reglab/statecodes huggingface dataset:
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.45 - 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 mortgage lenders scheduled for
				examinations in that quarter.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.46 - Alternative Examination Procedures

Current through Register 1525, July 5, 2024
The Commissioner shall establish alternative examination
				procedures for mortgage lenders which were rated "outstanding" or "high
				satisfactory" as of their most recent evaluation. The purpose of such
				alternative procedures shall be to reduce the cost to mortgage lenders. 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 54.00 - Mortgage Lender Community Investment › Section 54.61 - Ratings

Current through Register 1525, July 5, 2024
(1)
Ratings in
			 General
.
(a) In assigning a
			 rating, the Commissioner evaluates a mortgage lender's performance under the
			 applicable performance criteria in
			 209 CMR 54.00, in accordance
			 with
			 209 CMR
			 54.21, and
			 54.25, which
			 provides for adjustments on the basis of evidence of discriminatory or other
			 illegal credit practices.
(b) A
			 mortgage lender'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
			 mortgage lender's overall performance, however, must be consistent with safe
			 and sound lending 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 55.00 - Reverse Mortgage Loans › Section 55.01 - Authority, Purpose and Scope

Current through Register 1525, July 5, 2024
(1)
Authority
.
			 209 CMR
			 55.00 is issued pursuant to M.G.L. c. 167E, § 7A
			 and M.G.L. c. 171, § 65C½.
(2)
Purpose
. The
			 purpose of
			 209 CMR
			 55.00 is to implement the additional consumer
			 protections afforded by the law to reverse mortgage borrowers that fall within
			 a certain income and asset threshold. Pursuant to M.GL. c. 167E, § 7 or
			 M.GL. c. 171, § 65C, a mortgagee is prohibited from making a reverse
			 mortgage loan unless the mortgagor has affirmatively opted in to the reverse
			 mortgage and has received counseling from a counselor employed by a third party
			 organization whose counseling program has been approved by the Executive Office
			 of Elder Affairs.
(3)
Scope
.
			 209 CMR
			 55.00 applies to any mortgagee engaged in making
			 reverse mortgage loans to any mortgagor, as defined in
			 209 CMR
			 55.02.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 55.00 - Reverse Mortgage Loans › Section 55.02 - Definitions

Current through Register 1525, July 5, 2024
For the purposes of
				209 CMR
				55.00 the following definitions apply:
Commissioner
, the Commissioner of
				Banks.
Counselor
, an individual employed by a
				Third Party Organization that provides reverse mortgage counseling to
				Mortgagors through a program that has been approved by the Executive Office of
				Elder Affairs.
Mortgagee
, any and all lenders,
				including but not limited to state or federally chartered financial
				institutions, licensed lenders, individuals or corporations who make a loan
				secured by a mortgage or lien on residential real estate.
Mortgagor
, an applicant for a reverse
				mortgage who at the time of application:
(a) has a gross income of less than 50% of the area median
				income, as periodically determined by the United States Department of Housing
				and Urban Development; and
(b) possesses assets, excluding a primary residence, valued at
				less than $120,000.
Residential Property
, a one to four
				family dwelling owned and occupied in whole or in part by the mortgagor and
				located in the Commonwealth.
Reverse Mortgage Loan
, a loan to an
				owner, at least 60 years of age, of real estate secured by a mortgage, deed of
				trust, or equivalent consensual security interest on residential property
				securing one or more advances; and any principal, interest, or shared
				appreciation or equity is due and payable (other than in the case of default)
				at the end of the fixed term, if any; after the consumer dies; the dwelling is
				transferred; or the consumer ceases to occupy the dwelling as a principal
				dwelling.
Third Party Organization
, an
				Organization that provides reverse mortgage counseling pursuant to a program
				that has been approved by the Executive Office of Elder Affairs and made
				available to the public pursuant to M.G.L. c. 167E, § 7(e) and M.G.L. c.
				171, § 65C(f).
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 55.00 - Reverse Mortgage Loans › Section 55.03 - Requirement For Mortgagor to Affirmatively Opt in Writing

Current through Register 1525, July 5, 2024
(1) No mortgagee shall make a reverse
			 mortgage loan to a mortgagor unless the mortgagor affirmatively opts in writing
			 for the reverse mortgage in accordance with the following requirements:
(a) The mortgagee shall provide the mortgagor
			 with a form of written notice "Opt in Form", segregated from all other
			 information, setting forth important information about reverse mortgage loans,
			 to be completed by the mortgagor to affirmatively consent, or opt in, to the
			 reverse mortgage loan transaction.
(b) The mortgagee shall provide the Opt in
			 Form to the mortgagor after the mortgagor has completed the required reverse
			 mortgage counseling through a Counselor and a written certification of
			 completion has been provided to the mortgagee.
(c) The content of the Opt in Form shall
			 strictly conform to the form as set forth in
			 209
			 CMR 55.06.
(d) A mortgagor must sign the Opt in Form and
			 return it to the mortgagee prior to the mortgagee's issuance of a written
			 commitment to make the reverse mortgage loan.
(e) A mortgagor may revoke his or her
			 affirmative consent and elect not to proceed with the reverse mortgage loan at
			 any time prior to the closing by providing oral or written notice to the
			 mortgagee. In the event the mortgagor elects to revoke consent, the mortgagor
			 shall be entitled to all fees paid to the mortgagee.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 55.00 - Reverse Mortgage Loans › Section 55.04 - Requirement for Third Party Counseling

