Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 20.00 - Small Loans, Sales Finance Companies And Insurance Premium Finance Companies
Section 20.04 - Licensing Standards
Universal Citation: 209 MA Code of Regs 209.20
Current through Register 1531, September 27, 2024
(1) The commissioner will issue an applicant a license to engage in the business of making small loans, or the business of a sales finance company or a premium finance agency if the commissioner, upon review of the application and all other relevant information, determines that the Applicant has met all of the requirements of M.G.L. c. 140, § 96, c. 255B, c. 255C, or c. 255D.
(2) The commissioner may deny such an application if the Applicant has:
(a) violated
any provisions of M.G.L. c. 140, § 96, c. 255B, or c. 255C, or c. 255D or
209 CMR 20.00;
(b) violated or engaged in a pattern of
violations of any state or federal law applicable to the conduct of the
business of a sales finance company or a premium finance agency, including but
not limited to M.G.L. c. 93A, c. 140D, and any rule, regulation or
administrative order or directive promulgated thereunder;
(c) conducted, or will conduct, its business
in any unsafe and unsound manner; or
(d) engaged in conduct which has resulted in
the suspension or revocation of its license to engage in any business by the
licensing authority of any other state.
(3) An Applicant whose application for a license has been denied under 209 CMR 20.04 may appeal the commissioner's action under M.G.L. c. 255B, § 5 or c. 255D, § 5.
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