Licensing Exemption For A Subsidiary Of A National Bank - Q4 1999

By the Division of Banks

Massachusetts General Laws chapter 255E, section 2 requires that any person or entity originating five or more residential mortgage loans in a consecutive twelve-month period obtain a license from the Commissioner of Banks unless otherwise exempted. However, section 2 contains a specific exemption for a national banking association or any subsidiary thereof. It is the position of the Division that if as a result of an internal reorganization a subsidiary of a national bank is formed, the subsidiary is now exempt from the requirement of being licensed as a mortgage lender or a mortgage broker in the Commonwealth pursuant to said chapter 255E.

Recommended Content

People also viewed...

You recently viewed...

Personalization is OFF. Your personal browsing history at is not visible because your personalization is turned off. To view your history, turn your personalization on.

Learn more on our .

*Recommendations are based on site visitor traffic patterns and are not endorsements of that content.