The proposed bill seeks to exempt employees of public charities from certain mortgage loan licensure requirements under Massachusetts law. Specifically, it amends Section 2 of chapter 255E of the General Laws by adding a new paragraph that clarifies that the provisions of this chapter and chapter 255F do not apply to employees of registered public charities, provided they adhere to specific conditions. These conditions include that the employee must not engage in originating, brokering, or lending residential mortgage loans outside the scope of their duties without obtaining the necessary license, and they must ensure that any mortgage loans they handle are in the best interest of the borrower, as defined by criteria set by the commissioner.

This legislative change aims to facilitate the work of charitable organizations by allowing their employees to assist with mortgage loans without the burden of licensure, as long as they operate within the defined parameters. The bill reflects a recognition of the unique role that charitable organizations play in supporting their communities and aims to streamline their operations while still maintaining consumer protections.

Statutes affected:
Bill Text: 255E-2