License Requirements For Assignees Or Subsequent Purchasers Of Motor Vehicle Retail Installment Contracts
Under Mass. Gen. Laws chapter 255B, a sales finance company is defined as any person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers, or a retail seller engaged, in whole or in part, in the business of holding retail installment contracts acquired from retail buyers. Therefore, an entity being assigned retail installment contracts from a licensed sales finance company, or purchasing retail installment contracts from a sales finance company and not from a retail seller, would not itself be required to obtain a sales finance company license. However, as retail installment contract holders such entities would be subject to Mass. Gen. Laws chapter 255B §§ 11, 15, 17, 19, 19A and 20.
People also viewed...
You recently viewed...
Personalization is OFF. Your personal browsing history at Mass.gov is not visible because your personalization is turned off. To view your history, turn your personalization on.
Learn more on our .
*Recommendations are based on site visitor traffic patterns and are not endorsements of that content.