By the Division of Banks

Use Of Word "Trust" In Name Of Entity That Does Not Conduct Banking Business

Mass. Gen. Laws chapter 167, section 37 prohibits any individual or entity, either conducting a banking business or in the business of receiving money on deposit, from using the word "trust" in its name or title, unless otherwise authorized. It is the Division's opinion that a business trust organized under the law of another state may use the word "trust" in its name for purposes of collecting debts from consumers in the Commonwealth through a third-party, licensed collection agency.