimum:
(a) if
			 a lender determines that a home loan meets one of the factors in
			 209 CMR
			 53.04(1), the lender shall
			 indicate specifically how the home loan fulfills such factor; or
(b) if a home loan does not meet one of the
			 factors in
			 209 CMR
			 53.04(1), a lender shall
			 indicate specifically how the lender determined that the home loan was in the
			 borrower's interest.
A lender may request that a borrower acknowledge receipt of
				such a worksheet or other documentation; provided, however, a lender shall not
				shift the burden to the borrower to demonstrate that a home loan is in the
				borrower's interest; and provided further that a lender shall not require a
				borrower to sign a waiver of future claims under M.G.L. c. 183, § 28C or
				209 CMR 53.00.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 53.00 - Determination And Documentation Of Borrower's Interest › Section 53.08 - Notice of Claims

Current through Register 1525, July 5, 2024
If a lender must make a determination that a home loan is in
				the borrower's interest pursuant to
				209 CMR
				53.04, such lender may require, by contract,
				that said borrower not more than 30 days prior to the filing of any action
				instituted by the borrower alleging that the lender violated M.G.L. c. 183,
				§ 28C(a), mail or deliver to the lender a written demand for relief,
				identifying the borrower and reasonably describing the violation of M.G.L. c.
				28C and the injury suffered.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.11 - Purposes and Scope

Current through Register 1525, July 5, 2024
(1)
Purposes
.
			 209 CMR 54.00 is intended to
			 carry out the mortgage lender community investment purposes of M.G.L. c. 255E,
			 § 8 by establishing the framework and criteria by which the Commissioner
			 assesses a mortgage lender's record of helping to meet the mortgage credit
			 needs of the Commonwealth, including low- and moderate-income neighborhoods and
			 individuals, consistent with the safe and sound operation of the mortgage
			 lender, and by providing that the Commissioner takes that record into account
			 in considering certain applications pursuant to
			 209 CMR
			 54.26.
(2)
Scope
.
(a)
General
. 209 CMR
			 54.00 applies to all mortgage lenders as defined in
			 209 CMR
			 54.12.
(b)
Advisory
			 Rulings
. Each official interpretation by the Federal Financial
			 Institutions Examination Council (FFIEC) or appropriate federal banking
			 regulatory agency of the regulations issued under the Community Reinvestment
			 Act (
			 12 USC
			 2901 ) that is similar in substance to a
			 provision of
			 209 CMR 54.00 shall, until
			 rescinded by the FFIEC, be deemed by the Commissioner to be an advisory ruling
			 issued under M.G.L. c. 30A, § 8; provided, however, that the Commissioner
			 may reject an interpretation of the FFIEC or appropriate federal banking
			 regulatory agency. The Commissioner may provide such adjustments and
			 exceptions, as necessary, to any interpretation to fit the unique circumstances
			 of licensed mortgage lenders.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.21 - Performance Tests, Standards, and Ratings, in General

Current through Register 1525, July 5, 2024
(1)
Performance Tests and
			 Standards
. The Commissioner assesses the MLCI performance of a
			 mortgage lender in an examination as follows:
Mortgage Lender Performance Standards
.
				The Commissioner applies the lending and service tests, as provided in
				209 CMR 54.22 and
				54.23 in evaluating
				the performance of a mortgage lender. However, a mortgage lender that achieves
				at least a "satisfactory" rating under both the lending and service tests may
				warrant consideration for an overall rating of "high satisfactory" or
				"outstanding" depending on the mortgage lender's performance in making
				qualified investments and community development loans to the extent authorized
				under law, in accordance with
				209 CMR
				54.61(2)(c).
(2)
Performance
			 Context
. The Commissioner applies the tests and standards in 209
			 CMR 54.21(1) in the context of:
(a)
			 demographic data on median income levels, distribution of household income,
			 nature of housing stock, housing costs, and other relevant data pertaining to
			 the Commonwealth;
(b) any
			 information about lending and service opportunities in the Commonwealth
			 maintained by the mortgage lender or obtained from community organizations,
			 state, local, and tribal governments, economic development agencies, or other
			 sources;
(c) the mortgage lender's
			 product offerings and business strategy as determined from data provided by the
			 mortgage lender in the Commonwealth;
(d) the mortgage lender's capacity and
			 constraints, including the size and financial condition of the mortgage lender,
			 the economic climate (national, regional, and local), safety and soundness
			 limitations, and any other factors that significantly affect the mortgage
			 lender's ability to provide lending or services in the Commonwealth;
(e) the mortgage lender's past performance
			 and the performance of similarly situated lenders in the Commonwealth;
			 and
(f) any other information
			 deemed relevant by the Commissioner.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.22 - Lending Test

Current through Register 1525, July 5, 2024
(1)
Scope
			 of Test
.
(a) The lending test
			 evaluates a mortgage lender's record of helping to meet the mortgage credit
			 needs of the Commonwealth through its lending activities by considering a
			 mortgage lender's home mortgage and community development lending.
(b) The Commissioner considers originations
			 and purchases of loans as reported by the mortgage lender under HMDA. The
			 Commissioner will also consider any other loan data the mortgage lender may
			 choose to provide.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.23 - Service Test

