Section 14C Small business loan review boards; members; terms; appointment; meetings; rules and regulations - Massachusetts Statutes

Section 14C. There shall be established four regional small business loan review boards in the commonwealth. There shall be a Boston metropolitan area small business loan review board which shall include the counties of Suffolk, Essex, Middlesex and Norfolk; a southeastern small business loan review board which shall include the counties of Bristol, Plymouth, Barnstable, Dukes County and Nantucket; a central Massachusetts small business loan review board which shall include Worcester county; and a western Massachusetts small business loan review board which shall include the counties of Franklin, Hampden, Hampshire and Berkshire. Each such board shall consist of five members appointed by the commissioner, three of whom shall be representatives of small business and two of whom shall be representatives of banks or bank holding companies; provided, however, that at least three of the members of each such board shall either live or work within the respective region.

Upon the expiration of the term of any member of a regional board, a successor shall be appointed, in like manner, for a term of three years. In the event of a vacancy, the commissioner may, in like manner, appoint a member who shall serve for the remainder of the unexpired term. Members of each such board shall be sworn to the faithful performance of their duties. Each regional board shall suggest for consideration by the commissioner one or more names for each such expiring term or vacancy. No member shall be appointed for more than two consecutive three-year terms.

The small business loan review boards shall meet on a regular basis to review small business loan denials that applicants believe were unreasonably denied. In addition the small business loan review boards shall annually conduct studies and issue reports on the availability of credit to small businesses within their regions.

The commissioner may promulgate rules and regulations governing the establishment, operation and procedures of said small business loan review boards.