THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 255E, section 2 and Chapter 255F, section 5, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Tuesday, May 6, 2008 at 1:00 p.m., One South Station, Hearing Room A on the 5th Floor, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the establishment of proposed new regulations, 209 CMR 41:00: THE LICENSING OF MORTGAGE LOAN ORIGINATORS and the adoption of proposed amendments to 209 CMR 42.00: THE LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS . The purpose of adopting 209 CMR 41.00 is to establish procedures and requirements for the licensing, examination and supervision of individuals who act as mortgage loan originators in the Commonwealth. The amendments to 209 CMR 42.00 add a definition of "mortgage loan originator" to the existing regulations, establish two prohibited practices for a mortgage lender or mortgage broker in relation to conducting business with mortgage loan originators and certain other changes. Additional changes may be made based on comments received at the public hearing or during the comment period.
Written comments may be submitted to the Division on the proposed regulations and amendments until 5:00 p.m. on May 13, 2008. Copies of the proposed regulations and amendments are available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.state.ma.us/dob.