Permission For A Massachusetts Multi-Licensed Entity To Share Office Space With Its Out-Of-State Chartered Bank - Q3 1999

By the Division of Banks

An entity licensed as a sales finance company, mortgage lender, small loan agency, and a motor vehicle sales finance company seeks to share office space with its out-of-state chartered affiliate bank. The bank is interested in doing business as a loan production office from a location licensed in the Commonwealth. The bank would be doing manufactured housing-secured and mortgage-secured lending from this location. There is no prohibition within Mass. Gen. Laws chapter 167C, section 5 or within any state regulation against such office sharing between the entities involved herein and such a co-location requires no Division approval.