Authority, Purpose, and Scope

(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.