Selected Opinions regarding Sales Finance and Insurance Premium Finance Agencies

The publication of these Selected Opinions, as well as the previously issued Annual and Quarterly Digests, is part of the Division's ongoing effort to continue to improve its communication with all those who have a vested interest in the financial services industry. Through these Selected Opinions and Digests, the Division offers its perspective on current issues and questions in the financial services industry. As always, requests for opinions from the Division must be addressed directly to the Commissioner of Banks, Massachusetts Division of Banks, 1000 Washington Street, 10th Floor, Boston, MA 02118-6400 and must include a statement of all relevant facts, cites to applicable statutes and regulatory documents and an analysis of those materials supporting your position. The Division acknowledges receipt of opinion requests by assigning each a number. Any subsequent inquiries to the Division about an opinion request should refer to this opinion number.

Debt Cancellation Coverage or GAP Authorized for Motor Vehicle Sales Pursuant to General Laws Chapter 255B - April 1, 2004

Whether a document preparation fee is part of the finance charge - August 17, 2004

Issues Concerning Timing of Notice of Revocation of Cancellation of an Insurance Contract - July 28, 2003

Exemption for Sales Finance Company License for a Loan Broker - February 7, 2002

Interest Rates Applicable to Consumer Installment Loans - July 6, 2001

Licensing Requirement For Internet Escrow Company - Q3 2000

Retail Installment Sales License Requirement - Q2 2000

Delaware Company Converting From a Corporation To A Limited Liability Company - Q2 2000

Licensing Requirement For The Service Center Of A Sales Finance Company - Q1 2000

License Requirement For Company Offering Computer Training Courses - Q2 2000

Requirements To Originate, Purchase Or Own Automobile Loans Made Directly To Customers - Q4 1999

Permissibility Of Financing Extended Warranties In Connection With The Indirect Financing Of Motor Vehicles - Q4 1999

Licensing A Sales Finance Company - Q4 1999

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

Licensing Requirements For Company Wishing To Permit Credit Card Customers To Charge Their Insurance Premiums - Q4 1998

Licensing Requirements For Insurance Brokers And Agents Participating In A "Point Spread Program" - Q2 1999

Licensing Of Aerospace Finance Companies - Q3 1998

Licensing Requirements For Out-Of-State Companies Accepting Unsecured Retail Installment Contracts - Q4 1998

Originating Loans Secured By First Liens On Residential Manufactured Homes - Q3 1998

Activities Requiring Licensure As A Sales Finance Company - Q2 1998

Permissibility Of Cash Prize Program For Auto Dealers Closing Auto Loans Funded By A Bank - Q2 1998

Financing Of Commercial Insurance Policies - Q2 1998

Definition Of "Business Day" - Q2 1998

Purchasing Retail Installment Sales Contracts From Dealers In Farm Equipment - Q2 1998

Licensing Requirements

Mortgage Broker Or Lender License Not Required For Mobile Home Loans - Q1 1998

Form Of Premium Finance Agreement

Licensing Requirements For The Purchase Of Home Improvement Installment Contracts Secured By A Second Mortgage - Q3 1998

Motor Vehicle Sales Finance Company Licensing Requirements - Q4 1997

Licensing For Purchasers Or Assignees Of Retail Installment Sales Agreements Made To Finance Purchases Of Water Equipment - Q4 1997

Permissibility Of Importing Interest Rates - Q4 1997

Sales Finance Company Record Retention Requirements - Q3 1997

License Requirements For Assignees Or Subsequent Purchasers Of Motor Vehicle Retail Installment Contracts - Q3 1997

License Requirements For Entities Purchasing Insurance Premium Finance Agreements FromLicensed Insurance Premium Finance Agencies - Q3 1997

Sales Finance Co. License Requirements For Entities Purchasing Retail Installment Agreements From Sales Finance Companies - Q3 1997

Copies of past opinions may be obtained for a fee from the Division's Consumer Assistance Unit at (617) 956-1502, and must be paid for by check. The Division's Regulations, found in the Code of Massachusetts Regulations (CMR - agency code number 209), are available through the State House Bookstore, State House Room 116, Boston, Massachusetts, 02133. Please contact the bookstore directly for prices at (617) 727-2834.