| Date: | 04/01/1998 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 98-081 |
This opinion was issued in the second quarter of 1998.
- This page, Summary of Selected Opinion 98-081 , is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 98-081
Table of Contents
Permissibility of cash prize program for auto dealers closing auto loans funded by a bank
Under Mass. Gen. Laws chapter 255B, the definition of a motor vehicle sales finance company includes banks, persons engaged in the business of purchasing retail installment contracts from one or more retail sellers, and retail sellers engaged in the business of holding retail installment contracts from retail buyers. Therefore, automobile dealerships closing loans funded by a bank would not require a license under said chapter 255B, provided that they do not purchase retail installment contracts from other retail sellers or hold retail installment contracts acquired from retail buyers.