By the Division of Banks

Licensing Requirements For Making Loans To Mobile Home Owners

Mass. Gen. Laws chapter 140, section 96 requires that any person, unless otherwise exempted, making loans of $6,000.00 or less and charging interest in excess of 12% per annum must be licensed as a small loan agency by the Division. An entity intending to make loans, with a minimum amount of $7,000.00, to owners of mobile homes located on rented land, need not be licensed as a small loan agency. Additionally, as the loan is not secured by a mortgage on owner-occupied, 1-4 family real estate, the lender need not obtain a mortgage lender license under M.G.L. c. 255E. Even if a license is not required to make mobile home loans, the Commonwealth's Truth-In-Lending law, M.G.L. c. 140D and 209 CMR 32.00, does apply.

Recommended Content

People also viewed...

You recently viewed...

Personalization is OFF. Your personal browsing history at 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.