Current through Register 1525, July 5, 2024
(1) The
			 Counselor shall provide a written certification to the mortgagee prior to the
			 issuance of the Opt in Form that the mortgagor has received in person
			 counseling relative to the appropriateness of the loan transaction and that the
			 mortgagor has completed an approved reverse mortgage counseling
			 program.
(2) A written
			 certification which complies with all the requirements of 209 CMR 55.04 used by
			 the counselor and received by the mortgagee may be in the form of a validly
			 completed counseling certificate promulgated by the U.S. Department of Housing
			 and Urban Development in connection with its Home Equity Conversion Mortgage
			 (HECM) program.
(3) For other
			 non-HECM reverse mortgage loan products, the form of certification shall be
			 substantially similar to the form promulgated by the U. S. Department of
			 Housing and Urban Development in connection with its HECM program.
(4) All reverse mortgage counseling programs
			 must be approved by the Executive Office of Elder Affairs.
(5) Effective August 1, 2012, a mortgagor is
			 required to receive in person counseling by a Counselor employed by a Third
			 Party Organization whose reverse mortgage counseling program has been approved
			 by the Executive Office of Elder Affairs.
(6) A reverse mortgage executed with a
			 borrower that has not received counseling by a third party approved by the
			 Executive Office of Elder Affairs shall render the terms of the reverse
			 mortgage unenforceable.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 55.00 - Reverse Mortgage Loans › Section 55.05 - Prohibited Acts or Practices

Current through Register 1525, July 5, 2024
(1) It is a
			 prohibited act or practice for a mortgagee to make a reverse mortgage loan in
			 the Commonwealth without having a reverse mortgage program which has been
			 approved by the Commissioner in accordance with M.G.L. c. 183, § 67,
			 M.G.L. c. 167E, § 7 or M.G.L. c. 171, § 65C.
(2) It is a prohibited act or practice for a
			 reverse mortgage to be made to a mortgagor who has not received counseling by a
			 third party approved by the Executive Office of Elder Affairs.
(3) It is a prohibited act or practice for a
			 mortgagee to shift the burden of making a determination of whether a
			 prospective borrower falls within the definition of "mortgagor" set forth in
			 209 CMR 55.02, to the
			 mortgagor.
(4) It is a prohibited
			 act or practice for a mortgagee to make false promises to influence, persuade
			 or induce a consumer to sign a reverse mortgage loan application or reverse
			 mortgage loan documents.
(5) It is
			 a prohibited act or practice for a mortgagee to pressure or coerce a consumer
			 to sign a reverse mortgage loan application or reverse mortgage loan documents
			 by misrepresenting or omitting crucial information about the terms of the
			 mortgage.
(6) It is a prohibited
			 act or practice for a mortgagee to discourage a consumer in a reverse mortgage
			 loan transaction from seeking or obtaining independent legal counsel or legal
			 advice or to discourage including family members in the counseling session or
			 from otherwise participating in the process.
(7) It is a prohibited act or practice for a
			 mortgagee to engage in a pattern or practice of failing to make any disclosure
			 to a consumer required by and at the time specified by any applicable state or
			 federal law, regulation or directive.
(8) A violation of
			 209 CMR
			 55.00 shall constitute grounds for the termination of
			 a mortgagee's reverse mortgage program approval and may constitute grounds for
			 an administrative fine or penalty as authorized by applicable law.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 55.00 - Reverse Mortgage Loans › Section 55.06 - Opt In Form - "Important Information for Elder Homeowners: Is a Reverse Mortgage Right for You?"

