Selected Opinions of the Division of Banks related to small loan agencies

Through these opinions the Division of Banks (DOB) offers perspective on current issues and questions specific to small loan agencies.

2021

• Opinion 21-006

  • Licensing requirements for financing of time share interest in property, as described – June 22, 2022

• Opinion 21-009
  • Licensing requirements for digital currency trading and custody services and certain liquidity services – March 2, 2022

2017

• 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

2006

• Selected Opinion 06-040
  • Small loan licensing requirements for internet pay-day lending - June 26, 2006

2003

• Selected Opinion 02-143
  • Does refund anticipation loan program require a license - March 3, 2003

2001

• Selected Opinion 01-119
  • Does use of letterhead for backroom services trigger licensing - October 15, 2001
• Selected Opinion 01-090
  • Do subservices need a license - July 9, 2001

2000

• Summary of Selected Opinion 00-013
  • Requirement of a small loan license for a company operating an informational website - Q1 2000
• Summary of Selected Opinion 00-003
  • Small loan licensing exemption - Q2 2000
• Summary of Selected Opinion 99-172
  • Permissibility of charging a borrower an annual maintenance fee on an open-end equity line of credit where the fee would be disclosed to the borrower - Q1 2000

1999

• Summary of Selected Opinion 99-094
  • Small loan agency license requirement for a buyer and collector of debt - Q4 1999
• Summary of Selected Opinion 99-079
  • Licensing requirements for out-of-state industrial loan company in the Commonwealth - Q3 1999
• Summary of Selected Opinion 99-069
  • Requirement of a sales finance company to acquire a small loan license to assist in making unsecured loans - Q3 1999
• Summary of Selected Opinion 99-055
  • Inquiry as to whether loan officers based at a real estate office require separate branch approval - Q3 1999
• Summary of Selected Opinion 99-045
  • Exemption from licensing requirements for subsidiary of a national banking association - Q2 1999
• Summary of Selected Opinion 99-025
  • Permissibility to assess administration fee on consecutive small loans - Q1 1999
• Summary of Selected Opinion 99-008
  • Licensing requirements for extended automobile service agreements - Q1 1999

1998

• Summary of Selected Opinion 98-229
  • Requirements for separate licenses - Q4 1998
• Summary of Selected Opinion 98-206
  • Licensing requirements for making loans to mobile home owners - Q4 1998
• Summary of Selected Opinion 98-190
  • Licensing requirements for entities engaging in brokering activities with home improvement contractors - Q4 1998
• Summary of Selected Opinion 98-165
  • Ability of licensed mortgage broker to do business with its mortgage lender parent company - Q3 1998
• Summary of Selected Opinion 98-161
  • Possible means for securing home equity lines of credit subject to the Small Loan Act - Q3 1998
• Summary of Selected Opinion 98-133
  • Tax refund financing businesses and small loan agency license requirements - Q2 1998
• Summary of Selected Opinion 98-090
  • Annual report filing requirements - Q2 1998
• Summary of Selected Opinion 98-073
  • Stages at which interest may be charged - Q2 1998
• Summary of Selected Opinion 98-064
  • Licensing of employees of a licensed small loan agency who wish to work from their personal residences - Q3 1998

1997

• Summary of Selected Opinion 97-269
  • Business of collecting student loans - January 4, 1997
• Summary of Selected Opinion 97-249
  • Licensing requirements for entities soliciting consumer financing in Massachusetts
• Summary of Selected Opinion 97-247
  • License requirements for "loan processing centers" - Q4 1997
• Summary of Selected Opinion 97-245
  • Permissibility of a non-bank displaying signs indicating that financing is available through a particular bank - Q4 1997
• Summary of Selected Opinion 97-087
  • The applicability of the small loan rate order to late fees and student loans which capitalize interest - Q3 1997

1996

• Selected Opinion 96-032
  • Retention of small loan license - March 1, 1996

Past opinions of the DOB

You can get copies of past opinions by submitting a Public Records Request to the DOB's Record Access Officer.

The DOB's Regulations, found in the Code of Massachusetts Regulations (CMR - agency code number 209), are available through the State House Bookstore.