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This opinion was issued during the first quarter of 1999.
An out-of-state corporation with no business locations in Massachusetts seeks to finance extended service agreements on automobiles for consumers. Mass. Gen. Laws chapter 140, sections 96 through 114A, inclusive, govern the making of small loans in Massachusetts. Those statutes and their implementing regulation, 209 CMR 12.00 et. seq. cover consumer loans of $6,000.00 or less with an interest rate in excess of 12% per annum. It is likely that the licensing requirements of said chapter 140 may be triggered since there does not appear to be an applicable exception. It is possible that the extended service contract may be considered an insurance product under the insurance statutes of Massachusetts. If such service contract were determined to be an insurance product then Mass. Gen. Laws chapter 255C and its implementing regulation, 209 CMR 20.00 et. seq. may apply