| Date: | 07/04/1999 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 99-069 |
This opinion was issued during the third quarter of 1999.
- This page, Summary of Selected Opinion 99-069, is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 99-069
Table of Contents
Requirement Of A Sales Finance Company To Acquire A Small Loan License To Assist In Making Unsecured Loans
A licensed Massachusetts retail installment sales finance company proposes to assist an FDIC insured Utah industrial loan company in making unsecured personal loans. The Division reviewed the request and considered Mass. Gen. Laws chapter 140, section 96 in making its determination that a small loan license would be required in the event the loans to be arranged by the sales finance company are $6,000.00 or less with an interest rate which exceeds 12% per annum and the sales finance company would directly or indirectly receive a fee or other consideration.