5/02/2024
- Division of Banks
- Office of Consumer Affairs and Business Regulation
On April 30, 2024, Massachusetts Governor Healey signed the FY2024 Supplemental Budget, House 4582, into law as Chapter 88 of the Acts of 2024. Chapter 88 includes the provisions to authorize reverse mortgage counseling via synchronous real-time video conference or telephone on a permanent basis. These provisions are effective as of 3/31/24. For reference, the pertinent provisions are as follows:
- SECTION 11. Section 7A of chapter 167E of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting after the word “person”, in line 14, the following words:
“by synchronous real-time video conference or by telephone.”
- SECTION 12. Section 65C½ of chapter 171 of the General Laws, as so appearing, is hereby amended by inserting after the word “person”, in line 14, the following words:
“by synchronous real-time video conference or by telephone.”
- SECTION 31. Sections 9, 11, 12 and 13, shall take effect as of March 31, 2024.
Division of Banks
The Division of Banks (DOB) is the chartering authority and primary regulator for financial service providers in Massachusetts. DOB's primary mission is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.
Office of Consumer Affairs and Business Regulation
The Office of Consumer Affairs and Business Regulation protects and empowers consumers through advocacy and education, and ensures a fair playing field for the Massachusetts businesses its agencies regulate.