Establishes annual mortgage licensing fees and renewal requirements in Massachusetts.
The bill revises mortgage licensing in Massachusetts by setting annual fees for mortgage loan originators. Fees are determined annually by the secretary of administration, with a minimum of $500 for non-Massachusetts corporations and $300 for Massachusetts-based corporations. These fees do not apply to community development corporations. The license of a mortgage loan originator expires annually, requiring a renewal application on a form prescribed by the commissioner.
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