General Laws of Massachusetts - Chapter 255E Licensing of Certain Mortgage Lenders and Brokers

• Massachusetts General Laws - Definitions - Chapter 255E, Section 1
  As used in this chapter the following words shall, unless the context otherwise requires, have the following meanings:— “Commissioner”, the commissioner of banks. “Mortgage broker”,...
• Massachusetts General Laws - Mortgage broker or lender license requirement; exempted entities - Chapter 255E, Section 2
  No person shall act as a mortgage broker or mortgage lender with respect to residential property unless first obtaining a license from the commissioner; provided,...
• Massachusetts General Laws - License application; multi-state licensing system - Chapter 255E, Section 3
  The application for a license shall be in a form prescribed by the commissioner and shall contain the name and address or addresses where the...
• Massachusetts General Laws - Issuance of license by commissioner; notice of license denial; appeal - Chapter 255E, Section 4
  Upon the filing of an application for a license, if the commissioner finds that the financial responsibility, character, reputation, integrity and general fitness of the...
• Massachusetts General Laws - Information on license; changes; notice requirements - Chapter 255E, Section 5
  Each license shall state the address at which the business is to be conducted and shall state the name of the licensee. If a licensee...
• Massachusetts General Laws - License suspension or revocation; notice and hearing - Chapter 255E, Section 6
  The commissioner may suspend or revoke any license issued pursuant to this chapter if said commissioner finds that: (i) the licensee has violated any provision...
• Massachusetts General Laws - Commissioner’s order to cease and desist from unlawful act or practice; prior notice and opportunity for hearing; temporary order - Chapter 255E, Section 7
  (a) If the commissioner determines, after giving notice of and opportunity for a hearing, that a licensee has engaged in or is about to engage...
• Massachusetts General Laws - Annual report; examination of business records - Chapter 255E, Section 8
  Each licensee shall annually, on or before a date determined by the commissioner, file a report with the commissioner containing such information as said commissioner...
• Massachusetts General Laws - Civil actions filed by commissioner - Chapter 255E, Section 9
  The commissioner may enforce the provisions of this chapter, or restrain any violations thereof, by filing a civil action in any court of competent jurisdiction.
• Massachusetts General Laws - Penalties - Chapter 255E, Section 10
  Whoever violates section 2 or any rule or regulation promulgated thereunder shall be punished by a fine of not more than $2,000 or by imprisonment...
• Massachusetts General Laws - Penalties; no limitation on civil action; review - Chapter 255E, Section 11
  (a) Whenever the commissioner finds that any licensee or exempt person under section 2 has violated this chapter or any rule or regulation adopted thereunder,...
• Massachusetts General Laws - Written notice of intention to prohibit; statement of facts; order of prohibition; service - Chapter 255E, Section 12
  (a) Whenever the commissioner determines that any person has, directly or indirectly, violated any section of this chapter or any rule or regulation adopted thereunder,...

Last modified: September 11, 2015