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H 1183

An Act relative to mortgage licensing in Massachusetts

194th Legislature (2025-2026) Introduced by Rich Haggerty

Bill H 1183 updates mortgage licensing in Massachusetts, imposing fees on originators while exempting community development corporations to streamline the licensing process.

Accompanied a study order, see H5213
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Bill Summary · H 1183

Summary of Bill H 1183: An Act Relative to Mortgage Licensing in Massachusetts

Purpose and Intent

Bill H 1183 aims to update and clarify the regulations surrounding mortgage licensing in Massachusetts. The primary intent is to establish a structured fee system for mortgage licensing and to streamline the licensing process for mortgage loan originators.

Key Provisions

The bill proposes the following significant changes to existing mortgage licensing regulations:

  • Investigation and License Fees:

    • Each application for a mortgage license must be accompanied by an investigation fee.
    • The annual fees will be set by the Secretary of Administration and must not be less than:
    • $500 for licensees from non-Massachusetts corporations.
    • $300 for licensees from corporations headquartered within Massachusetts.
    • Community development corporations, as defined in section 1 of chapter 40F, are exempt from these fees.

  • License Expiration and Renewal:

    • Licenses for mortgage loan originators will expire annually.
    • Licensees must submit a renewal application annually by a date determined by the commissioner.
    • The renewal application must be signed under penalty of perjury and include information as required by the commissioner.

Affected Parties

The bill will primarily affect:
- Mortgage Loan Originators: Individuals and entities seeking to obtain or renew a mortgage license in Massachusetts.
- Community Development Corporations: These organizations will be exempt from the new fee structure, potentially allowing them to operate without the financial burden of licensing fees.

Procedural Aspects

  • Introduced: February 27, 2025
  • Hearing Scheduled: The bill is set for a hearing on November 18, 2025, from 10:30 AM to 1:00 PM in room A-2, with a virtual option available.
  • Legislative Actions:
    • The bill was referred to the Committee on Financial Services on the same day it was introduced.
    • The Senate has concurred with the bill's progression.

Conclusion

Bill H 1183 seeks to modernize the mortgage licensing framework in Massachusetts by establishing clear fee structures and renewal processes. By doing so, it aims to enhance the regulatory environment for mortgage loan originators while providing exemptions for community development corporations. The upcoming hearing will provide an opportunity for stakeholders to discuss the implications of these changes.

Compiled from official sources — confirm details with the bill’s official record.

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