The Division of Banks (DOB) licenses consumer finance companies, including insurance premium finance companies, motor vehicle finance companies, retail installment finance companies, and small loan companies.
- This page, Apply for a finance company license, is offered by
- Division of Banks
Apply for a finance company license
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
You must file all applications for company or branch licenses with the DOB through the Nationwide Multi-State Licensing System (NMLS).
The DOB recommends reviewing all applicable laws, regulations, and regulatory bulletins before you submit a license application.
Fees
| Name | Fee | Unit |
|---|---|---|
| License fee (insurance premium, motor vehicle, and retail installment finance companies) | $1,000 | per license |
| Small loan company license fee* | $1,100 | per license |
| Investigation fee (all finance companies) | $300 | per license |
| Credit report fee (all finance companies) | $15 | per control person(s) |
| FBI criminal background check fee (all finance companies) | $36.25 | per owner(s) or control person(s) |
How to apply
All finance company license applications are submitted online using NMLS. Any supporting documents must be mailed to the DOB.
If you are associated with a company, it is important to check in with your company before creating or completing a record in NMLS.
Mail documents to the Division of Banks:
Massachusetts Division of Banks
Loan Originator Licensing
1000 Washington Street, 10th Floor
Boston, MA 02118
More info
* The small loan company license fee includes a $100 lead paint surcharge fee in accordance with Chapter 482, section 22 of the Acts of 1993.
All fees collected through the NMLS are nonrefundable.
Downloads
Open PDF file, 19.11 KB,
209 CMR 26.00: Small loan regulatory board
(English, PDF 19.11 KB)
Open PDF file, 223.5 KB,
209 CMR 32.00: Truth in Lending
(English, PDF 223.5 KB)
Open PDF file, 88.1 KB,
209 CMR 48.00: Licensee Record Keeping
(English, PDF 88.1 KB)
Open PDF file, 159.82 KB,
955 CMR 2.00: The Financing of Insurance Premiums
(English, PDF 159.82 KB)
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