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 8 Cease and desist orders; temporary orders; notice and hearing; judicial review

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

  Section 8. (a) If the commissioner determines, after giving notice of and opportunity for a hearing, that a licensee has engaged in an act or practice constituting a violation of this chapter or a rule, regulation or order promulgated hereunder, the commissioner may order such licensee to cease and desist from such unlawful act or practice and take such affirmative action as in the commissioner's judgment will affect the purposes of this chapter.

  (b) If the commissioner makes written findings of fact that the public interest will be irreparably harmed by delay in issuing an order under subsection (a), the commissioner may issue a temporary cease and desist order. Upon the entry of a temporary cease and desist order, the commissioner shall promptly notify, in writing, the licensee and the employing entity affected thereby that such order has been so entered, the reasons therefore, and that, within 20 days after the receipt of a written request from such licensee, the matter will be scheduled for hearing to determine whether such temporary order shall become permanent and final. If no such hearing is requested and none is ordered by the commissioner, the order shall remain in effect until it is modified or vacated by the commissioner. If a hearing is requested or ordered, the commissioner, after giving notice of and opportunity for a hearing to the licensee and the employing entity subject to said order shall, by written findings of fact and conclusions of law, vacate, modify or make permanent the order.

  (c) No order issued pursuant to this section, except an order issued pursuant to subsection (b), may be entered without prior notice of and opportunity for a hearing. The commissioner may vacate or modify an order under this section upon finding that the conditions which required such an order have changed and that it is in the public interest to so vacate or modify.

  Any order issued pursuant to this section shall be subject to judicial review in accordance with section 14 of chapter 30A.

Chapter 255F: Section 8. Continuing education

[ 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 8. (a) A mortgage loan originator licensed pursuant to this chapter shall, annually, complete a minimum of 8 hours of continuing education approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards, which shall include, without limitation: (i) 3 hours of federal law and regulation; (ii) 2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; (iii) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and (iv) state law and regulation, which shall include instruction on state consumer protection laws and other related statutes. A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit to satisfy such licensed mortgage loan originator's annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught.

  (b) A mortgage loan originator licensed pursuant to this chapter shall: (i) only receive credit for a continuing education course in the year in which the course is taken; and (ii) not take the same approved course in the same or successive years to meet the annual requirements for continuing education.