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This opinion was issued in the third quarter of 1998.
Aerospace finance companies making direct loans to consumers for the purchase of aircraft, parts and related services, need not be licensed under Mass. Gen. Laws chapter 255E unless said companies are securing aerospace loans with a mortgage on consumer's primary residential property. Said companies need not be licensed under Mass. Gen. Laws chapter 140, section 96, the Small Loans Act, if their loans are for amounts greater than $6,000.00 and the annual interest rate is no greater than 12%. The Truth-In-Lending Law, Mass. Gen. Laws chapter 140D and its implementing regulations 209 CMR 32.00 et. seq., applies to aerospace loans of $25,000 or less. If the aerospace finance company's lending is done indirectly, even if the transaction involves an affiliate company, the company may need a license under Mass. Gen. Laws chapter 255D, governing retail installment sales and services.