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Recent legal opinions of the Division of Banks

Through these opinions the Division of Banks (DOB) offers perspective on current issues and questions in the financial services industry.

Table of Contents

2020 Opinions

  • Opinion 020-001
    • Applicability of Massachusetts General Laws chapter 244, section 35B to certain agency and GSE loans – July 1, 2020
  • Opinion 020-003
    • Does providing the specified services involving virtual currency through a mobile application and website, require a foreign transmittal agency license – May 22, 2020

 

2019 Opinions

  • Opinion 19-008
    • Licensing requirements for the buying and selling of virtual currency through a website – January 17, 2020
  • Opinion 19-010
    • Is a processing fee for customer credit card payments, charged and collected by a third-party payment processor, permissible under G. L. c. 140D, § 28A – January 3, 2020
  • Opinion 19-009
    • Confirmation that a Massachusetts-chartered financial institution's donation to HOME is a qualified investment under CRA – December 11, 2019
  • Opinion 19-007
    • Licensing requirements for the sale of virtual currency through a kiosk – December 6, 2019
  • Opinion 19-006
    • Licensing requirements for a real estate conveyance attorney providing mortgage information and assistance to clients – November 8, 2019
  • Opinion 19-002
    • Questions regarding credit union real estate loan purchases and real estate loan participations – September 10, 2019
  • Opinion 19-003
    • Clarification on Vendor Single-Interest Insurance (VSI)  – October 15, 2019
  • Opinion 19-005
    • Does providing the specified products and services, as described,  require a foreign transmittal agency license – September 26, 2019
  • Opinion 19-004
    • Do payment processing services using the ACH network, as described, require a foreign transmittal agency license - August 13, 2019
  • Opinion 19-001
    • Request for interpretation of MGL chapter 167I, section 14 governing changes in control of Massachusetts stock banks – June 5, 2019

2018 Opinions

  • Opinion 18-006
    • Do business activities, as described, require a debt collector license - December 13, 2018
  • Opinion 18-005
    • DOB licensure requirement for the servicing activity of commercial transactions, as described – September 4, 2018
  • Opinion 18-004
    • Mortgage brokers preparing and providing certain disclosures required under MGL c. 140D and TRID – August 6, 2018
  • Opinion 18-003
    • DOB licensure requirement for activities, as described, for purchase, sale and exchange of virtual currency – June 14, 2018
  • Opinion 18-002
    • DOB licensure requirement for business activities involving the sale of cryptocurrency, as described – March 9, 2018

2017 Opinions

  • Opinion 17-003
    • Small loan licensing requirement for licensed motor vehicle sales finance company financing “negative equity” as part of motor vehicle sales finance contract – January 8, 2018
  • Opinion 17-009
    • Licensing requirement for an entity operating a mobile application that facilitates payments between homeowners and home improvement contractors – December 19, 2017
  • Opinion 17-005
    • Does acquiring a mortgage as a result of a defective foreclosure require a debt collector license – October 24, 2017
  • Opinion 17-007
    • Does the business of selling and buying bitcoin through kiosks require licensure by the Division – October 24, 2017
  • Opinion 17-008
    • Can a service fee be charged by third party payment processor for payments by credit card for insurance premium payments – October 24, 2017
  • Opinion 17-001
    • The use of professional employer organization services - May 10, 2017
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