April 24, 2008
SUBJECT: STANDARD OF REVIEW FOR EVALUATING AN INDIVIDUAL'S CREDIT HISTORY TO DETERMINE WHETHER AN APPLICANT SATISFIES THE FINANCIAL RESPONSIBILITY REQUIREMENTS FOR OBTAINING A LICENSE
To the Chief Executive Officer of the Institution Addressed:
The purpose of this letter is to inform you of the Division of Banks' (Division) intention to issue Regulatory Bulletin 5.2-102 (Bulletin), which will apply to each of the licensed industries under the Division's supervision, including mortgage lenders, mortgage brokers, mortgage loan originators, small loan companies, retail installment finance companies, insurance premium finance companies, motor vehicle finance companies, debt collectors, check cashers, check sellers, and foreign transmittal agencies. The proposed Bulletin sets forth guidelines relative to the minimum standards to be applied in determining whether a license applicant's personal financial history supports a finding that the individual satisfies the regulatory standards of financial responsibility, character, reputation, integrity, and general fitness to obtain the license from the Division or to receive approval of any proposed change among the owners, officers, directors, or control personnel of the licensed entity. The Bulletin encourages applicants to strenuously self-test prior to submitting the license application to assess whether their personal financial history satisfies the licensing standard.
By publishing the Bulletin in advance of its issuance, the Division will provide an opportunity for interested parties to comment on the proposed Bulletin. The Bulletin can be found on the Division's web site at www.mass.gov/dob under 'News and Updates.' Any interested party who may consider seeking a license in the future is also invited to review and comment on these proposals. The Bulletin shall not apply to licensees seeking the renewal of such licenses.
The Division is pleased to accept comments on the Bulletin from interested parties which should be submitted by May 23, 2008, via e-mail to dob.comments@state.ma.us or by mail addressed to Steven L. Antonakes, Commissioner of Banks, One South Station, 3 rd Floor, Boston, MA 02110.
Very truly yours,
Steven L. Antonakes
Commissioner of Banks