Massachusetts Division of Banks Withdraws Right to Cure Regulation and Form

On January 31, 2012, the Massachusetts Division of Banks temporarily withdrew the Right to Cure Regulation which contained a form of 150-day/90-day Right to Cure Notice (209  CMR 56.00).  The Right to Cure Regulation was the subject of our client alert which we published on January 30, 2012 (article below).  A representative of the Division advised us that the Regulation was withdrawn so that some minor changes can be made to the Right to Cure Notice; the substance of the Regulation will not change.  The Division intends to release the updated form next week, and has advised us to check their website for the new form.  Below is a link to the Division’s website which contains the notice of withdrawal of the Regulation.

http://www.mass.gov/ocabr/government/oca-agencies/dob-lp/209cmr56revised.html

Please see article below.