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2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 10 - Prohibited Agreements

Section 10. No seller, sales finance company or holder shall at any time take or receive any retail installment sale agreement from a buyer or from any surety or guarantor for the buyer which contains:
(1) Blank spaces for terms required by this chapter or for terms upon which the parties at the consummation of the sale have agreed to the extent of then available information except that the finance charge and the annual percentage rate must always be disclosed;
(2) Any confession of judgment or any power or warrant of attorney to appear for the buyer or for any surety or guarantor for him to confess judgment;
(3) Any schedule of payments under which any one installment, except the down payment, is not equal or substantially equal to all other installments, excluding the down payment, or under which the intervals between any consecutive installments except the down payment differ substantially, unless (a) the buyer is given an absolute right upon default in any such excess or irregular installments to have the schedule of unpaid installments, including that in default, revised to conform in both amounts and intervals to the average of all preceding installments and intervals, or (b) unless the time and amounts of installments relate to the uneven seasonal income of the buyer and a statement appears in the contract to that effect.
(4) Any provision for repossession of the goods or for the acceleration of the time when any part or all of the total of payments becomes payable other than for default of the buyer;
(5) Any provision by which a buyer grants authority to the holder to unlawfully enter the installment buyer's premises or commit any breach of peace in the repossession of the collateral, if any;
(6) Any waiver of rights or remedies which the installment buyer may have against the seller or holder of the retail installment sale agreement, or other person acting in his behalf;
(7) Any provision whereby the installment buyer executes a power of attorney appointing the seller or holder of the retail installment sale agreement, or other person acting in his behalf, as the buyer's agent in the collection of payments under the agreement or in the repossession of the collateral security;
(8) Any assignment, or order for payment, of any salary, wages, commission or other compensation for services or any part thereof earned or to be earned;
(9) Any provision limiting, excluding, modifying or in any manner altering the term of any express warranty made a part of the basis of the bargain between the parties.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 10a - Discrimination Against Cash Buyers

Section 10A. No retail establishment offering goods and services for sale shall discriminate against a cash buyer by requiring the use of credit by a buyer in order to purchase such goods and services. All such retail establishments must accept legal tender when offered as payment by the buyer.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 11 - Finance Charges, Computation, Rates; Multiple Agreements Prohibited

Section 11. A. No fee, expense or other charge whatsoever shall be taken, received, reserved or contracted for, except as provided in this section and in sections sixteen to twenty-two, inclusive, and except for official fees, and for the items expressly provided for in the retail installment sale agreement as set forth in section nine.
B. An installment seller may, in a retail installment sales agreement, contract for, and if so contracted for the holder thereof may charge, receive, and collect a finance charge computed on the original amount financed of the contract or obligation not in excess of an annual percentage rate of twenty-one per cent.
C. On agreements payable in successive periodic installments substantially equal in amount, the maximum permissible finance charge shall be computed on the original amount financed. On agreements providing for installments extending for a period less than or greater than one year, the finance charge shall be computed proportionately.
The finance charge may be computed on the basis of a full month for any fractional month period in excess of fifteen days.
When a retail installment sale agreement provides for unequal or irregular installments, the finance charge shall be at the effective rate provided for in this section, having due regard for the schedule of installments.
The date on which the finance charge begins to accrue shall be deemed to be a different date from the date of the transaction if the goods or services purchased are not available for delivery on the date of the transaction and the date such finance charge shall begin to accrue shall be the date when such goods or services are available for delivery.
D. No installment seller shall permit any person, or any husband and wife jointly or severally, to be obligated, either directly or contingently to said seller, under more than one retail installment sales agreement executed at the same time.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 11a - Merchandise Certificates or Coupons; Right to Return

Section 11A. The buyer shall have the right to return to the seller at any time all merchandise certificates or coupons which have not been exchanged for goods or services, and the seller shall thereupon credit the buyer with the full face amount thereof and all finance charges and any insurance charges thereon.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 11b - Merchandise Certificates or Coupons; Return Statement Required

Section 11B. Any written agreement for the purchase of a merchandise certificate or coupon, any newly printed merchandise certificate or coupon, and any cover or envelope containing a merchandise certificate or coupon shall contain the following statement appearing conspicuously on the face thereof:
You may return any unused merchandise certificates or coupons at any time and receive full credit on your account.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 12 - Receipts for Payments; Sale or Assignment of Agreement

