MA S751

Establishes 2 regional mortgage review boards within the Division of Banks: a Boston metropolitan area board (covering Suffolk, Essex, Middlesex, Norfolk, Bristol, Plymouth, Barnstable, Dukes, and Nantucket counties) and a central/western Massachusetts board (covering Worcester, Franklin, Hampden, Hampshire, and Berkshire counties)

Each mortgage review board consists of 5 members appointed by the commissioner for 3-year terms (2 mortgagees and 3 community representatives) to review residential mortgage loan denials that applicants believe were based on property location

Mortgage review boards must issue written decisions within 45 days of appeal, and mortgagees making 5 or more residential loans annually must inform denied applicants of their appeal rights in writing

Creates a statewide small business loan review board with 5 members (2 bank representatives and 3 small business/community representatives) to review loan denials applicants believe were unreasonable, with findings due within 30-60 days

Small business loans covered include those to businesses with gross annual revenues of $1 million or less, or meeting SBA size standards; the board must provide denied applicants with information on alternative financing sources and file annual reports with legislative committees