Current through Register 1525, July 5, 2024
The Opt In Form must strictly conform to the following:
Important Information for Elder Homeowners:
Is a Reverse Mortgage Right for You?
A reverse mortgage loan lets you use the equity you have built
				up in your home (that is, the market value of your home) as a source of cash.
If you get a reverse mortgage loan, you will sign binding legal documents
				that have serious legal and financial consequences for you, your family, and
				your estate
. Therefore, it is important to understand the terms of the
				reverse mortgage and its potential risks.
* I understand that a reverse mortgage is a loan that I or my
				beneficiaries will have to repay.
* I understand that my loan balance will increase over time
				because I will be charged interest and other loan fees. This may substantially
				deplete the equity that I have built up in my home.
* I understand that there may be less expensive alternatives to
				a reverse mortgage, such as a home equity loan, that meet my needs.
* I understand that as part of my application for this loan, I
				am required by law to receive counseling about the features of a reverse
				mortgage as well as possible alternatives. This counseling must come from a
				government-approved counselor that is not affiliated with the lender in any
				way.
* I understand that I should also ask my own attorney, estate
				planner, financial advisor, and/or trusted family members whether a reverse
				mortgage is right for me.
* I understand that I will continue to own my home and
				therefore will be required to pay real estate taxes and homeowners insurance
				premiums. If I do not pay these costs I will be in default of the terms of the
				reverse mortgage loan. If this happens, the lender may require me to
				immediately pay back the entire amount of the loan, plus interest and
				fees.
* I understand that with a reverse mortgage I am required to
				maintain the property. If I do not properly maintain the property, I will be in
				default of the terms of the reverse mortgage loan. If this happens, the lender
				may require me to immediately pay back the entire amount of the loan, plus
				interest and fees.
* I understand that I can change my mind and decide not to get
				this reverse mortgage at any time prior to closing.
By signing below, I acknowledge that I have read and
				understand the information above and want to proceed with this reverse
				mortgage
.
Borrower Name: __________________________
				Date:_____________
Signature: _______________________________
Address: ________________________________
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 56.00 - Foreclosure prevention options › Section 56.01 - Purpose and Scope

Current through Register 1525, July 5, 2024
The purpose of
				209
				CMR 56.00 is to define the Right to Cure notification
				process for lenders and mortgage servicers to be followed in notifying
				borrowers of a mortgage default, and in disclosing repayment options available
				to the borrower in order to prevent a foreclosure.
				209
				CMR 56.00 also implements standards and requirements
				for the mortgage loan modification process for loans qualifying as certain
				mortgage loans in order to avoid unnecessary foreclosures.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 56.00 - Foreclosure prevention options › Section 56.03 - When to Provide the Right to Cure Notice

Current through Register 1525, July 5, 2024
(1)
90-day Right to Cure
			 Notice
. A mortgagee must provide a 90-day Right to Cure Notice to
			 the borrower in accordance with
			 209 CMR
			 56.04 at least 90 days prior to accelerating
			 maturity of the unpaid balance of the mortgage obligation or otherwise
			 enforcing the mortgage because of a default consisting of the borrower's
			 failure to make a required payment as provided in the mortgage or
			 note.
(2)
Borrower
			 Eligibility
. The right to cure a mortgage default shall be granted
			 to a borrower once during any five year period, regardless of the mortgage
			 holder.
(3)
Delivery
.
(a)
			 Pursuant to M.G.L. c. 244, § 35A(b), the mortgagee shall deliver the Right
			 to Cure Notice to the borrower by:
1.
			 Hand-delivery; or
2. First-class
			 and certified mail or similar service provided by a private carrier to the
			 borrower at the borrower's address last known to the mortgagee or anyone
			 holding thereunder.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 56.00 - Foreclosure prevention options › Section 56.05 - Right to Request a Modified Mortgage Loan: Process

Current through Register 1525, July 5, 2024
(1)
Right to Request a Modified
			 Mortgage Loan Notice
. A creditor must send a Right to Request a
			 Modified Mortgage Loan Notice in accordance with
			 209 CMR
			 56.09 to a borrower who has a certain
			 mortgage loan concurrently with the Right to Cure Notice required under
			 209 CMR
			 56.03(1), if applicable.
(a) A creditor shall request a statement of
			 the borrower's income and a complete list of debts and obligations concurrently
			 with the Right to Request a Modified Mortgage Loan Notice. A creditor may use
			 the Required Documents for Loan Modification Application form under
			 209
			 CMR 56.10 or other similar form.
(b) A copy of the Right to Request a Modified
			 Mortgage Loan Notice shall be filed with the Office of the Attorney
			 General.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 56.00 - Foreclosure prevention options › Section 56.06 - Borrower's Good Faith Response to the Mortgage Loan Modification Notice

Current through Register 1525, July 5, 2024
A borrower shall be deemed to have made a good faith effort to
				respond to a creditor's notice of the borrower's right to request a mortgage
				loan modification if, within 30 days of the creditor's notice being sent, the
				borrower provides the creditor with the following:
(1)
Mortgage Modification
			 Options
. A completed Mortgage Modification Options form selecting
			 one of the available loan modification, foreclosure alternative, or waiver
			 options set forth on the form. A borrower that requests a loan modification
			 must also provide a completed loan modification application.
(2)
Receipt of Loan Modification
			 Application
. A completed loan modification application means an
			 application in connection with which the creditor has received all of the
			 documents and information that the creditor requires from a borrower in
			 evaluating applications for a modified mortgage loan.
(3)
Delivery of Mortgage
			 Modification Options Form
. A borrower shall deliver the completed
			 Mortgage Modification Options form and, if applicable, a completed loan
			 modification application, to the creditor by:
(a) Hand-delivery; or
(b) First class and certified mail or similar
			 service provided by a private carrier.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 56.00 - Foreclosure prevention options › Section 56.07 - Good Faith Effort by Creditor to Avoid Foreclosure

