| Date: | 07/01/1997 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 97-107 (-123) |
This opinion was issued in the third quarter of 1997.
- This page, Summary of Selected Opinions 97-107 (-123) , is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinions 97-107 (-123)
Table of Contents
License requirements for assigness or subsequent purchasers of motor vehicle retail installment contracts
Under Mass. Gen. Laws chapter 255B, a sales finance company is defined as any person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers, or a retail seller engaged, in whole or in part, in the business of holding retail installment contracts acquired from retail buyers. Therefore, an entity being assigned retail installment contracts from a licensed sales finance company, or purchasing retail installment contracts from a sales finance company and not from a retail seller, would not itself be required to obtain a sales finance company license. However, as retail installment contract holders such entities would be subject to Mass. Gen. Laws chapter 255B §§ 11, 15, 17, 19, 19A and 20.