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Division of Banks

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.
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2019 Selected Opinions

  • Selected Opinion 19-005
    • Does providing the specified products and services, as described,  require a foreign transmittal agency license – September 26, 2019
  • Selected Opinion 19-004
    • Do payment processing services using the ACH network, as described, require a foreign transmittal agency license - August 13, 2019
  • Selected Opinion 19-001
    • Request for interpretation of MGL chapter 167I, section 14 governing changes in control of Massachusetts stock banks – June 5, 2019

2018 Selected Opinions

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

2017 Selected Opinions

  • Selected 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
  • Selected Opinion 17-009
    • Licensing requirement for an entity operating a mobile application that facilitates payments between homeowners and home improvement contractors – December 19, 2017
  • Selected Opinion 17-005
    • Does acquiring a mortgage as a result of a defective foreclosure require a debt collector license – October 24, 2017
  • Selected Opinion 17-007
    • Does the business of selling and buying bitcoin through kiosks require licensure by the Division – October 24, 2017
  • Selected 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
  • Selected Opinion 17-001
    • The use of professional employer organization services - May 10, 2017

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