Current through Register 1525, July 5, 2024
A creditor shall be presumed to have acted in good faith to
				avoid foreclosure if, prior to causing publication of notice of a foreclosure
				sale, the creditor satisfies the provisions of M.G.L. c. 244, § 35B(b)(2)
				and further completes the following:
(1)
Determination of Affordable
			 Monthly Payment
. Determines a borrower's current ability to make
			 an affordable monthly payment in accordance with the affordability guidelines
			 and standards set forth under at least one of the defined modified mortgage
			 loan programs;
(2)
Determination of Borrower Eligibility
. Identifies each
			 of the loan modification program(s) for which the borrower may be eligible to
			 obtain a modified mortgage loan;
(3)
Delivery of Written
			 Notice
. Delivers a written notice to the borrower, concurrently
			 with the Right to Cure Notice required under
			 209 CMR
			 56.03(1), of the borrower's
			 right to request a modified mortgage loan in compliance with
			 209 CMR
			 56.05(1). The written notice
			 must clearly identify the documents and information the creditor will require
			 the borrower to submit with any modified mortgage loan request for the creditor
			 to consider such request complete and to permit the creditor to deliver the
			 written assessment requirement under
			 209 CMR
			 56.05(6). A creditor shall
			 exercise reasonable diligence in obtaining documents and information from the
			 borrower to complete a loan modification application;
(4)
Borrower Access to Submitted
			 Documents
. Provides prompt access to the borrower, upon request,
			 to all documents and information submitted in connection with a modified
			 mortgage loan request;
(5)
Determination of Completion of Borrower's Response
.
			 Promptly reviews the documents and information submitted by the borrower in
			 connection with a modified mortgage loan request, identifies any missing or
			 incomplete information, and within five business days following receipt of the
			 borrower's loan modification application, the creditor provides the borrower
			 with written notice informing the borrower of the following:
(a) The creditor has received the borrower's
			 response, deemed the response complete, and the date by which the creditor will
			 be required to provide the borrower with its assessment, in writing, pursuant
			 to
			 209 CMR
			 56.05(6); or
(b) The additional information that is
			 required from the borrower for the creditor to complete its assessment and the
			 date by which the information must be submitted to the creditor;
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 56.00 - Foreclosure prevention options › Section 56.08 - Safe Harbor for Compliance

Current through Register 1525, July 5, 2024
Safe Harbor
. A creditor satisfies the
				requirements of M.G.L. c. 244, § 35B(b) for a certain mortgage loan,
				without issuing the required notice and written assessment, if the creditor can
				demonstrate one of the following:
(1)
			 At any time within the prior 36 months preceding delivery of the Right to Cure
			 Notice pursuant to
			 209 CMR
			 56.03, the borrower accepted a permanent loan
			 modification of the certain mortgage loan which provided for an affordable
			 monthly payment; or
(2) At any time
			 within the 36 months preceding delivery of the Right to Cure Notice pursuant to
			 209 CMR
			 56.03, the creditor notified the borrower, in
			 writing in accordance with
			 209 CMR
			 56.05(6)(e), that the
			 borrower was not eligible for a modified mortgage.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 56.00 - Foreclosure prevention options › Section 56.10 - Model Form - Required Documents for Loan Modification Application

Current through Register 1525, July 5, 2024
REQUIRED DOCUMENTS FOR LOAN MODIFICATION
				APPLICATION
[] All Borrowers
[] An application that includes a complete list of
							 monthly income and expenses, and assets, if required by the creditor
[] Provide signed Internal Revenue Service Form
							 4506-T (Individual Tax Return Transcript Form) or Internal Revenue Service Form
							 4506T-EZ (Short Form for Individual Tax Return Transcript)
[] Provide copy of most recent federal income tax
							 return, with all schedules including Schedule E, if applicable
[] Provide copy of 2 most recent bank account
							 statements
[] Provide proof of expenses and monthly
							 obligations
[] Provide copy of utility bill showing homeowner
							 name and property address
[] Provide copy of credit card statements showing
							 payments due on all balances
[] Provide copy of mortgage statements for other
							 mortgages on the property, if applicable
[] For people who earn a wage
[] Provide a copy of most recent pay stubs reflecting
							 at least 30 days of year-to-date income of borrower or co-borrower
[] For people who are self-employed
[] Provide a copy of the most recent signed and dated
							 quarterly or year-to-date profit and loss statement
[] For people who receive alimony, child support, or
							 separation maintenance payments
[] Provide documentation of alimony, child support,
							 and/or separation maintenance payments
Notice: Alimony, child support or separation
							 maintenance payments need not be disclosed if you do not choose to have it
							 considered for repaying your mortgage debt
.
[] For people who receive income from other
							 sources
[] Provide documentation of tips, commissions,
							 bonuses, housing allowance or overtime; and/or
[] Provide documentation of unemployment income
							 and/or social security income, death benefits, pension, public assistance, or
							 adoption assistance; and/or
[] Provide documentation of income from rental
							 properties, including copy of any lease agreement
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 57.00 - Flood Insurance › Section 57.01 - Purpose and Scope

Current through Register 1525, July 5, 2024
(1)
Purpose
. The purpose of 209 CMR 57.00 is to implement
			 the requirements of M.G.L. c. 183, § 69 when you require a purchaser or
			 owner of residential property to purchase or pay for flood insurance coverage
			 on residential property located in a designated special flood hazard
			 area.
(2)
Model
			 Form
. You must use the form of notice prescribed under 209 CMR
			 57.05(3) and provide such information as required under the notice by 209 CMR
			 57.00.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 57.00 - Flood Insurance › Section 57.03 - Limitations on Required Flood Insurance

Current through Register 1525, July 5, 2024
(1)
Limitations on Required Coverage
. You cannot require
			 in a mortgage, note, or otherwise, that a purchaser or owner of residential
			 property purchase or pay for flood insurance on the property that:
(a) is at a coverage amount exceeding the
			 outstanding principal mortgage balance at the beginning of the year that the
			 flood insurance policy shall be in effect and, in the case of a home equity
			 line of credit, home equity loan, or second or subsequent mortgage, the full
			 value of the credit line, outstanding principal on the equity loan, or second
			 or subsequent mortgage on that property at the beginning of the year that the
			 flood insurance policy shall be in effect;
(b) includes coverage for contents;
			 or
(c) includes a deductible of
			 less than $5,000.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 57.00 - Flood Insurance › Section 57.04 - When to Provide the Notice about Flood Insurance Coverage

Current through Register 1525, July 5, 2024
(1)
Notice
			 Requirement
. At the time you require a purchaser or owner of a
			 residential property to purchase or pay for flood insurance on the property in
			 a designated loan transaction, you must provide a Notice about Flood Insurance
			 Coverage to the purchaser or owner in accordance with 209 CMR 57.05.
(2)
Delivery and Timing of
			 Notice
. You must mail or deliver the Notice about Flood Insurance
			 Coverage to the purchaser or owner of the residential property by the same
			 method, and at the same time, that the Notice of Special Flood Hazards issued
			 pursuant to 42 U.S.C. § 4012a(b)(6) is provided to such purchaser or
			 owner.
(3)
Multiple
			 Creditors or Creditor's Representatives
.
(a) If a transaction involves more than one
			 creditor or creditor's representative, only one Notice about Flood Insurance
			 Coverage must be given to the purchaser or owner, and the creditors and
			 creditor's representatives shall agree among themselves which creditor or
			 creditor's representative must comply with the notice requirements that 209 CMR
			 57.04 imposes on any or all of them.
(b) If the creditor's representative has
			 provided the Notice about Flood Insurance Coverage to the purchaser or owner,
			 the creditor will not be required to provide an additional Notice about Flood
			 Insurance Coverage for the same transaction. The creditor is responsible for
			 ascertaining whether the creditor's representative has provided the Notice
			 about Flood Insurance Coverage and must retain a record of a written assurance
			 from the creditor's representative that the creditor's representative provided
			 such notice to the purchaser or owner in accordance with the timing
			 requirements set forth under 209 CMR 57.04(2).
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 57.00 - Flood Insurance › Section 57.05 - Format of Notice about Flood Insurance Coverage

Current through Register 1525, July 5, 2024
(1)
Clear and Conspicuous
			 Standard
. You must make the Notice about Flood Insurance Coverage
			 clearly and conspicuously.
(2)
Contents of the Notice
. You must include the following
			 in the Notice about Flood Insurance Coverage:
(a) the name of the borrower(s);
(b) the address of the residential property
			 to be insured;
(c) your name and
			 address as the provider of the notice;
(d) a statement on the limitations on
			 required flood insurance coverage as set forth in M.G.L. c. 183, § 69;
			 and
(e) a section for the signature
			 of the borrower to acknowledge receipt of the Notice about Flood Insurance
			 Coverage; provided, however, you are not required to obtain such signature from
			 the borrower when you are providing the notice prior to the forced placement of
			 flood insurance pursuant to 209 CMR 57.04(5).
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 58.00 - Credit Union Branching › Section 58.01 - Purpose and Scope