Current through Register 1525, July 5, 2024
(1)
Scope
			 of Test
. The service test evaluates a mortgage lender's record of
			 helping to meet the mortgage credit needs in the Commonwealth by analyzing both
			 the availability and effectiveness of a mortgage lender's systems for
			 delivering mortgage loan products and the extent and innovativeness of its
			 community development services. A mortgage lender that has made fewer than 100
			 home mortgage loans in the Commonwealth in the last calendar year shall not be
			 subjected to the service test outlined in 209 CMR 54.23.
(2)
Area(s)
			 Benefited
. Community development services must benefit the
			 Commonwealth or a broader regional area that includes the
			 Commonwealth.
(3)
Performance Criteria - Community Development Services
.
			 The Commissioner evaluates community development services pursuant to the
			 following criteria:
(a) the extent to which
			 the mortgage lender provides community development services; and
(b) the innovativeness and responsiveness of
			 community development services.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.25 - Assigned Ratings

Current through Register 1525, July 5, 2024
(1)
Ratings
			 in General
. Subject to 209 CMR 54.25(2) and (3), the Commissioner
			 assigns to a mortgage lender a rating of "outstanding," "high satisfactory,"
			 "satisfactory," "needs to improve," or "substantial noncompliance" based on the
			 mortgage lender's performance under the lending and service tests.
(2)
Lending Test
. No
			 mortgage lender may receive an assigned overall rating of "satisfactory" or
			 higher unless it receives a rating of at least "satisfactory" on the lending
			 test.
(3)
Effect of
			 Evidence of Discriminatory or Other Illegal Credit Practices
.
			 Evidence of discriminatory or other illegal credit practices adversely affects
			 the Commissioner's evaluation of mortgage lender's performance. In determining
			 the effect on the mortgage lender's assigned rating, the Commissioner considers
			 the nature and extent of the evidence, the policies and procedures that the
			 mortgage lender has in place to prevent discriminatory or other illegal credit
			 practices, any corrective action that the mortgage lender has taken or has
			 committed to take, particularly voluntary corrective action resulting from
			 self-assessment, the mortgage lender's compliance with written policies and
			 directives with regard to fair lending, and other relevant information.
In connection with any type of lending activity described in
				209 CMR 54.22,
				evidence of discriminatory or other credit practices that violate an applicable
				law, rule, or regulation includes but is not limited to:
(a) Discrimination against applicants on a
			 prohibited basis in violation, for example of the Equal Credit Opportunity Act
			 or Fair Housing Act or M.G.L. c. 151B;
(b) Violations of M.G.L. c. 183C:
Predatory Home Loan Practices;
(c) Violations of § 5 of the Federal
			 Trade Commission Act or M.G.L. c. 93A, including 940 CMR:
Office of the
			 Attorney General;
(d)
			 Violations of § 8 of the Real Estate Settlement Procedures Act;
			 and
(e) Violations of the
			 provisions of M.G.L. c. 140D regarding a consumer's right of rescission or
			 other violations of M.G.L. c. 140D and
			 209 CMR 32.00:
Truth
			 in Lending.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.26 - Effect of Record of Performance on Applications

Current through Register 1525, July 5, 2024
(1)
Performance
.
			 Among other factors, the Commissioner takes into account the record of
			 performance of each mortgage lender, under the mortgage lender community
			 investment provisions of M.G.L. c. 255E, § 8 when submitting applications
			 for the following:
(a) renewal of a license
			 to conduct business in the Commonwealth by all mortgage lenders;
(b) establishment or renewal of any branch by
			 all mortgage lenders;
(c) any
			 merger with or acquisition of a mortgage lender or mortgage broker by a
			 mortgage lender or any other proposed change in control of a mortgage lender;
			 and
(d) any other approval of the
			 Commissioner, provided that there are no other countervailing financial safety
			 and soundness or other policy considerations.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.42 - Data Collection and Reporting

Current through Register 1525, July 5, 2024
(1)
			 As part of its examination, the Commissioner shall require a mortgage lender to
			 collect and report for examination purposes additional data fields beyond what
			 is required under HMDA. The mortgage lender shall be expected to test its data
			 collection and reporting, including its HMDA data, as part of its routine
			 internal controls to ensure compliance with all data reporting requirements as
			 well as its own policies and procedures.
(2)
Optional Data Collection and
			 Maintenance
. At its option, a mortgage lender may provide other
			 information concerning its lending performance, including additional loan
			 distribution data.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.43 - Content and Availability of Public Information

Current through Register 1525, July 5, 2024
(1)
Information Available to the
			 Public
. A mortgage lender shall maintain the following information
			 to be made available to the public upon request:
(a) all written comments received from the
			 public for the current year and each of the prior two calendar years that
			 specifically relate to the mortgage lender's performance in helping to meet the
			 mortgage credit needs of the Commonwealth, and any response to the comments by
			 the mortgage lender, if neither the comments nor the responses contain
			 statements that reflect adversely on the good name or reputation of any persons
			 other than the mortgage lender or publication of which would violate specific
			 provisions of law;
(b) a copy of
			 the public section of the mortgage lender's most recent Performance Evaluation
			 prepared by the Commissioner; and
(c) a copy of the HMDA Disclosure Statement
			 provided by the Federal Financial Institutions Examination Council pertaining
			 to the mortgage lender for each of the prior two calendar years.