HOUSE DOCKET, NO. 3958 FILED ON: 2/19/2021
HOUSE . . . . . . . . . . . . . . . No. 1142
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The Commonwealth of Massachusetts
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PRESENTED BY:
John J. Lawn, Jr.
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act relative to mortgage licensing in Massachusetts.
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PETITION OF:
Name: | District/Address: | Date Added: |
John J. Lawn, Jr. | 10th Middlesex | 2/19/2021 |
HOUSE DOCKET, NO. 3958 FILED ON: 2/19/2021
HOUSE . . . . . . . . . . . . . . . No. 1142
By Mr. Lawn of Watertown, a petition (accompanied by bill, House, No. 1142) of John J. Lawn, Jr., relative to mortgage licensing fees. Financial Services. |
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Second General Court
(2021-2022)
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An Act relative to mortgage licensing in Massachusetts.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Chapter 206, Acts of 2007, Section 15, § 6, is hereby replaced by the following:
Section 6. Each application for a license shall be accompanied by an investigation fee. Investigation and license fees shall be determined annually by the secretary of administration under section 3B of chapter 7 provided that such total annual fees shall be not less than $500 for licensees of non-Massachusetts Corporations and not less than $300 for licensees of Corporations headquartered within the Commonwealth of Massachusetts; provided further, that such investigation and license fees shall not apply to any community development corporation as defined in section 1 of chapter 40F and organized under the General Laws. The license of a mortgage loan originator shall expire annually. Each licensee, shall annually, on or before a date to be determined by the commissioner, submit a license renewal application. The license renewal application shall be on a form prescribed by the commissioner, signed under the pains and penalties of perjury, containing such information as the commissioner may require.