48.01: Applicability and purpose
The purpose of 209 CMR 48.00 is to establish procedures and requirements for record keeping by licensees. You must comply with 209 CMR 48.00 if you meet the definition of a licensee.
The following words shall have the following meanings:--
Commissioner means the Commissioner of Banks.
Commonwealth means the Commonwealth of Massachusetts.
Electronic means relating to technology as having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.
Electronic Record means a record created, generated, sent, communicated, received or stored by electronic means.
Examination means the examination or inspection of a licensee’s books and records as required by applicable statute.
Licensee means any person who is registered as a third party loan servicer under the provisions of M.G.L. c. 93, §§ 24 through 28 or any person who is licensed as: a debt collector under the provisions of M.G.L. c. 93, §§ 24 through 28; a small loan company under the provisions of M.G.L. c. 140, §§ 96 through 114A; a check seller under the provisions of M.G.L. c. 167F, § 4; a foreign transmittal agency under the provisions of M.G.L. c. 169; a check casher under the provisions of M.G.L. c. 169A; a motor vehicle sales finance company under the provisions of M.G.L. c. 255B; an insurance premium finance agency under the provisions of M.G.L. c. 255C; a retail installment sales finance company under the provisions of M.G.L. c. 255D; or a mortgage lender or a mortgage broker under the provisions of M.G.L. c. 255E.
NMLS means the Nationwide Multi-State Licensing System & Registry, a multistate licensing system owned and operated by the State Regulatory Registry LLC (SRR), a wholly owned subsidiary of the Conference of State Bank Supervisors (CSBS), an association of state financial services regulators.
Person means a natural person or an organization including a corporation, a limited liability company or partnership, partnership, association, cooperative or trust.
You means a licensee.
48.03: How long to keep books and records
You must keep all books, records, and accounts as required by State and federal law and regulation. If you are licensed as a debt collector or registered as a third party loan servicer, you must maintain all books, records, and accounts for a minimum of two years. If you are licensed as a small loan company, check seller, foreign transmittal agency, check casher, motor vehicle sales finance company, insurance premium finance agency, retail installment sales finance company, mortgage lender, mortgage broker, mortgage company, you must maintain all books, records, and accounts for a minimum of three years. This includes, but is not limited to, a complete customer account history for each transaction including but not limited to terms and conditions of the agreement, payment dates, maturity or final payment due date, refunds, refinancing date, collection or legal action taken.