Bill > H1183

This bill modifies the existing Massachusetts law regarding mortgage licensing fees by establishing new requirements for license applications and renewals. Specifically, the bill mandates that each license application must be accompanied by an investigation fee, with the exact amount to be determined annually by the secretary of administration, but set at a minimum of $500 for non-Massachusetts corporations and $300 for Massachusetts-based corporations. The bill stipulates that these fees will not apply to community development corporations as defined in a specific legal chapter. Additionally, the legislation requires that mortgage loan originator licenses expire annually, and licensees must submit a renewal application by a date determined by the commissioner, using a prescribed form that must be signed under penalty of perjury and include all information the commissioner deems necessary. This bill aims to standardize and regulate the mortgage licensing process in Massachusetts by establishing clear fee structures and renewal requirements.

Business and Industry

https://malegislature.gov/Bills/194/H1183