Exemption From Collection Agency Licensing Requirements For Out-Of-State Chartered Bank
Mass. Gen. Laws chapter 93, section 24 sets forth the Commonwealth's collection agency licensing requirements. Said section 24 exempts from that licensing requirements federally-chartered banks, as defined in M.G.L. c. 167, and banks, trust companies, and credit unions chartered by the Commonwealth. Current law does not contain an exemption for out-of-state chartered banks; thus said institutions wishing to conduct collection activities in the Commonwealth must obtain a collection agency license from the Division. The Division continues to seek passage of legislation now House 18, which would make consistent the Commonwealth's laws on licensing exemption by creating a common exemption for federally chartered and state-chartered financial institutions.