Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 41.00 - The Licensing Of Mortgage Loan Originators
Section 41.06 - Termination and Reassignment

(1) Upon the termination of the relationship between an Employing Entity and the Mortgage Loan Originator, the Employing Entity shall notify the Division within five business days after the termination. The Employing Entity shall set forth the reason(s) for termination and shall submit such statement through the NMLS; provided, however, that if the Employing Entity is unable to submit such statement through the NMLS, it may submit the statement in writing directly to the Division.

(2) For a period of one year after the termination of employment or association, the Mortgage Loan Originator may request re-assignment of the mortgage loan originator license to another Entity by submitting an application for a change of sponsorship through the NMLS to the Division and paying the required fee, as determined by the Commissioner.

(3) When the relationship between the Employing Entity and the Mortgage Loan Originator is terminated, the license shall become inactive and the Mortgage Loan Originator shall not be authorized to engage in any residential mortgage loan origination activity unless and until the Mortgage Loan Originator's license has been re-assigned to another Entity and all Division procedures have been followed to re-assign and reactivate such license. A Licensee shall be required to continue to submit a completed renewal application, with the applicable renewal fee, and to complete the required continuing education courses while the license is in an inactive status.

(4) A Mortgage Loan Originator license that has been in an inactive status for over one year shall be cancelled.