summary
Introduced
01/22/2019
01/22/2019
In Committee
03/02/2020
03/02/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation to exempt certain bona fide nonprofit affordable homeownership organizations from portions of the mortgage broker or lender license requirements. Financial Services.
AI Summary
This bill exempts certain bona fide nonprofit affordable homeownership organizations from portions of the mortgage broker or lender license requirements. These organizations must meet specific criteria, such as being a Massachusetts nonprofit corporation with a primary purpose of helping qualified low-income individuals build, repair, and purchase affordable housing, and they must be exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code. The bill also exempts employees of these organizations from the licensing requirements when offering or negotiating mortgage loans.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Bill reported favorably by committee and referred to the committee on House Ways and Means (on 03/02/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H936 |
| Bill | https://malegislature.gov/Bills/191/H936.pdf |
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