HOUSE DOCKET, NO. 4708        FILED ON: 5/14/2025

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

The Commonwealth of Massachusetts

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PRESENTED BY:

Angelo J. Puppolo, 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 exempting employees of charitable organizations from certain mortgage loan licensure requirements.

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PETITION OF:

HOUSE DOCKET, NO. 4708        FILED ON: 5/14/2025

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Fourth General Court
(2025-2026)

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An Act exempting employees of charitable organizations from certain mortgage loan licensure requirements.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Section 2 of chapter 255E of the General Laws is hereby amended by adding the following paragraph:-

The provisions of this chapter and chapter 255F shall not apply to an employee of a public charity currently registered with the office of the attorney general subject to the following conditions:

(1) The employee may not originate, broker or loan residential mortgage loans outside the scope of the employee's duties and employment at the public charity without obtaining a license required by this chapter or chapter 255F; and

(2) The employee shall act as a mortgage loan originator, broker or lender only with respect to residential mortgage loans with terms that are in the best interest of the borrower, as that term is described by criteria established by the commissioner.