Proposed amendments to 209 CMR 41:00: The Licensing of Mortgage Loan Originators and 209 CMR 42.00: The Licensing of Mortgage Lenders and Mortgage Brokers
Pursuant to the provisions of Massachusetts General Laws chapter 255E, section 2 and Chapter 255F, sections 2 and 19, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Wednesday, October 21, 2009 at 10:30 a.m., One South Station, 5th Floor, Hearing Room A, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the adoption of permanent amendments to 209 CMR 41:.00: The Licensing of Mortgage Loan Originators and 209 CMR 42.00: The Licensing of Mortgage Lenders and Mortgage Brokers .
Major changes are made to 209 CMR 41.00 to reflect the new mandates and requirements of Chapter 44 of the Acts of 2009, An Act Adopting The Federal Secure And Fair Enforcement For Mortgage Licensing Act of 2008. These changes include 15 new definitions, including a revised definition of "mortgage loan originator"; a list of additional licensing exemptions; revisions to the disqualifications from licensing based on criminal history; the completion of 20 hours of pre-licensing education approved by the National Mortgage Licensing System and Registry (NMLS) on state and federal law; a pre-licensing testing requirement that each applicant must achieve 75% or higher on a written examination on state and federal law; and 14 additional prohibited practices for mortgage loan originators. Other changes are made to comply with Chapter 44 and the NMLS system. There are relatively minor technical changes to 209 CMR 42.00. Additional changes may be made based on comments received at the public hearing or during the comment period.
The Division filed these amendments as Emergency Regulations with the Secretary of State on September 15, 2009 and they became effective on that date.
Written comments may be submitted to the Division on the permanent regulations and amendments until 5:00 p.m. on October 30, 2009. A copy of the proposed amendments is 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/.
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Written comments accepted until October 30, 2009.