Bill
H 1272
Overview: H 1272, An Act relative to mortgage review boards and a small business loan review board within the Division of BanksPurpose and Intent: This bill aims to establish two n
Overview: H 1272, An Act relative to mortgage review boards and a small business loan review board within the Division of Banks
Purpose and Intent: This bill aims to establish two new review boards within the Division of Banks: a mortgage review board and a small business loan review board. The legislation seeks to provide additional oversight and transparency in the mortgage and small business lending processes.
Key Provisions:
- Creates a mortgage review board to oversee and investigate complaints related to mortgage lending practices
- Establishes a small business loan review board to address issues and concerns regarding small business loan applications and decisions
- Grants the review boards the authority to investigate, mediate, and make recommendations on individual cases
- Requires the Division of Banks to provide regular reports on the activities and findings of the review boards
Affected Parties and Impacts: The primary stakeholders affected by this bill are mortgage borrowers, small business owners, and the financial institutions that provide these loans. The review boards aim to enhance consumer protection, ensure fair lending practices, and improve access to credit for small businesses.
Procedural and Timeline Considerations: This bill is accompanied by H1110 and is currently in the legislative process, but its specific status is not provided.
Compiled from official sources — confirm details with the bill’s official record.
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