Section 3: License application; multi-state licensing system
359 words·~2 min read·
/ma/part-iii/title-iv/chapter-255e/3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 3. The application for a license shall be in a form prescribed by the commissioner and shall contain the name and address or addresses where the business of the applicant is located and if the applicant is a partnership, association, corporation, or other form of business organization, the names and addresses of each member, director, principal officer thereof, and any individual acting as a manager of an office location. Such application shall also include a description of the activities of the applicant, in such detail and for such periods as the commissioner may require, as well as such further information as the commissioner may require.
The commissioner may require a background investigation of each applicant for a mortgage broker or mortgage lender license by means of fingerprint checks by the department of criminal justice information services pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location.
Receipt of criminal history record information by a private entity shall be prohibited. Each application for a license shall be accompanied by an investigation fee. Investigation and license fees shall be determined annually by the commissioner of administration under section 3B of chapter 7.
The commissioner may participate in a multi-state licensing system for mortgage lenders and mortgage brokers. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in sections 3 and 5. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system. The commissioner shall ensure that the multi-state licensing system adopts appropriate privacy, data security and security breach notification policies.
Upon written request, the commissioner shall make available within 30 days, a copy of the contract between the division and the multi-state licensing system that satisfies this section.