Current through Register 1525, July 5, 2024
Purpose
. The purpose of
				209 CMR
				58.00 is to establish requirements for application and
				notice authorities for Massachusetts-chartered credit unions to establish a
				branch office up to 100 miles from the premises of the main office within the
				Commonwealth, and in Connecticut, Maine, New Hampshire, New York, Rhode Island,
				or Vermont, subject to conditions to be established by the Commissioner. In
				addition,
				209 CMR
				58.00 also establishes application requirements for
				foreign credit unions and notice requirements for out-of-state federal credit
				unions, with a principal place of business located in such other states, as
				defined in
				209 CMR
				58.00, to establish a branch office in the
				Commonwealth, subject to conditions to be established by the
				Commissioner.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 58.00 - Credit Union Branching › Section 58.02 - Definitions

Current through Register 1525, July 5, 2024
The following definitions apply to
				209 CMR
				58.00:
Commissioner
means the commissioner of
				banks, including the Division of Banks.
Commonwealth
means the Commonwealth of
				Massachusetts.
Credit Union or Massachusetts-chartered Credit
				Union
means a credit union organized pursuant to M.G.L. c. 171 and
				subject to examination and supervision by the Commissioner under M.G.L. c.
				167.
Foreign Credit Union
means a credit
				union with its principal place of business in the states of Connecticut, Maine,
				New Hampshire, New York, Rhode Island or Vermont that is organized under the
				laws of the respective state.
NCUA
means the National Credit Union
				Administration.
Out-of-state Federal Credit Union
means a credit union with its principal place of business in the states of
				Connecticut, Maine, New Hampshire, New York, Rhode Island or Vermont that is
				organized under the provisions of the Federal Credit Union
				Act.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 58.00 - Credit Union Branching › Section 58.03 - Eligibility Standards for Massachusetts-chartered Credit Unions for Branching and Interstate Branching

Current through Register 1525, July 5, 2024
In order for a Massachusetts-chartered credit union to qualify
				to engage in branching and interstate branching, it has to meet the following
				eligibility standards:
(1)
Financial Requirements
. A Massachusetts-chartered
			 credit union must be adequately or well capitalized as defined pursuant to the
			 Federal Credit Union Act and regulations promulgated by the NCUA, and must not
			 have been notified that it is in troubled condition by the Division or the NCUA
			 pursuant to the Federal Credit Union Act and regulations promulgated by the
			 NCUA.
(2)
Satisfactory
			 CRA Rating Requirement
. Any Massachusetts-chartered credit union
			 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.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 58.00 - Credit Union Branching › Section 58.04 - Notice Requirement for Branching within the Commonwealth

Current through Register 1525, July 5, 2024
Massachusetts-chartered Credit Union
.
				A Massachusetts-chartered credit union seeking to establish a branch in the
				Commonwealth on a site which is located within 100 miles of its main office is
				required to submit notice to the Division of Banks in a form prescribed by the
				Commissioner.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 58.00 - Credit Union Branching › Section 58.05 - Application Requirements for Interstate Branching

Current through Register 1525, July 5, 2024
(1)
Application
.
(a)
Massachusetts-chartered
			 Credit Union
. A Massachusetts-chartered credit union seeking to
			 establish a branch which is located within 100 miles of its main office and
			 which is within Connecticut, Maine, New Hampshire, Rhode Island, Vermont, or
			 New York must submit an application to the Division of Banks in a form
			 prescribed by the Commissioner.
(b)
Foreign Credit Union
. A foreign credit union seeking
			 to establish a branch in Massachusetts must submit an application to its state
			 regulator.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 58.00 - Credit Union Branching › Section 58.06 - Notice Requirement for Out-of-state Federal Credit Unions

Current through Register 1525, July 5, 2024
An out-of-state federal credit union seeking to establish a
				branch in Massachusetts must submit notice to the Division of Banks in a manner
				prescribed by the Commissioner.
Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 58.00 - Credit Union Branching › Section 58.07 - Regulatory Supervision

Current through Register 1525, July 5, 2024
Foreign Credit Union
. The activities
				of a branch of a foreign credit union located within the Commonwealth shall be
				subject to all applicable laws governing Massachusetts credit unions and may be
				examined by the Commissioner.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 3.00 - Motorcycle Insurance › Section 3.01 - Definitions

Current through Register 1525, July 5, 2024
Commissioner
. The Commissioner of
				Insurance, appointed pursuant to M.G.L. c. 26, § 6.
Motorcycle
. Any motor vehicle having a
				seat or saddle for the use of the rider and designed to travel on not more than
				three wheels in contact with the ground, including any bicycle with a motor or
				a driving wheel attached, except a tractor or a motor vehicle designed to carry
				golf clubs and not more than four persons, an industrial three-wheel truck or a
				motor vehicle on which the operators and passengers ride in an enclosed cab, or
				a motorized bicycle.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 3.00 - Motorcycle Insurance › Section 3.02 - Exemption from Personal Injury Coverage

