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Opinion

Opinion Summary of Selected Opinion 98-067

Date: 04/01/1998
Organization: Division of Banks
Docket Number: 98-067

This opinion was issued in the second quarter of 1998.

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.

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