Section 12. A. When any payment is made on account of any retail installment sale agreement, the person receiving such payment shall, if the payment is made in cash, give the buyer a complete written receipt therefor. If the buyer specifies that the payment is made on one of several obligations, the receipt shall so state.
B. Any person may purchase a retail installment sale agreement from a seller or holder on such terms and conditions and for such price as may be mutually agreed upon. Unless written notice has been given to the buyer of actual or intended assignment of a retail installment sale agreement, the buyer may pay or tender any amount due thereunder or give any notice required or permitted by the agreement, to the last known holder of the agreement and such payment, tender or notice shall be binding upon any subsequent holder as fully as if made to him.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 13 - Payment in Full Before Maturity; Refund Credit

Section 13. A. Notwithstanding the provisions of any retail installment sale agreement to the contrary, a buyer may pay it in full at any time before the maturity of the final installment thereof, and, if he does so, shall receive and be entitled to receive a refund credit thereon and, if the retail installment sale agreement included an amount for insurance, a further refund credit thereon for such anticipation, whether or not the maturity of the scheduled payment of the agreement was accelerated by the holder by reason of a buyer's default.
B. Except as provided in subsection C, a refund credit shall be computed on a method which is at least as favorable to the buyer as the actuarial method, so-called. If the prepayment is made other than on an installment due date it shall be deemed to have been made on the first installment due date if the prepayment is before that date, and in any other case it shall be deemed to have been made on the next preceding or next succeeding installment due date, whichever is nearer to the date of prepayment. In the event a contract has been extended and is prepaid in full during an extension period the buyer shall receive, in addition, the refund of that portion of the extension charge applicable to any unexpired months of the extension period.
C. Where the amount of credit for anticipation of payment is less than one dollar, no refund need be made.
D. On contracts payable in substantially equal successive monthly installments, commencing two or more months after the date of the contract, the computational period for refund shall commence with the date of the contract or, if the goods are delivered or services performed ten days or more after the date of the contract, the computational period shall commence with the date of delivery or performance of the services.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 15 - Security Interest in Certain Goods; Prohibition

Section 15. No retail installment sale agreement shall provide for or create a security interest in (a) personal property other than the goods sold or worked on under a retail installment sale agreement unless such goods become affixed to such personal property; (b) after-acquired collateral other than accessions to the goods sold or worked on; or (c) goods subject to a prior retail installment sale agreement or agreements unless two or more such agreements are consolidated under a single agreement pursuant to section eighteen.
Any agreement made in violation of this section may be declared void by the supreme judicial or superior court in equity upon petition of the installment buyer.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 16 - Extension Agreements; Form and Contents

Section 16. A. A holder may by agreement with the buyer extend the due date of all or any part of one or more installments under an existing retail installment sale agreement, a refinancing agreement or a consolidation agreement.
B. Except as provided in paragraph C, an extension agreement
(1) Shall be in writing and signed by the parties;
(2) Shall incorporate by reference the agreement to which the extension agreement applies;
(3) Shall state the terms of the extension;
(4) May provide for an extension charge not to exceed one per cent of each installment for each month from the date when such installment or part thereof would otherwise have been payable to the date when such installment or part thereof is made payable under the extension agreement; provided, that when any such charge is made, no delinquency charge as provided in section twenty shall be charged unless an installment as extended is not paid by the end of the grace period beyond the extended due date;
(5) May provide that the buyer shall pay the additional cost, if any, for insurance coverage provided in the extension; and
(6) Shall clearly set forth the fact of any extension charge, the amount extended, the date to which, or the time period for which payment is extended, the amount of the charge for the extension, and the amount for the additional cost of insurance, if any, resulting from the extension.
C. If the extension agreement extends the due date of only one installment, it need not be in writing but shall be subject to the provisions of clauses (4) and (5) of paragraph B. If no charge is made for the extension agreement, the agreement shall not be subject to paragraph B.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 17 - Refinancing Agreements; Form and Contents

