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This opinion was issued during the 2nd quarter of 2000.
A Canadian Bank, although authorized to do business in the US through a federally chartered holding company, is not a federally chartered institution within the meaning of said chapter 255E and its subsidiaries are not exempt from licensing in the Commonwealth. The chartering authority for the Canadian bank remains with the Canadian government.
In regards to whether affiliates of a federal stock savings bank, within the same holding company are exempt from licensing, Chapter 255E, section 2 states that the mortgage lender licensing provisions " shall apply to any subsidiary or affiliate, as defined by the Commissioner, of any such exempted entity and of a bank holding company established in accordance with state or federal law."
It has been the consistent position of the Division that affiliates within the same bank holding company are not exempt from being licensed as mortgage lenders in the Commonwealth under said chapter 255E, section 2, solely because one holding company subsidiary is an exempt entity.