Code of Massachusetts Regulations 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Here’s an enhanced overview of 209 CMR – Division of Banks and Loan Agencies, the Massachusetts regulations governing banks, loan agencies, mortgage professionals, consumer credit, and debt collection:
📘 Structure of 209 CMR
According to the Massachusetts Trial Court Law Libraries, Title 209 CMR is divided into multiple subchapters regulating various financial entities (mass.gov), notably:
Subchapter 18 (209 CMR 18.00): Oversight of debt collectors, student‑loan servicers, and third‑party servicers (regulations.justia.com)
Subchapter 20: Licensing for small loans and finance companies
Subchapter 31: Electronic fund transfers & e‑branches
Subchapter 32: Truth‑in‑Lending disclosures and consumer credit terms (law.cornell.edu, mass.gov)
Subchapter 40: Rules prohibiting unfair or deceptive practices in consumer transactions (mass.gov)
Subchapter 41–42: Mortgage loan originator & lender/broker licensing (mass.gov)
Subchapters 43–58: Cover topics from credit‑union audits to foreclosure prevention
✅ Key Subchapters Summarized
Subchapter 18 – Debt & Loan Servicers (209 CMR 18.00)
Defines licensure requirements and standards for debt collectors and servicers (mass.gov, regulations.justia.com)
Prohibits abusive practices such as excessive contacting, misapplication of payments, or false representations (casetext.com)
Explicitly states compliance with both state and federal law is required (casetext.com)
Subchapter 32 – Truth in Lending (209 CMR 32.00)
Details required disclosures for open‑end and closed‑end credit (e.g., APR, fees)
Includes special rules for mortgages, credit cards, and private student loans (law.cornell.edu)
Subchapter 40 – Consumer Protection (209 CMR 40.00)
Makes deceptive or unfair practices unlawful under the Massachusetts Regulation Act and predatory‑mortgage statutes (casetext.com)
Covers definitions, APR calculations, high‑cost mortgage restrictions, disclosure rules, “packing” insurance, and remedies for errors
Subchapter 42 – Mortgage Lender/Broker Licensing (209 CMR 42.00)
Sets licensing standards for mortgage lenders and brokers: applications, net‑worth requirements, record‑keeping, and prohibited practices (regulations.justia.com)
🔍 Regulatory Status & Authority
The official Mass.gov site shows the structure and organization of 209 CMR as maintained by Trial Court Law Libraries (mass.gov).
Third‑party sources such as LII (Cornell) and Justia offer mirrored regulation text with quarterly updates (law.cornell.edu).
Enforcement is carried out by the Commissioner of Banks and, where applicable, the Massachusetts Attorney General under M.G.L. c. 167, 183C, 93A, and 255E.
🧭 How to Access the Text
To view the full content of each subchapter, you can use these resources:
Mass.gov for official CMR downloads (e.g., 209 CMR 40.00 PDF) (mass.gov)
LII (Cornell) for a browsable version of all subchapters
Justia for full text and register-date details (e.g., subchapter 18 and 42)
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