Section 17. A. A holder may by agreement with the buyer refinance the unpaid balance of a single retail installment sale agreement, refinancing agreement or consolidation agreement to provide for a new schedule of the times or amounts of the payments or both.
B. A refinancing agreement, as described in paragraph A shall be in writing, and shall be dated and signed by the parties, and
(1) May provide for a finance charge which shall not exceed the rates provided in section eleven applied to the sum of (a) the unpaid total of payments of the agreement being financed, less the refund credit for finance charge provided in section thirteen and (b) any additional cost for continuing insurance coverage under the agreement being refinanced and for official fees;
(2) Shall incorporate by reference the agreement being refinanced and shall clearly set forth and itemize the unpaid total of payments being refinanced, the refund credit, the amount to be refinanced, the finance charge, additional cost for insurance or official fees or both, the total sum payable under the refinancing agreement, the amounts and times of installment payments, annual percentage rate;
(3) Shall comply with the provisions of subsection A, clauses (1) through (5), inclusive, of subsection D, and subsection E of section nine, and of sections ten, eleven, twelve, thirteen, fifteen and twenty-one; and
(4) Shall not include within the amount financed, as defined by section one of chapter one hundred and forty D, any amounts representing the consideration for any transaction, retail installment sale, loan, or other extension of credit other than the retail installment sale then being refinanced.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 19 - Statement of Account; Contents

Section 19. A. Within six months after the execution of the retail installment sale agreement or revolving credit agreement and within every six-month period thereafter until the buyer has discharged all his obligations under the agreement, the holder shall send to the buyer upon request a statement of account which shall list the following items designated as such:
(1) The amounts paid by or on behalf of the buyer, setting forth any refund and any payment of charges for delinquencies, expenses of repossession and extensions, to the date of the statement of account;
(2) The amounts, if any, which have become due but remain unpaid, setting forth any charges for delinquencies, expenses of repossession and extensions;
(3) The number of installment payments and the dollar amount of each installment not due but still to be paid and the remaining period the agreement is to run.
B. The buyer shall be entitled to only one such statement in any six-month period free of charge. The holder shall be entitled to the sum of one dollar for each additional written statement requested by the buyer before supplying such additional written statement.
C. If the buyer requests information for income tax purposes as to the amount of the finance charges, the holder shall provide such information without charge once in every calendar year.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 20 - Delinquency and Collection Charge; Dishonored Check Charge

Section 20. The holder of a retail installment sale agreement may, if the agreement so provides, collect a delinquency and collection charge on each installment in default for a period of not less than fifteen days in an amount not in excess of five percent of each installment or five dollars, whichever is less, and assess and collect a charge, not to exceed ten dollars, for any check, draft or order for the payment of money submitted in accordance with said agreement which is returned unpaid or not honored by a bank or other depository.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 22a - Avoidance of Chapter

Section 22A. No seller shall directly or indirectly in connection with the retail sale of goods or services, and for the purpose of evading any of the provisions of this chapter, arrange for a loan or aid or assist any buyer in obtaining a loan from any person, the proceeds of which are to be used in whole or in part for the purchase of such goods or services.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 24 - Waiver

Section 24. No act, agreement or statement of any buyer in any retail installment sale agreement or revolving credit agreement shall constitute a valid waiver of any benefit or protection afforded by the provisions of this chapter.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 25 - Application of This Chapter

Section 25. Any holder of a retail installment sale agreement, or of a note evidencing indebtedness arising out of such agreement, shall be subject to the provisions of this chapter.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 25a - Holder of Agreement Subject to Buyer's Defenses Against Seller

Section 25A. The holder of a retail installment sale agreement, or other person acting in his behalf, shall be subject to all defenses, real and personal, which the installment buyer may have against the installment seller thereof.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 28 - Instruments Indicating Payment; Mailing to Buyer

Section 28. After payment of all sums for which the buyer is obligated under a retail installment sale agreement, if the notice of the security interest has been filed or recorded or if the buyer so requests, the holder of such contract shall mail to the buyer, at his last known address, good and sufficient instruments to indicate payment in full and to release all security in the collateral, if any.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 29 - Violation of Certain Provisions; Effect

