| Date: | 04/01/1998 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 98-067 |
This opinion was issued in the second quarter of 1998.
- This page, Summary of Selected Opinion 98-067 , is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 98-067
Table of Contents
Licensing requirements for motgage lenders affiliated with federally-chartered savings banks
It has been the long-standing position of the Division that federally-chartered savings banks and their direct subsidiaries, among other entities, are exempt from the licensing requirements of Mass. Gen. Laws chapter 255E. Such an exemption does not extend to a mortgage company that, although a direct subsidiary of a bank holding company, is an affiliate of a federally-chartered savings bank. Consequently, a bank affiliate may not be exempt from the licensing requirements of said chapter 255E even though the bank itself is exempt.