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Opinion

Opinion Summary of Selected Opinion 97-252

Date: 10/01/1997
Organization: Division of Banks
Docket Number: 97-252

This opinion was issued in the fourth quarter of 1997.

Notice requirements for purchase of all assets of a licensed collection agency

It is the position of the Division of Banks that when all capital stock of a collection agency licensed pursuant to Mass. Gen. Laws chapter 93, § 24 is acquired by another entity, the acquiring entity must file an application for a collection agency license in the Commonwealth. The acquired collection agency's current license must be returned to the Commonwealth, as a collection agency license is not transferable. Furthermore, if the acquiring entity wishes to adopt the acquired agency's name, it should dissolve the present acquired agency's corporation, obtain a Board of Director's vote of the target agency authorizing the use of the same name, and then file an amended articles of organization for the acquiring entity. Such a process should meet the registration requirements of the Corporation's Division of the Massachusetts Secretary of State.

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