Section 29. A. The violation of sections nine, ten, eleven, thirteen, fifteen, sixteen, seventeen, eighteen, twenty-six or twenty-seven by any person shall bar his recovery of any finance charge, delinquency or collection charge or refinancing charge on the retail installment sale agreement or on the revolving credit agreement, or on the sale pursuant to a revolving credit agreement, but such violation shall not bar his right to (a) recover from the buyer an amount equal to the unpaid principal balance or (b) repossess the goods and recover from the buyer an amount equal to the unpaid balance less the proceeds of any disposition of the goods.
B. Subsection A shall not apply to any violation which any holder shall establish by a preponderance of the evidence to be the result of accident or bona fide error in (a) any mathematical computation, (b) the layout or format, size of type or order of clauses contained in such retail installment sale or revolving credit agreement, or (c) the failure to furnish the buyer any statement required by section nineteen or by subsection D of section twenty-seven.
C. An agreement made by any person subject to this chapter which violates the provisions of this chapter may be declared void by the supreme judicial or superior court upon a civil action brought by the buyer.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 31 - Truth-in-Lending Act; Application

Section 31. A transaction subject to the provisions of this chapter shall also be subject to the provisions of chapter one hundred and forty D and a retail seller or holder subject to the provisions of this chapter shall be subject to the provisions of said chapter one hundred and forty D and in the event of a conflict between the provisions of this chapter and said chapter one hundred and forty D, the provisions of said chapter one hundred and forty D shall control.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 1 - Definitions

Section 1. As used in this chapter the following words shall, unless the context otherwise requires, have the following meanings:—
''Bona fide nonprofit affordable homeownership organization'', a Massachusetts nonprofit corporation with a primary purpose of helping qualified low-income individuals build, repair and purchase affordable housing and meets the definition of ''bona fide nonprofit organization'' set forth in 12 CFR Part 1008.103(e)(7)(ii).
''Commissioner'', the commissioner of banks.
''Instrumentality created by the United States or any state'', a federal, state, municipal government, quasi-governmental entity or a nonprofit agency or corporation incorporated under the laws of the commonwealth that has a tax exempt status granted under the provisions of section 501(c)(3) of the federal Internal Revenue Code, which exclusively makes or issues commitments for mortgage loans on residential property to be financed with public funds, or negotiates, places, assists in the placement of, finds, or offers to negotiate, place, assist in the placement of or find mortgage loans on residential property to be financed with public funds only under a contract with a federal, state, or municipal government, any instrumentality thereof or any quasi-governmental entity as determined by the commissioner. The making of a mortgage loan shall include being named as the lender or mortgagee on the note, mortgage or other loan documents.
''Mortgage broker'', any person who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans on residential property for others.
''Mortgage lender'', any person engaged in the business of making mortgage loans, or issuing commitments for mortgage loans.
''Mortgage loan'', a loan to a natural person made primarily for personal, family or household purposes secured wholly or partially by a mortgage on residential property.
''Multi-state licensing system'', a system involving 1 or more states, the District of Columbia, or the Commonwealth of Puerto Rico for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for mortgage lenders and mortgage brokers.
''Residential property'', real property located in the commonwealth having thereon a dwelling house with accommodations for four or less separate households and occupied, or to be occupied, in whole or in part by the obligor on the mortgage debt.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 3 - License Application; Multi-State Licensing System

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.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 4 - Issuance of License by Commissioner; Notice of License Denial; Appeal

Section 4. Upon the filing of an application for a license, if the commissioner finds that the financial responsibility, character, reputation, integrity and general fitness of the applicant, and of the partners or members thereof if the applicant is a partnership or association, and of the officers, directors and principal employees if the applicant is a corporation, are such as to warrant belief that the business will be operated honestly, fairly, soundly and efficiently in the public interest consistent with the purposes of this chapter, he shall thereupon issue the applicant a license to engage in the business of a mortgage lender or mortgage broker. If the commissioner shall not so find, he shall not issue a license and he shall notify the applicant of the denial. Within twenty days thereafter, he shall enter upon his records a written decision and findings containing the reasons supporting the denial and shall forthwith give written notice thereof by registered mail to the applicant. Within thirty days after the date of such notice, the applicant may appeal from such denial to the superior court for Suffolk county, sitting in equity. The court shall hear all pertinent evidence and determine the facts and upon the facts as so determined, review said denial and, as justice and equity may require, affirm the same or order the commissioner to issue such license. The commissioner shall approve or deny every application for a license within ninety days after the filing thereof, but any failure of the commissioner to act within such period shall not be deemed to be an approval of any such application.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 5 - Information on License; Changes; Notice Requirements

