Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 42.00 - The Licensing Of Mortgage Lenders And Mortgage Brokers
Section 42.02A - Licensing Exemptions

(1) Bona fide nonprofit affordable homeownership organizations determined by the Commissioner to be exempt from licensure pursuant to M.G.L. c. 255E, § 2;

(2) Instrumentalities created by the United States or any state;

(3) Mortgage lenders making fewer than five mortgage loans within any period of 12 consecutive months shall not be required to obtain a mortgage lender license; provided, however, that in computing the number of mortgage loans, there shall be counted in the loans of more than one partnership, association, trust or corporation, the majority interest of which are owned or controlled directly or indirectly by the same person or persons, partnerships, associations, trusts or corporations and including in the loans of a partnership or company not incorporated the loans of the several members thereof.

(4) Persons who act as a mortgage broker fewer than five times within any period of 12 consecutive months shall not be required to obtain a mortgage broker license;

(5) Banks as defined in M.G.L. c. 167, § 1, national banking associations, federally chartered credit unions, federal savings banks, or any subsidiary or affiliate of the above;

(6) Insurance companies;

(7) Banks, trust companies, savings banks and credit unions organized under the laws of any other state; provided, however, that such provisions shall apply to any subsidiary or affiliate, as described in 209 CMR 42.07;

(8) Any nonprofit, public or independent post-secondary educational institution within the Commonwealth authorized by law to grant degrees by the Commonwealth, or by any agency or instrumentality thereof, for mortgage loans made by any such educational institution to its faculty or staff;

(9) Any charitable organization originally created by a last will and testament before January 1, 1950 which makes no more than 12 mortgage loans during a 12-month period;

(10) A real estate broker or real estate salesman as defined in M.G.L. c. 112, § 87PP who, in connection with services performed in a prospective real estate transaction, provides mortgage information or assistance to a buyer if such real estate broker or real estate salesman is not compensated for the same in addition to the compensation received from the seller for such real estate services; and

(11) Persons whose activities are exclusively limited to collecting and transmitting one or more of the following types of information regarding a prospective mortgage loan borrower to a third party: