Related to:
Opinion

Opinion Summary of Selected Opinions 97-107 (-123)

Date: 07/01/1997
Organization: Division of Banks
Docket Number: 97-107 (-123)

This opinion was issued in the third quarter of 1997.

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.

Feedback

Tell us what you think