Current through Register 1525, July 5, 2024
(1)
			 No insurance company shall be required to provide, in motor vehicle insurance
			 policies covering motorcycles, Personal Injury Protection pursuant to St. 1970,
			 c. 670, for owners, operators or guests of motorcycle owners or operators who
			 incur bodily injury while operating or riding as a guest on such vehicles;
			 provided, however, that such policies shall provide Personal Injury Protection
			 to pedestrians struck by motorcycles; and provided further that such policies
			 shall in all other ways conform to the requirements of M.G.L. c. 90, § 34A
			 and 340, and c. 175, § 113C.
(2) No person who suffers bodily injury while
			 an operator or a guest on a motorcycle shall be entitled to recover damages for
			 such injury through the so-called assigned claims plan or under the Personal
			 Injury Protection coverage of any insurance policy covering any other motor
			 vehicle owned by such person or any member of his or her household.
(3) The exemption provided in 211 CMR 3.02(1)
			 shall not be construed to prohibit owners of motorcycles or members of their
			 household from recovering damages for personal injury under the Personal Injury
			 Protection coverage of a policy covering a motorcycle if:
(a) the damages would be recoverable if the
			 policy were upon a private passenger motor vehicle; and
(b) the injured person was not an operator or
			 a guest upon a motorcycle when the injury occurred.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 3.00 - Motorcycle Insurance › Section 3.03 - Policy Forms and Approvals

Current through Register 1525, July 5, 2024
The insurance policy forms to which the provisions of 211 CMR
				3.02(1) are applicable and the application forms for such policies shall be
				approved by the Commissioner, and shall state in clear language and bold print
				that the coverage provided does not include Personal Injury Protection for
				owners, operators or guests of owners or operators who incur bodily injury
				while operating or riding as a guest on a motorcycle.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 3.00 - Motorcycle Insurance › Section 3.04 - Severability

Current through Register 1525, July 5, 2024
If any section or portion of a section of
				211 CMR
				3.00 or the applicability thereof to any person,
				entity, or circumstance is held to be invalid by a court of competent
				jurisdiction, the remainder of
				211 CMR
				3.00 or the applicability of such provision to other
				persons, entities or circumstances, shall not be affected thereby.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.01 - General

Current through Register 1525, July 5, 2024
(1)
Authority
.
			 211 CMR
			 7.00 is promulgated pursuant to the authority granted
			 by M.G.L. c. 175, § 206C.
(2)
Purpose
. The purpose of
			 211 CMR
			 7.00 is to set forth rules and procedural requirements
			 which the Commissioner deems necessary to carry out the provisions of M.G.L. c.
			 175, §§ 206 through 206D. The information called for by
			 211 CMR
			 7.00 is hereby declared to be necessary and
			 appropriate in the public interest and for the protection of the policyholders
			 and shareholders in the Commonwealth.
(3)
Severability
			 Clause
. If any provision of
			 211 CMR 7.00, or the
			 application thereof to any person or circumstance, is held invalid, such
			 determination of invalidity shall not affect other provisions or applications
			 of
			 211 CMR 7.00 which can be
			 given effect without the invalid provision or application, and to that end the
			 provisions of
			 211 CMR 7.00 are
			 severable.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.02 - Forms

Current through Register 1525, July 5, 2024
(1)
General
			 Requirements
.
(a) Forms A, B, C,
			 D, and F are intended to be guides in the preparation of the statements
			 required by M.G.L. c. 175, §§ 206B and 206C. They are not intended to
			 be blank forms which are to be filled in. The statements filed shall contain
			 the numbers and captions of all items, but the text of the items may be omitted
			 provided the answers thereto are prepared in such a manner as to indicate
			 clearly the scope and coverage of the items. All instructions, whether
			 appearing under the items of the form or elsewhere therein, are to be omitted.
			 Unless expressly provided otherwise, if any item is inapplicable or the answer
			 thereto is in the negative, an appropriate statement to that effect shall be
			 made.
(b) Each statement including
			 exhibits and all other papers and documents filed as a part thereof, shall be
			 filed with the Commissioner. A copy of Form C shall be filed in each state in
			 which an insurer is authorized to do business, if the Commissioner of that
			 state has notified the insurer of its request in writing, in which case the
			 insurer has 30 days from receipt of the notice to file such form. At least one
			 version shall be manually or electronically signed in the manner prescribed on
			 the form. All copies shall be conformed. If the signature of any person is
			 affixed pursuant to a power of attorney or other similar authority, a copy of
			 the power of attorney or other authority shall also be filed with the
			 statement.
(c) Statements should be
			 prepared electronically and may be filed with Division
via
email unless otherwise directed by the Commissioner. Electronic signatures
			 shall be acceptable on all forms. The Commissioner may, however, request a
			 paper or electronic filing at any time regardless of the initial filing
			 submission format. Exhibits and financial statements, unless specifically
			 prepared for the filing, may be submitted in their original size. Any submitted
			 statement, financial statements or exhibits shall be clear, easily readable and
			 suitable for photocopying. Debits in credit categories and credits in debit
			 categories shall be designated so as to be clearly distinguishable as such on
			 photocopies. Statements shall be in the English language and monetary values
			 shall be stated in United States currency. If any exhibit or other paper or
			 document filed with the statement is in a foreign language, it shall be
			 accompanied by a translation into the English language and any monetary value
			 shown in a foreign currency normally shall be converted into United States
			 currency.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.03 - Definitions

