Section 12. (a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section. The surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in subsection (b) and shall be in a form prescribed by the commissioner. If a mortgage loan originator is an employee or exclusive agent of an entity, the surety bond of said entity may be used to satisfy the mortgage loan originator's surety bond requirement.
(b) The penal sum of the surety bond shall be maintained in an amount that reflects the dollar amount of loans originated as determined by the commissioner.
(c) Upon commencement of an action on a licensee's bond the commissioner may require the filing of a new bond. The commissioner shall, immediately upon recovery upon any action on the bond, require that the licensee file a new bond.
Structure Massachusetts General Laws
Part III - Courts, Judicial Officers and Proceedings in Civil Cases
Title IV - Certain Writs and Proceedings in Special Cases
Chapter 255f - Licensing of Mortgage Loan Originators
Section 5 - Pre-Licensing Education
Section 6 - Qualified Written Examination
Section 7 - Renewal, Expiration and Reinstatement of Licenses
Section 8 - Continuing Education
Section 10 - Challenge to Information Entered Into Nationwide Mortgage Licensing System and Registry
Section 11 - Administration and Enforcement of Chapter
Section 14 - Investigations and Examinations
Section 15 - Prohibited Conduct Constituting Violation of Chapter