By the Division of Banks

Licensing For Purchasers Or Assignees Of Retail Installment Sales Agreements Made To Finance Purchases Of Water Equipment

Any person, other than an installment seller or bank as defined under Mass. Gen. Laws chapter 167, § 1, engaged in whole or in part in the business of purchasing retail installment sale agreements from one or more retail sellers must obtain a sales finance company license pursuant to Mass. Gen. Laws chapter 255D. Therefore, an entity which purchases retail installment sale agreements made for the purpose of financing the purchase of water equipment would require a sales finance company license under Mass. Gen. Laws chapter 255D, § 2.

Holders of retail installment agreements as defined by Mass. Gen. Laws chapter 255D, § 1 which do not purchase contracts from retail sellers would not require a sales finance company license. However, such holders would be subject to the provisions of Mass. Gen. Laws chapter 255D pursuant to section 25 of said chapter.

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