H 1183
An Act relative to mortgage licensing in Massachusetts
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- Passed House
- Passed Senate
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Bill overview
This bill proposes to establish a system for licensing mortgage professionals in Massachusetts. Currently, there isn't a specific licensing framework for mortgage lenders and brokers in the state. This legislation aims to create regulations and standards for these professionals to ensure consumer protection and responsible lending practices.
Key provisions
- Establishes a mortgage licensing system in Massachusetts.
- Requires mortgage lenders and brokers to obtain licenses.
- Defines qualifications and training requirements for licensed professionals.
- Creates a process for the Massachusetts Mortgage Finance Agency to oversee licensing.
- Establishes a fee structure for mortgage licensing.
- Specifies rules regarding mortgage servicing and escrow accounts.
- Addresses consumer complaint handling related to mortgage transactions.
Who is affected
- Mortgage lenders
- Mortgage brokers
- Consumers seeking mortgages
- The Massachusetts Mortgage Finance Agency
- Financial Services industry
Notable changes
- Currently, Massachusetts lacks a formal mortgage licensing system.
- The bill aims to align Massachusetts regulations with federal standards.
- It establishes a framework for consumer protection in the mortgage industry.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Richard M. Haggerty
Cosponsor
Richard M. Haggerty
Arguments in favor
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Bill H.1183 194th (Current)
An Act relative to mortgage licensing in Massachusetts
By Representative Haggerty of Woburn, a petition (accompanied by bill, House, No. 1183) of Richard M. Haggerty relative to mortgage licensing fees. Financial Services.
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Bill Information
Bill Information
Presenter: Richard M. Haggerty
Tabs
Bill History Petitioners Committee Vote Hearing Attendance
Bill History
Displaying 9 actions for Bill H.1183
| Date | Branch | Action |
| 2/27/2025 | House | Referred to the committee on Financial Services |
| 2/27/2025 | Senate | Senate concurred |
| 11/7/2025 | Joint | Hearing scheduled for 11/18/2025 from 10:30 AM-01:00 PM in A-2 |
| 11/7/2025 | Joint | Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing updated to include Virtual |
| 11/14/2025 | Joint | Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing location changed |
| 11/18/2025 | Joint | Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing updated to New End Time |
| 11/18/2025 | Joint | Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing updated to New End Time |
| 11/18/2025 | Joint | Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing updated to New End Time |
| 3/12/2026 | House | Accompanied a study order, see H5213 |
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