By the Division of Banks

Licensees are now permitted to use Multiple Trade Names

The Massachusetts Division of Banks has revised its policy on the use of multiple trade names. Entities licensed through NMLS are now permitted to use more than one DBA or trade name under the following parameters: 1) The trade name may not be a separate legal entity from the licensee; and 2) The licensee must consistently use one single trade name when dealing with a consumer over the life of the loan agreement, installment contract, credit application, debt obligation, remittance transaction, cashing or sale of check or money order, etc. All trade names will be visible online in NMLS Consumer Access.

If a licensee wishes to conduct business with Massachusetts consumers under more than one trade name or DBA designation, separate license(s) are required for those names. Licensees must obtain approval from the Division to use more than one trade name. Please contact the Division's licensing unit at 617-956-1500, extension 351 for more information and instruction on how to apply. You may also view instructions on the Massachusetts Licensing Requirements webpage.