Consumer Compliance Unit
By the Division of Banks
Background
The Consumer Compliance Unit is responsible for conducting compliance examinations/inspections of Massachusetts state-chartered financial institutions. In addition, the Unit is responsible for processing and renewing license application for nine industries. These industries are required to be licensed by specific statute and their conduct is determined by regulations.
Licensed Financial Industries Operating in the Commonwealth of Massachusetts:
Each statute provides for the Division of Banks to conduct periodic examination/inspections of each licensee. The examination/inspection reports are not public information, but they are the process by which the Division can monitor the financial responsibility, character, reputation, integrity, and general fitness of the licensee to ensure that the business is operated honestly, fairly, soundly, and efficiently in the public interest.
LICENSE TYPE | GENERAL LAW | REGULATION |
| Debt Collectors | G.L.c. 93, s.24-28 | Regulation 209 CMR 18.00 |
| Loan Servicers | G.L.c. 93, s.24-28 | Regulation 209 CMR 18.00 |
| Small Loan Companies | G.L.c. 140, s.96-114A | Regulation 209 CMR 12.00 |
| Check Sellers | G.L.c. 167F, s.4 | |
| Foreign Transmittal Agencies | G.L.c. 169 | Regulation 209 CMR 44.00 |
| Check Cashers | G.L.c. 169A | Regulation 209 CMR 45.00 |
| Motor Vehicle Sales Finance Companies | G.L.c. 255B | Regulation 209 CMR 20.00 |
| Insurance Premium Finance Agencies | G.L.c. 255C | Regulation 209 CMR 20.00 |
| Retail Installment Finance Companies | G.L.c. 255D | Regulation 209 CMR 20.00 |
| Mortgage Lenders & Brokers | G.L.c. 255E | Regulation 209 CMR 42.00 |
Copies of individual statutes and regulations pertaining to Licensees may be obtained for a fee from the State House Bookstore at (617) 727-2834.
Obtain an Application, review a License Application or an Annual Report of a Licensee