Joint public hearing with Administration and Finance on 801 CMR 4.02, Relative to required mortgage loan originator education courses under Chapter 206

Pursuant to the provisions of Massachusetts General Laws chapter 255F and in accordance with the provisions of Massachusetts General Laws chapter 30A, section 2, a joint public hearing will be held on Wednesday, May 28, 2008 at 10:00 a.m., Hearing Room A, 5th Floor, One South Station, Boston, Massachusetts at which comments will be received by the Executive Office for Administration and Finance and the Division of Banks (the "Division") relative to the establishment of fees under regulation 801 CMR 4.02 in connection with the required mortgage loan originator education courses under Chapter 206 of the Acts of 2007.

SECTION 15 of Chapter 206 of the Acts of 2007 establishes a new chapter, Chapter 255F, in the General Laws which creates a licensing, examination and supervisory system for the regulation of individuals who act as mortgage loan originators in the Commonwealth. Educational requirements for an applicant for a mortgage loan originator license and continuing education requirements for licensees are set forth in sections 3 and 6, respectively, of Chapter 255F. Specifics of these requirements, as determined by the Commissioner, are set forth in Regulatory Bulletin 5.1-105.

The fees that are being established relate to the Division's review and approval of the entities providing the educational courses as well as a separate fee for the Division's review and approval of the curricula of the various courses. The proposed fee for a residential mortgage lending education course curriculum is $250, and the proposed fee for a residential mortgage lending continuing education course curriculum is $125 per course. In addition, the proposed fee for the residential mortgage course provider, for either a residential mortgage lending education course curriculum or a residential mortgage lending continuing education course curriculum, is $250.

Written comments may be submitted to the Division on the proposed fees until 5:00 p.m. on Wednesday, May 28, 2008. Copies of the proposed fees are available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.mass.gov/dob/.