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Opinion Summary of Selected Opinion 97-267

Date: 01/01/1997
Organization: Division of Banks
Docket Number: 97-267

Table of Contents

Licensing Requirements For Automated Check Cashing Machines

Any person or entity other than: 1) a bank as defined in Mass. Gen. Laws ch. 167 § 1; 2) a national banking association; 3) a federally chartered credit union; 4) a federal savings and loan association; or 5) a federal savings bank, engaging in the cashing of checks, drafts or money orders for a consideration in excess of one dollar, must be licensed pursuant to Mass. Gen. Laws ch. 169A § 2. In light of clarifications and additional facts provided in regard to the entity's activities in Opinion # 97-101, the Division has determined that an entity which operates automated cash checking machines (CCMs) in the Commonwealth would not require a check casher's license pursuant to Mass. Gen. Law ch. 169A in certain circumstances.