Bill
Bill > H1058
MA H1058
Relative to the licensing and supervision of finance companies by the Division of Banks
summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation relative to the licensing and supervision of finance companies by the Division of Banks. Financial Services.
AI Summary
This bill makes several key changes to the licensing and supervision of finance companies by the Division of Banks in Massachusetts:
1. It repeals sections 96 through 114 and section 114A of Chapter 140, which previously governed the licensing and regulation of small loan and finance companies.
2. It establishes a new Chapter 255G that requires entities engaged in "consumer lending" (loans under $50,000 for personal, family or household purposes) to obtain a license from the Commissioner of Banks. Certain entities like banks are exempt from this licensing requirement.
3. It establishes application, approval, and renewal requirements for consumer lending licenses, including background checks and financial responsibility standards for applicants.
4. It gives the Small Loans Regulatory Board the authority to set maximum rates of interest and charges for consumer loans, and prohibits exceeding those maximums.
5. It provides the Commissioner of Banks with investigative and examination powers over licensed consumer lenders, and allows the Commissioner to suspend or revoke licenses for violations.
6. It establishes penalties for unlicensed consumer lending activity.
The bill is intended to provide updated and comprehensive regulation of the consumer finance industry in Massachusetts.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Accompanied a study order, see H5160 (on 12/01/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://malegislature.gov/Bills/191/H1058 |
Bill | https://malegislature.gov/Bills/191/H1058.pdf |
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