2009 Massachusetts Code
PART III COURTS, JUDICIAL OFFICERS AND PROCEEDINGS IN CIVIL CASES
TITLE IV CERTAIN WRITS AND PROCEEDINGS IN SPECIAL CASES
CHAPTER 255F LICENSING OF MORTGAGE LOAN ORIGINATORS
Section 6 Investigation and license fees; annual license renewal; continuing education requirement

[ Text of section effective until July 31, 2009. For text effective July 31, 2009, see below.]

  Section 6. Each application for a license shall be accompanied by an investigation fee. Investigation and license fees shall be determined annually by the secretary of administration under section 3B of chapter 7 provided that such total annual fees shall be not less than $500; provided further, that such investigation and license fees shall not apply to any community development corporation as defined in section 1 of chapter 40F and organized under the General Laws. The license of a mortgage loan originator shall expire annually. Each licensee, shall annually, on or before a date to be determined by the commissioner, submit a license renewal application. The license renewal application shall be on a form prescribed by the commissioner, signed under the pains and penalties of perjury, containing such information as the commissioner may require.

  As determined by the commissioner, licensees shall complete at least 8 hours of residential mortgage lending continuing education courses every 3 years. Failure of the licensee to satisfy the continuing education requirement shall render the mortgage loan originator ineligible for renewal and such license shall be deemed to be inactive. A mortgage loan originator who neglects to file an application or fails to amend the same within 15 days of notice from the commissioner directing that the application be amended shall be deemed inactive. Inactive mortgage loan originators shall be prohibited from engaging in business as a mortgage loan originator.

Chapter 255F: Section 6. Qualified written examination

[ Text of section as recodified by 2009, 44, Sec. 1 effective July 31, 2009. See 2009, 44, Sec. 4. For text effective until July 31, 2009, see above.]

  Section 6. (a) An applicant for a mortgage loan originator's license shall pass, in accordance with the standards established under this section, a qualified written examination developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.

  (b) A written examination shall not be considered a qualified written examination for purposes of this section unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including, but not limited to: (i) ethics; (ii) federal law and regulation pertaining to mortgage origination; (iii) state law and regulation pertaining to mortgage origination; and (iv) federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.

  (c) No person shall be considered to have passed the qualified written examination unless the person achieves a test score of not less than 75 per cent correct answers to questions. A person may retake the qualified written examination 3 consecutive times with each consecutive taking occurring at least 30 days after the preceding examination. Upon failing 3 consecutive written examinations, a person shall not be eligible to sit for another written examination for a period of at least 6 months. A licensed mortgage loan originator who fails to maintain a valid license for a period of 5 years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.