Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 53.00 - Determination And Documentation Of Borrower's Interest
Section 53.01 - Authority, Purpose, and Scope
Universal Citation: 209 MA Code of Regs 209.53
Current through Register 1531, September 27, 2024
(1) Authority. 209 CMR 53.00 is issued pursuant to M.G.L. c. 183, § 28C.
(2) Purpose. A lender is prohibited under M.G.L. c. 183, § 28C from knowingly refinancing a home loan that was consummated within the prior 60 months unless the refinancing is in the borrower's interest. 209 CMR 53.00 is intended to provide such factors, classifications, differentiations or other provisions, or such adjustments and exceptions for classes of transactions necessary to carry out M.G.L. c. 183, § 28C.
(3) Scope. 209 CMR 53.00 applies to any home loan lender.
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