By the Division of Banks

Notice Requirements For Purchase Of All Assets Of A Licensed Collection Agency

It is the position of the Division of Banks that when all capital stock of a collection agency licensed pursuant to Mass. Gen. Laws chapter 93, § 24 is acquired by another entity, the acquiring entity must file an application for a collection agency license in the Commonwealth. The acquired collection agency's current license must be returned to the Commonwealth, as a collection agency license is not transferable. Furthermore, if the acquiring entity wishes to adopt the acquired agency's name, it should dissolve the present acquired agency's corporation, obtain a Board of Director's vote of the target agency authorizing the use of the same name, and then file an amended articles of organization for the acquiring entity. Such a process should meet the registration requirements of the Corporation's Division of the Massachusetts Secretary of State.