Activities Requiring Licensure As A Sales Finance Company
Certain entities engaged in the business of a "sales finance company" must be licensed under Mass. Gen. Laws chapter 255B, section 2. Mass. Gen. Laws ch. 255B § 1A defines, in part, a sales finance company as "any person, engaged, in whole or in part, in the business of holding retail installment contracts from one or more retail sellers and . . . a retail seller engaged in whole or in part, in the business of holding retail installment contracts acquired from retail installment contracts from retail sellers or acquiring contracts from retail buyers." An entity no longer in the business of purchasing retail investment contracts from retail buyers, according to the Division of Banks, no longer is engaged in the business of a sales finance company, even though it may service contracts purchased earlier. The Division may continue to enforce the requirements of M.G.L. ch. 255B, and its implementing regulation 209 CMR 20.00 et seq. including the consumer protection and disclosure provisions, through the examination and investigation powers set forth in M.G.L. ch. 255B §§ 4 and 6, during the time that the entity holds or services retail installment sales agreements with outstanding balances.
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