Section 9: Participation in nationwide mortgage licensing system and registry; establishment of regulations relating to background checks, application and renewal fees, renewal and reporting dates and amendment or surrender of license
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/ma/part-iii/title-iv/chapter-255f/9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 9. The commissioner may participate in the Nationwide Mortgage Licensing System and Registry and shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. The commissioner may establish by regulation requirements including, but not limited to:
(i)background checks for:
(1)criminal history through a database that utilizes the fingerprint of the subject or other databases;
(2)civil or administrative records;
(3)credit history; or
(4)any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry;
(ii)the payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry; provided, however, that each application for a license shall be accompanied by an investigation fee and license fee provided, that investigation and license fees shall be determined annually by the secretary of administration under section 3B of chapter 7; 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; and provided further, that classifications or adjustments as deemed necessary may be made relative to fees for any nonprofit agency or corporation incorporated under the laws of the commonwealth for the purpose of assisting low to moderate income households in the purchase or rehabilitation of family residences of 4 units or less and which holds tax-exempt status granted under the provisions of section 501(c)(3) or 501(c)(4) of the Internal Revenue Code or as otherwise determined by the commissioner;
(iii)the setting or resetting as necessary of renewal or reporting dates; and
(iv)requirements for amending or surrendering a license or any other such activities as the commissioner deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.