Bill > H1273

This bill establishes uniform enforcement and confidentiality provisions for various financial licensees under the jurisdiction of the Division of Banks, covering multiple types of financial services businesses such as debt collectors, third-party loan servicers, small loan providers, check sellers, money order issuers, premium finance agencies, and sales finance companies. The bill introduces several key provisions across multiple chapters of Massachusetts General Laws, including: standardized penalties of up to $5,000 per violation with a maximum of $100,000 plus investigation costs; enhanced commissioner powers to investigate and examine licensees; the ability to issue cease and desist orders; provisions for suspending or revoking licenses; and strict confidentiality protections for investigation records. The bill also allows the commissioner to prohibit individuals from working in these industries for up to 36 months if they violate regulations, and provides criminal penalties including potential imprisonment for up to one year for certain violations. These changes aim to provide more consistent regulatory oversight and enforcement across different types of financial service businesses, with a focus on protecting consumers and maintaining the integrity of financial transactions.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/H1273