Division of Banks
1000 Washington Street, 10th Floor, Boston, MA 02118-6400
Debt collectors & loan servicers FAQ's
- Does a "debt buyer" need to obtain a debt collector license?
Refer to the Division of Banks' industry letter dated June 16, 2006 as to when a "debt buyer" needs to obtain a license.
- If a "debt buyer" must obtain a debt collector license, is there a deadline by which they must obtain a license?
If a debt buyer must obtain a debt collector license in order to collect on their own debt, the entity must submit a license application to the Division no later than September 30, 2006. A covered entity who fails to submit an application by that date may be subject to regulatory enforcement action and referral to law enforcement. Licensing information may be found at the Division's web site under "Debt Collectors and Loan Servicers ."