Anyone engaging in third-party collection of consumer debt, or who purchases and directly collects consumer debt must be licensed through the Division of Banks (DOB). Anyone who services a loan owed to another needs to be registered through the DOB.
- This page, Apply for a debt collector license or loan servicer registration, is offered by
- Division of Banks
Apply for a debt collector license or loan servicer registration
Contacts
Division of Banks
Phone
Open Monday through Friday 9:00 am - 4:00 pm.
Open Monday through Friday 9:00 am - 4:00 pm.
Open Monday through Friday 9:00 am - 4:00 pm. Use this number if you are hearing impaired.
Online
Contact us
Contact detail by unit or inquiry
The Details
What you need
There are some licensing and registration exemptions based on Massachusetts General Laws and regulation.
When applying for a debt collector license or third party loan servicer registration, the DOB recommends reviewing all applicable laws, regulations, and regulatory bulletins prior to submitting an application.
Fees
| Name | Fee | Unit |
|---|---|---|
| license fee (debt collector, student loan servicers) | $1,000 | per license |
| FBI criminal background check (debt collectors and student loan servicers) | $36.25 | per owner(s) and control person(s) |
| Loan servicer registration fee | $500 | per registration |
| Loan servicer NMLS processing fee | $120 | per registration |
| Investigation fee (debt collector and loan servicer) | $300 | per license |
| Credit report fee (debt collector and loan servicer) | $15 | per control person(s) |
How to apply
All Debt Collector or Loan Servicer license applications are submitted online using the NMLS with any supporting documents being mailed to the Division.
If you are associated with a company, it is important that you check in with your company before creating or completing a record in the NMLS.
Paper license/registration applications are no longer accepted.
Mail documents to the DOB:
Massachusetts Division of Banks
Loan Originator Licensing
1000 Washington Street, 10th Floor
Boston, MA 02118
More info
All fees collected through the NMLS are nonrefundable.
Contact
Address
Phone
Open Monday through Friday 9:00 am - 4:00 pm.
Open Monday through Friday 9:00 am - 4:00 pm.
Open Monday through Friday 9:00 am - 4:00 pm. Use this number if you are hearing impaired.
Online
Contact us
Contact detail by unit or inquiry