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 Massachusetts' Division of Banks. The mortgage review board (with two regional divisions covering Boston and central/western Massachusetts) allows applicants denied residential mortgage loans for primary homes to appeal within 45 days. The small business loan review board handles appeals for denials of loans to SBA-defined small businesses ($1 million revenue or less), requiring written findings within 30 days (extendable to 60) and guidance on alternative financing. Both boards must operate under strict timelines, provide annual reports to state committees, and exclude investment properties or commercial loans from coverage.