Section 5. Each license shall state the address at which the business is to be conducted and shall state the name of the licensee. If a licensee intends to carry on such business at any place in addition to the address on the license, he shall so notify the commissioner, in writing, at least 30 days prior thereto, and he shall pay a fee for such additional location at a reasonable cost as determined by the commissioner. Such notice shall contain the address of any such additional location and such other information as the commissioner may require; provided, however, that any such business shall at all times be conducted in the name of the licensee as it appears on the license. A copy of such license shall be prominently posted in each place of business of the licensee. Such copies for places of business at addresses other than that appearing on the license may be obtained at a reasonable cost, as determined by the commissioner. Such license shall not be transferable or assignable and shall expire annually on a date determined by the commissioner. Any change of location or closing of a place of business of the licensee, either at the address stated on the license or at a place other than said address stated on the license, shall require prior written notice thereof to the commissioner. Such notice shall be in writing setting forth the reason therefor and shall be filed with the commissioner at least thirty days prior to any such relocation or closing. If there shall be any change among the members, officers, partners or directors of any licensee, the licensee shall notify the commissioner in a timely manner of the name, address and occupation of each new member, officer, partner or director, and provide such other information as the commissioner may require.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 6 - License Suspension or Revocation; Notice and Hearing

Section 6. The commissioner may suspend or revoke any license issued pursuant to this chapter if said commissioner finds that:
(i) the licensee has violated any provision of this chapter or any rule or regulation adopted hereunder, or any other law applicable to the conduct of its business; or
(ii) any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the commissioner in refusing to issue such license.
Except as provided in section seven, no license shall be revoked or suspended except after notice and a hearing thereon pursuant to chapter thirty A.
A licensee may surrender a license by delivering to the commissioner written notice that it thereby surrenders such license, but such surrender shall not affect the civil or criminal liability of the licensee for acts committed before such surrender.
No revocation, suspension or surrender of any license shall impair or affect the obligation of any pre-existing lawful contract between the licensee and any person.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 7 - Commissioner's Order to Cease and Desist From Unlawful Act or Practice; Prior Notice and Opportunity for Hearing; Temporary Order

Section 7. (a) If the commissioner determines, after giving notice of and opportunity for a hearing, that a licensee has engaged in or is about to engage in an act or practice constituting a violation of a provision of this chapter or a rule, regulation or order hereunder, he may order such licensee to cease and desist from such unlawful act or practice and take such affirmative action as in his judgment will effect 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) he 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 affected thereby that such order has been so entered, the reasons therefor, and that within twenty days after the receipt of a written request from such licensee, the matter will be scheduled for hearing to determine whether or not 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 subject to said order, shall, by written finding of facts and conclusions of law, vacate, modify or make permanent the order.
(c) No order under 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 review as provided in chapter thirty A.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 9 - Civil Actions Filed by Commissioner

Section 9. The commissioner may enforce the provisions of this chapter, or restrain any violations thereof, by filing a civil action in any court of competent jurisdiction.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 10 - Penalties

Section 10. Whoever violates section 2 or any rule or regulation promulgated thereunder shall be punished by a fine of not more than $2,000 or by imprisonment in the house of correction for not more than 2 1/2 years or by imprisonment in state prison for not more than 5 years, or both such fine and imprisonment. Each day such violation occurs or continues shall be deemed a separate offense. The penalty provision of this section shall be in addition to, and not in lieu of, any other law applicable to a licensee or other person for violating section 2 or any rule or regulation made thereunder.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255e - Licensing of Certain Mortgage Lenders and Brokers › Section 11 - Penalties; No Limitation on Civil Action; Review

Section 11. (a) Whenever the commissioner finds that any licensee or exempt person under section 2 has violated this chapter or any rule or regulation adopted thereunder, or any other law of the commonwealth applicable to the conduct of the business of making or brokering mortgage loans on residential property in the commonwealth, the commissioner may, by order, in addition to any other action authorized under this chapter or any rule or regulation made thereunder, impose a penalty upon the person which shall not exceed $5,000 for each violation, up to a maximum of $100,000 for such violation plus the costs of investigation. The commissioner may impose a penalty which shall not exceed $5,000 for each violation of this chapter, or any rule or regulation adopted thereunder, by a person other than a licensee or exempt person under section 2, plus the costs of investigation.
(b) Nothing in this section shall limit the right of any individual or entity who has been injured as a result of any violation of this chapter by a licensee, or any person other than a licensee or exempt person under section 2, to bring an action to recover damages or restitution in a court of competent jurisdiction.
(c) Any findings or order issued by the commissioner pursuant to this section shall be subject to review as provided in chapter 30A.
2023 Massachusetts General Laws › 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 2 - License or Exemption Required; Registration With Nationwide Mortgage Licensing System and Registry

