Requirements For Separate Licenses
Mass. Gen. Laws chapter 140, section 96 requires that persons seeking, directly or indirectly, to engage in the business of making small loans must obtain a license to carry on the business "in the town where the business is to be transacted." In order to conduct business at a location other than the address indicated on the license, the licensee must get the prior permission of the Division, according to 209 CMR 12.07(1). It is the Division's position that a separate license is required for each location within the Commonwealth from which the business of a small loan agency will be conducted. If a licensee's employees do not have contact with prospective consumer borrowers or with the general public from the premises on which they do business, a separate license may not be required for each premises.
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