209 CMR 41.00: The Licensing of Mortgage Loan Originators and 209 CMR 45.00: The Licensing and Regulation of Money Services Businesses - Proposed Amendments and Public Hearing on November 20, 2019

Pursuant to the provisions of Massachusetts General Laws chapter 167F, § 4; chapter 169, chapter 169A, and chapter 255F, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Wednesday, November 20, 2019 at 1:30 p.m., 1000 Washington Street, Hearing Room 1-E, Boston, Massachusetts, at which the Division of Banks (Division) will receive oral comments relative to the adoption of proposed amendments to regulation 209 CMR 41.00: The Licensing of Mortgage Loan Originators and 209 CMR 45.00: The Licensing and Regulation of Money Services Businesses. 

The purpose of 209 CMR 41.00 is to establish procedures and requirements for the licensing and supervision of mortgage loan originators pursuant to M.G.L. chapter 255F.  The proposed amendments would update the regulation to reflect amendments to M.G.L. chapter 255E and M.G.L. chapter 255F which were included in St.2018, c. 284.  The proposed amendments to 209 CMR 41.00 would define “bona fide nonprofit affordable homeownership organization” and add a definition to clarify the term “instrumentality created by the United States or any state”.  In addition, the proposed amendments would exempt any person who otherwise would meet the definition of a mortgage loan originator who is employed by a bona fide nonprofit affordable homeownership organization or an instrumentality created by the United States or any state from licensure under 209 CMR 41.00.

The purpose of 209 CMR 45.00 is to establish procedures and requirements for the licensing, regulation, and supervision of licensees pursuant to M.G.L. chapter 167F, § 4, chapter 169, and chapter 169A.  The first proposed amendment would reflect that the Division will accept quarterly and annual reports from check sellers through the nationwide Multistate Licensing System & Registry (NMLS).  The second proposed amendment, regarding foreign transmittal agencies, would reflect the Division’s position that commercial transmissions are excluded from the licensure requirement, as well as transactions for the purchase of goods or services where the recipient/payment processor is the agent of the payee.   

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 Massachusetts Division of Banks, 1000 Washington St., 10^th Floor, Boston, MA  02118-6400 or at dob.comments@state.ma.us until 5:00 p.m. on Wednesday, November 27, 2019.  A copy of the proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks or at www.mass.gov/dob.

Reasonable accommodations or modifications will be provided to enable individuals with disabilities to participate in this meeting. All requests should be submitted to Brenda Miller at 617-956-1525 or brenda.miller@mass.gov no later than November 6, 2019. While the Division will attempt to honor all requests, requests received after that date may not be provided due to feasibility.