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General Laws

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”, any person who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans on residential property for others.

“Mortgage lender”, any person engaged in the business of making mortgage loans, or issuing commitments for mortgage loans.

“Mortgage loan”, a loan to a natural person made primarily for personal, family or household purposes secured wholly or partially by a mortgage on residential property.

“Multi-state licensing system”, a system involving 1 or more states, the District of Columbia, or the Commonwealth of Puerto Rico for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for mortgage lenders and mortgage brokers.

“Residential property”, real property located in the commonwealth having thereon a dwelling house with accommodations for four or less separate households and occupied, or to be occupied, in whole or in part by the obligor on the mortgage debt.

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