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Opinion

Opinion Summary of Selected Opinion 99-078

Date: 07/01/1999
Organization: Division of Banks
Docket Number: 99-078

This opinion was issued in the third quarter of 1999.

Permission for a Massachusetts multi-licensed entity to share office space with its out-of-state chartered bank

An entity licensed as a sales finance company, mortgage lender, small loan agency, and a motor vehicle sales finance company seeks to share office space with its out-of-state chartered affiliate bank. The bank is interested in doing business as a loan production office from a location licensed in the Commonwealth. The bank would be doing manufactured housing-secured and mortgage-secured lending from this location. There is no prohibition within Mass. Gen. Laws chapter 167C, section 5 or within any state regulation against such office sharing between the entities involved herein and such a co-location requires no Division approval.

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