General Laws of Massachusetts - Chapter 255F Licensing of Mortgage Loan Originators
- Massachusetts General Laws - Definitions - Chapter 255F, Section 1
As used in this chapter the following words shall, unless the context otherwise requires, have the following meanings:— “Clerical or support duties”, may include subsequent...
- Massachusetts General Laws - License or exemption required; registration with nationwide mortgage licensing system and registry - Chapter 255F, Section 2
[Subsection (a) applicable as provided by 2009, 44, Sec. 4.] (a) No individual shall act as a mortgage loan originator with respect to any dwelling...
- Massachusetts General Laws - Application for license; furnishing of information to nationwide mortgage licensing system and registry; waiver or modification of requirements of chapter - Chapter 255F, Section 3
(a) Any person seeking a mortgage loan originator’s license pursuant to this chapter shall file an application, accompanied by the appropriate fee, with the division....
- Massachusetts General Laws - Issuance of license; maintenance of license by employing entity; return of license upon termination of employment - Chapter 255F, Section 4
(a) The commissioner shall issue a mortgage loan originator license to an applicant therefore unless the applicant: (i) has had a mortgage loan originator license...
- Massachusetts General Laws - Pre-licensing education - Chapter 255F, Section 5
(a) An applicant for a mortgage loan originator’s license shall complete a minimum of 20 hours of pre-licensing education approved by the Nationwide Mortgage Licensing...
- Massachusetts General Laws - Qualified written examination - Chapter 255F, Section 6
(a) An applicant for a mortgage loan originator’s license shall pass, in accordance with the standards established under this section, a qualified written examination developed...
- Massachusetts General Laws - Renewal, expiration and reinstatement of licenses - Chapter 255F, Section 7
(a) A mortgage loan originator’s license issued pursuant to this chapter shall be valid for a period of not more than 1 year. The division...
- Massachusetts General Laws - Continuing education - Chapter 255F, Section 8
(a) A mortgage loan originator licensed pursuant to this chapter shall, annually, complete a minimum of 8 hours of continuing education approved by the Nationwide...
- Massachusetts General Laws - Participation in nationwide mortgage licensing system and registry; establishment of regulations relating to background checks, application and renewal fees, renewal and reporting dates and amendment or surrender of license - Chapter 255F, Section 9
The commissioner may participate in the Nationwide Mortgage Licensing System and Registry and shall require mortgage loan originators to be licensed and registered through the...
- Massachusetts General Laws - Challenge to information entered into nationwide mortgage licensing system and registry - Chapter 255F, Section 10
The commissioner shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the commissioner;...
- Massachusetts General Laws - Administration and enforcement of chapter - Chapter 255F, Section 11
(a) The commissioner may for the administration and enforcement of this chapter, pursuant to chapter 30A: (i) deny, suspend, revoke, condition or decline to renew...
- Massachusetts General Laws - Surety bonds - Chapter 255F, Section 12
(a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section. The surety bond shall provide coverage for each...
- Massachusetts General Laws - Privacy and confidentiality of information provided to nationwide mortgage licensing system and registry; sharing agreements - Chapter 255F, Section 13
(a) Except as otherwise provided in Public Law 110-289, section 1512, the requirements under any federal law or section 10 of chapter 66 regarding the...
- Massachusetts General Laws - Investigations and examinations - Chapter 255F, Section 14
(a) The commissioner shall have the authority to conduct investigations and examinations for: (i) purposes of initial licensing, license renewal, license suspension, license conditioning, license...
- Massachusetts General Laws - Prohibited conduct constituting violation of chapter - Chapter 255F, Section 15
It shall be a violation of this chapter for any person to: (a) directly or indirectly employ any scheme, device, or artifice to defraud or...
- Massachusetts General Laws - Reports of condition - Chapter 255F, Section 16
Each licensed mortgage loan originator shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and...
- Massachusetts General Laws - Report of violations and enforcement actions to nationwide mortgage licensing system and registry - Chapter 255F, Section 17
The commissioner shall report violations of this chapter, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and Registry...
- Massachusetts General Laws - Unique identifier of any person originating residential mortgage loan to be clearly shown on documents - Chapter 255F, Section 18
The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements,...
- Massachusetts General Laws - Rules and regulations - Chapter 255F, Section 19
The commissioner may adopt, amend or repeal rules and regulations which may include an adequate net worth requirement for mortgage loan originators to aid in...
Last modified: September 11, 2015