Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 18.00 - Conduct of the business of debt collectors, student loan servicers, and third party loan servicers
Section 18.01 - Purpose and Applicability
Universal Citation: 209 MA Code of Regs 209.18
Current through Register 1531, September 27, 2024
(1) Purpose. The purpose of 209 CMR 18.00 is to establish standards, by defining unfair or deceptive acts or practices, for the servicing of loans and collection of debts from persons within the Commonwealth of Massachusetts by debt collectors, third party loan servicers, and student loan servicers; to establish procedures and requirements for the licensing and supervision of debt collectors and student loan servicers; and for the registration and supervision of third party loan servicers.
(2) Applicability.
(a) Persons exempt from the licensing and
registration provisions pursuant to M.G.L. c. 93, § 24A(c) who conduct the
business of a debt collector or third party loan servicer as defined in
209 CMR 18.02, shall
be subject to the provisions governing fair debt collection and third party
loan servicing practices at
209 CMR
18.15 through
18.24,
and shall not be subject to the provisions of
209
CMR 18.03 through
18.14.
(b) Any person licensed as a debt collector
shall not be required to register as a third party loan servicer. However, any
debt collector who engages in third-party loan servicing activities must comply
with all pertinent state and federal laws and regulations governing third party
loan servicers when acting in that capacity including, but not limited to, the
provisions of
209 CMR
18.23 and
18.24.
(c) A student loan servicer who engages in
third-party loan servicing activities or debt collection activities within the
scope of student loan servicing activities described in M.G.L. c. 93L shall
comply with all applicable state and federal laws and regulations governing
third party loan servicers and debt collectors when acting in such
capacity.
(d) Nothing contained in
209 CMR 18.00 shall limit the
ability of the Commissioner to consider other information in determining
whether or not to approve an application, or to require information in addition
to that required by the application form provided to the
applicant.
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