An Act relative to mortgage review boards and a small business loan review board within the Division of Banks

This bill establishes two new review boards within the Division of Banks in Massachusetts: one for residential mortgages and another for small business loans. The mortgage review board will consist of five members appointed by the commissioner, including representatives from lenders and community members, and will handle appeals from applicants whose home loan requests were denied based on property location. The small business loan review board will also have five members, comprising bank representatives and small business advocates, to examine complaints about unreasonable loan denials. Both boards will operate without compensation for their members and will provide written decisions to applicants within specified timeframes, with the mortgage board reviewing cases within 45 days and the small business board within 30 days.