Current through Register 1525, July 5, 2024
Enterprise Risk
shall mean any
				activity, circumstance, event or series of events involving one or more
				affiliates of an insurer that, if not remedied promptly, is likely to have a
				material adverse effect upon the financial condition or liquidity of the
				insurer or its insurance holding company system as a whole, including, but not
				limited to, anything that would cause the insurer's Risk-based Capital to fall
				into company action level as set forth in
				211 CMR
				20.00:
Risk-based Capital (RBC) for
				Insurers
or would cause the insurer to be in hazardous financial
				condition as set forth in
				211 CMR
				150.00:
Standards and Commissioner's Authority
				for Placing Companies Deemed to Be in Hazardous Financial Condition under
				Administrative Supervision
.
Foreign Insurer
shall include an alien
				insurer except where clearly noted otherwise.
Principal Executive Officer
means
				chief executive officer, chief operating officer, chief financial officer,
				treasurer, secretary, controller, and any other individual performing functions
				corresponding to those performed by the foregoing officers under whatever
				title.
Ultimate Controlling Person
means that
				person which is not controlled by any other person.
Unless the context otherwise requires, other terms found in
				211 CMR
				7.00 and M.G.L. c. 175, §§ 206 through 206D
				are used as defined in M.G.L. c. 175, § 206. Other nomenclature or
				terminology is according to M.G.L. c. 175, or industry usage if not defined by
				M.G.L. c. 175.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.04 - Subsidiaries of Domestic Insurers

Current through Register 1525, July 5, 2024
The authority to invest in subsidiaries under M.G.L. c. 175,
				§ 206A is in addition to any authority to invest in subsidiaries which may
				be contained in any other provision of M.G.L. c. 175.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.05 - Acquisition of Control Statement (Form A)

Current through Register 1525, July 5, 2024
(1)
Statement Filing
. A person required to file a
			 statement pursuant to M.G.L. c. 175, § 206B shall furnish the information
			 required by Form A, hereby made a part of
			 211 CMR
			 7.00.
(2)
Amendments
. The applicant shall, within two business
			 days of any material change in the information furnished on Form A arising
			 subsequent to the date upon which the information was furnished but prior to
			 the Commissioner's disposition of the application, advise the Commissioner of
			 such change.
(3)
Acquisition of Persons Controlling a Domestic Insurer
.
(a) If the person being acquired is deemed to
			 be a person controlling a domestic insurer solely because of the provisions of
			 M.G.L. c. 175, § 206B, the name of the domestic insurer on the cover page
			 of Form A should be indicated as follows:
__________________________________________________________________________________________________________________________________________________________________________________________________________________,
(Insert name of ins. co.)
a subsidiary
				of__________________________________________________________
(Insert name of corp.)
(b) Where a M.G.L. c. 175, § 206B(a)(1)
			 insurer is being acquired, references to "the insurer" contained in Form A
			 shall refer to both the domestic subsidiary insurer and the person being
			 acquired.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.06 - Registration of Insurers Statement (Form B and Form C)

Current through Register 1525, July 5, 2024
(1)
Statement
			 Filing
. An insurer required to file an annual registration
			 statement pursuant to M.G.L. c. 175, § 206C(a) shall furnish the
			 information required by Form B, hereby made a part of
			 211 CMR
			 7.00.
(2)
Summary of Registration - Statement Filing (Form C)
.
			 An insurer required to file an annual registration statement pursuant to M.G.L.
			 c. 175, § 206C is also required to furnish information required on Form C,
			 hereby made a part of
			 211 CMR
			 7.00. An insurer shall file a copy of Form C in each
			 state in which the insurer is authorized to do business, if requested by the
			 Commissioner of that state.
(3)
Amendments
.
(a) An
			 amendment to Form B shall be filed within 15 days after the end of any month in
			 which there is a material change to the information provided in the annual
			 registration statement.
(b)
			 Amendments shall be filed in the Form B format with only those items which are
			 being amended reported. Each amendment shall include at the top of the cover
			 page "Amendment No. [insert number] to Form B for [insert year]" and shall
			 indicate the date of the change and not the date of the original
			 filings.