Dbsa license

Application These Conditions of Use shall apply to all Users and becomes binding between DBSA and a user immediately upon the user accessing, viewing or using the Service or its contents. User Name and Password The User undertakes to ensure that the user name and password are neither easily accessible nor disclosed to any unauthorized person.

The account holder undertakes to report any actual or attempted unauthorised access to DBSA, without delay, via the support desk of DBSA and provide written confirmation thereof within 24 twenty-four hours of such notification. DBSA will, save for the circumstances as set out in clause 10 bullet 2 below, not share any such information with any third party without the prior written consent of the Account Holder.

DBSA will only disclose the information to a third party if DBSA is required by law or court order to disclose the information DBSA will store information on its system for a period of 12 twelve months after the termination of this agreement, or for a period of 5 five years after submission of information if this agreement remains in force for longer than 5 years , whichever might be the case.

Completing a fictitious name filing will allow you to use a completely original name for your business. For example, if your name is John Smith and you run a doughnut shop as a sole proprietorship, you could complete a DBA registration so that you can transact business as Smitty's Doughnut Emporium. The main reason that many states require a DBA license is to protect consumers from harm by businesses acting in bad faith. Imagine, for instance, that you've purchased a product and later discover that it is defective, leading you to want a refund.

If the business you purchased the product from used a fictitious name, you would have no way of knowing who to contact for your refund if this fictitious name wasn't registered with the state. A DBA license lets consumers know exactly who is running a company, meaning they'll know who to hold responsible if there's a problem.

DBA licenses also provide protections for business owners. For example, when you formally register your business, it will be much easier for you to enforce contracts. Once you register your name, other businesses will not be able to your name. If you're ready to register your DBA name, there are a few tasks that you'll need to complete. The easiest way to register your DBA is visiting your county clerk's office. Show More Table of contents.

Show Table of Contents. The Division, through the Commissioner, also has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter F, section 2. DBSA Holdings is, and at all relevant times has been, a Massachusetts licensed mortgage broker and mortgage lender doing business in the Commonwealth. The amendments to CMR The public hearing was followed by a day comment period which remained open until July 20, Upon finalization of the amendments to CMR The Division's Regulatory Bulletin 5.

On or about October 30, , the Division sent detailed instructions to all licensed mortgage brokers and mortgage lenders regarding the license renewal application process, which included the following directive: "licensees must have executed surety bonds in place by December 31, The instructions provided that licensees must mail the original notarized surety bond to the Division by March 31, On or about April 30, , the Division sent notices to all licensed mortgage brokers and mortgage lenders who had not filed the required surety bond with the Division.

The April 30, notice provided such licensees with additional time to submit the required surety bond s and stated, in part, that: [A]n original, notarized corporate surety bond Based upon the information contained in Paragraphs 1 through 15, by failing to file a mortgage broker surety bond with the Division on or before May 15, , DBSA Holdings has failed to satisfy the Division's filing requirements for licensed mortgage brokers which are a condition of holding the license s for the license period ending December 31, Based upon the information contained in Paragraphs 1 through 15, engaging in further activity under the mortgage broker license s without a surety bond, and in the absence of the intended protections of such bond for the consumers of the Commonwealth, would constitute the operation of the licensed business in a financially irresponsible manner in violation of the Division's regulation CMR Based upon the information contained in Paragraphs 1 through 15, the Commissioner has determined that: DBSA Holdings has engaged in, is engaging in, or is about to engage in, acts or practices which warrant the belief that it is not operating honestly, fairly, soundly and efficiently in the public interest in violation of standards governing the licensing and conduct of a mortgage broker including, but not limited to, the provisions of the Division's regulations at CMR Based upon the information contained in Paragraphs 1 through 15, had the facts and conditions found therein existed at the time of DBSA Holdings' original mortgage broker license application, the Commissioner would have been warranted in refusing to issue such license.

Further, the facts and conditions set forth in Paragraphs 1 through 15 present sufficient grounds for the revocation of DBSA Holdings' mortgage broker licenses pursuant to Massachusetts General Laws chapter E, section 6 and the Division's regulation at CMR Therefore, DBSA Holdings is ordered to immediately cease negotiating, placing, assisting in placement, finding or offering to negotiate, place, assist in placement or find mortgage loans on residential property in Massachusetts.

DBSA Holdings shall place such applications with a licensed Massachusetts broker s or lender s , as appropriate, or with a financial institution s that is exempt from the mortgage licensing requirements under Massachusetts General Laws chapter E, section 2.

IT IS FURTHER ORDERED that as soon as possible, but in no event later than two days after the effective date of this Temporary Order, DBSA Holdings shall submit the following information in writing to the Commissioner: A detailed record of all pending residential mortgage loan applications for which DBSA Holdings is acting in the capacity of a mortgage broker, which shall include, but is not limited to, the following: customer name, address, telephone number; all prepaid loan fees submitted by the customer; amount of loan; application status i.