Section 55.05 - Prohibited Acts or Practices(1) It is a prohibited act or practice for a mortgagee to make a reverse mortgage loan in the Commonwealth without having a reverse mortgage program which has been approved by the Commissioner in accordance with M.G.L. c. 183, § 67, M.G.L. c. 167E, § 7 or M.G.L. c. 171, § 65C.(2) It is a prohibited act or practice for a reverse mortgage to be made to a mortgagor who has not received counseling by a third party approved by the Executive Office of Elder Affairs.(3) It is a prohibited act or practice for a mortgagee to shift the burden of making a determination of whether a prospective borrower falls within the definition of "mortgagor" set forth in 209 CMR 55.02, to the mortgagor.(4) It is a prohibited act or practice for a mortgagee to make false promises to influence, persuade or induce a consumer to sign a reverse mortgage loan application or reverse mortgage loan documents.(5) It is a prohibited act or practice for a mortgagee to pressure or coerce a consumer to sign a reverse mortgage loan application or reverse mortgage loan documents by misrepresenting or omitting crucial information about the terms of the mortgage.(6) It is a prohibited act or practice for a mortgagee to discourage a consumer in a reverse mortgage loan transaction from seeking or obtaining independent legal counsel or legal advice or to discourage including family members in the counseling session or from otherwise participating in the process.(7) It is a prohibited act or practice for a mortgagee to engage in a pattern or practice of failing to make any disclosure to a consumer required by and at the time specified by any applicable state or federal law, regulation or directive.(8) A violation of 209 CMR 55.00 shall constitute grounds for the termination of a mortgagee's reverse mortgage program approval and may constitute grounds for an administrative fine or penalty as authorized by applicable law.