The State Organization Index provides an alphabetical listing of government organizations, including commissions, departments, and bureaus.
Top-requested sites to log in to services provided by the state
This opinion was issued during the fourth quarter of 1997.
Loans for personal, household or family purposes in the amount less than may $6,000 trigger the requirements of Mass. Gen. Laws chapter 140, § 96. In the event that a building supply company displays signs indicating that financing is available through a bank and provides interest rate sheets to customers, licensing requirements under said statute would not be triggered. Although such a building supply company may fall within the description of a "loan arranger", under Mass. Gen. Laws chapter 140, § 96, the building supply company would not be required to obtain a small loan license if it does not receive a fee for the referral services. Additionally, it is the position of the Division of Banks that the building supply company would not be required to register as a mortgage broker, even if the bank intends to secure the loans with a mortgage on the borrower's principal residence, if the building supply company does not receive any compensation or gain for its services in the transaction under Mass. Gen. Laws chapter 255E.