By the Division of Banks

"Budget Planner" As "Credit Services Organization"

Massachusetts law does not refer to a "budget planning" license. Mass. Gen. Laws chapter 93, sections 68A through 68E govern the operation of "credit services organizations" in Massachusetts. Section 68A defines a "credit services organization" as "any person who, with respect to the extension of credit by others, sells, provides, performs, or who represents to sell, provide or perform for the payment of money or other valuable consideration any of the following services: (i) improving a buyer's credit record, history or rating; (ii) obtaining an extension of credit for a buyer; or (iii) providing advice or assistance to a buyer with respect to either clause (i) or (ii)." The Division holds that business activities defined as "budget planning" in other states may be considered a "credit services organization" under said chapter 93. In Massachusetts, "credit services organizations" need no license but must comply with chapter 93.