Section 2. (a) No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner or is exempt from the licensure requirement under subsection (b). No person shall knowingly employ or retain a mortgage loan originator unless the mortgage loan originator is licensed under this chapter or is exempt from the licensure requirement under subsection (b). Each licensed mortgage loan originator shall register with the Nationwide Mortgage Licensing System and Registry and shall maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
(b) The following shall not be required to obtain a license pursuant to subsection (a): (i) registered mortgage loan originators; (ii) any person offering or negotiating a residential mortgage loan with or on behalf of an immediate family member; (iii) any person offering or negotiating a residential mortgage loan secured by a dwelling that served as the individual's primary residence; (iv) any person admitted to practice law in the commonwealth negotiating the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the person's representation of the client, unless the person is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; (v) any person engaged solely as a loan processor or underwriter unless said person is acting as an independent contractor; (vi) any person that performs only real estate brokerage activities and is licensed or registered pursuant to sections 87PP to 87DDD1/2, inclusive, of chapter 112, unless the person is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; (vii) any person who otherwise meets the definition of a mortgage loan originator, as defined in section 1, but who is employed by an organization determined by the commissioner to be a bona fide nonprofit affordable homeownership organization pursuant to section 2 of chapter 255E; (viii) any person who otherwise meets the definition of a mortgage loan originator, as defined in section 1, but who is employed by, or is operating on behalf of, an instrumentality created by the United States or any state as defined in section 1 of chapter 255E; and (ix) any person solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. section 101(53D).
(c) The commissioner may promulgate rules and regulations for the administration and enforcement of this chapter.
2023 Massachusetts General Laws › 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 3 - Application for License; Furnishing of Information to Nationwide Mortgage Licensing System and Registry; Waiver or Modification of Requirements of Chapter

Section 3. (a) Any person seeking a mortgage loan originator's license pursuant to this chapter shall file an application, accompanied by the appropriate fee, with the division. Said application shall be made on a form to be furnished by the division, and shall require the applicant to state his name, the name and address of his employer, if any, and such other information as the division may require. The applicant shall, at a minimum, furnish to the Nationwide Mortgage Licensing System and Registry information concerning the applicant's identity, including: (i) fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a state, national and international criminal history background check; and (ii) personal history and experience in a form prescribed by the Nationwide Mortgage Licensing System and Registry, including the submission of authorization for the Nationwide Mortgage Licensing System and Registry and the commissioner to obtain: (1) an independent credit report obtained from a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act; and (2) information related to any administrative, civil or criminal findings by any governmental entity.
(b) The commissioner may enter into agreements with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.
(c) The commissioner may, for the purpose of participating in the Nationwide Mortgage Licensing System and Registry, waive or modify any requirement of this chapter and may establish new requirements as reasonably necessary to participate in the Nationwide Mortgage Licensing System and Registry.
(d) The commissioner may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting information from the Federal Bureau of Investigation for the purposes of clause (i) and subclause (2) of clause (ii) of subsection (a) and distributing information to the Department of Justice or any governmental agency.
(e) The commissioner may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source for the purposes of subclauses (1) and (2) of clause (ii) of subsection (a) as so directed by the commissioner.
2023 Massachusetts General Laws › 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 5 - Pre-Licensing Education

Section 5. (a) An applicant for a mortgage loan originator's license shall complete a minimum of 20 hours of pre-licensing 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 regulations; (ii) 3 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.
[There is no subsection (b).]
2023 Massachusetts General Laws › 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 - Qualified Written Examination

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.
2023 Massachusetts General Laws › 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 7 - Renewal, Expiration and Reinstatement of Licenses

Section 7. (a) A mortgage loan originator's license issued pursuant to this chapter shall be valid for a period of not more than 1 year. The division may renew a mortgage loan originator's license upon the submission of documents showing that: (i) the mortgage loan originator remains in compliance with this chapter; (ii) the mortgage loan originator has satisfied the annual continuing education requirements pursuant to section 8; and (iii) the mortgage loan originator has paid all required fees for renewal of the license. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire.
(b) The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry. A mortgage loan originator licensed pursuant to this chapter who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.