DocMagic, Inc.'s Compliance Department has received customer inquiries about whether the Massachusetts Important Notice of Loan Terms (Broker - MAINLTB.MSC; Lender - MAINLTL.MSC) that were repealed in December, 2007 have been replaced by new disclosure forms.  According to the Massachusetts Office of the Attorney General's Guidance With Respect to 940 CMR 8.00 et seq. (as amended), these repealed disclosures are not replaced with new disclosures.  Brokers and lenders must simply comply with all other Federal and Massachusetts disclosure requirements.   

Page 11 of the Guidance sets forth the following question and response on the repealed disclosures:

Q. Does this new Section 8.05 supersede the old Section 8.05, which required form disclosures for certain home equity loans?

Yes. The amended Section 8.05 supersedes the prior version, which required that certain forms be used. The prior Attorney General disclosure forms, which pertained to certain types of mortgage loans, are no longer required. Instead of requiring an additional disclosure form, this regulation simply requires compliance with other disclosure requirements in state and federal law.

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