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Opinion

Opinion Summary of Selected Opinion 98-002

Date: 01/01/1998
Organization: Division of Banks
Docket Number: 98-002

This opinion was issued in the first quarter of 1998.

Mortgage broker or lender license not required for mobile home loans

Mobile homes are not considered real estate; they are considered personal property. Therefore, no mortgage broker or mortgage lender license is required under Mass. Gen. Laws ch. 255E in order to purchase mobile home loans. However, Mass. Gen. Laws ch. 255D requires that any person or entity who wishes to engage in the business of a sales finance company must first obtain a license from the Commissioner of Banks. A "sales finance company" is defined as "any person . . . engaged in the business of purchasing retail sales agreements or revolving credit agreements of one or more retail sellers." An entity engaged in the business of purchasing retail installment contracts for mobile homes around the country must obtain a sales finance company license to engage in business in the Commonwealth.

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