Section 42.06 - Licensing Standards - Mortgage Brokers(1) A license to engage in the business of mortgage broker will be issued to an Applicant if the Commissioner, upon review of the application and all other relevant information, determines that all of the requirements of M.G.L. c. 255E, §§ 3 and 4 and 209 CMR 42.05 have been met.(2)(a) The Commissioner may deny an application to engage in the business of a mortgage broker, if the Commissioner upon review of the application and other relevant information, determines that the Applicant has not satisfied the requirements of M.G.L. c. 255E or 209 CMR 42.05.(b) The Commissioner may also deny such an application if the Applicant has:1. violated any provision of M.G.L. c. 255E or 209 CMR 42.00;2. violated or engaged in a pattern of violations of any state or federal law applicable to the conduct of the business of a mortgage broker including, but not limited to, M.G.L. chs. 93A, 112, § 87RR, 140, 140D, 183, or 184 and any rule, regulation or administrative order or directive promulgated thereunder;3. conducted, or will conduct, its business in an unsafe and unsound manner; or4. engaged in conduct which has resulted in the suspension or revocation of its license to engage in the business of a mortgage broker by the licensing authority of this or any other state.(3) An Applicant whose application has been denied under 209 CMR 42.06(2) may appeal the Commissioner's action under M.G.L. c. 255E, § 4.(4) A person licensed as a mortgage lender under 209 CMR 42.03, 42.04, and 42.07 may also be licensed as a mortgage broker under 209 CMR 42.05 through 42.07, provided, however, that such Licensee shall be prohibited from acting as a mortgage lender in any transaction in which the Licensee is acting as a mortgage broker.Amended by Mass Register Issue 1320, eff. 8/26/2016.Amended by Mass Register Issue 1470, eff. 5/27/2022.