FILED ON: 1/17/2012
HOUSE . . . . . . . . . . . . . . . No. 3727
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The Commonwealth of Massachusetts
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In the Year Two Thousand Twelve
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An Act authorizing certain licensees of the division of banks to participate in a multi-state licensing system.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Section 24B of chapter 93 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by adding the following paragraph:--
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for entities engaged in the business of a debt collector. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section. The commissioner may require a background investigation of each applicant for a debt collector license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 2. Section 24C of chapter 93 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by adding the following paragraph:--
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for entities engaged in the business of a third party loan servicer. The commissioner may establish requirements for participation by a registrant to be a third party loan servicer in a multi-state licensing system which may vary from the provisions set out in this section. The commissioner may require a background investigation of each registrant for a third party loan servicer by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the registrant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such registrant, and any individual acting as a manager of an office location. The registrant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 3. Section 98 of chapter 140 of the General Laws, as so appearing, is hereby amended by striking out the words “the fifteenth day of April” in line 3 and inserting in place thereof the words:— a date to be determined by the commissioner.
SECTION 4. Section 102 of chapter 140 of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for entities engaged directly or indirectly, in the business of making loans of six thousand dollars or less. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and sections 97, and 101. The commissioner may require a background investigation of each applicant for a small loan license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 5. Section 4 of chapter 167F of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for entities engaged in the business of selling, issuing or registering checks or money orders. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section. The commissioner may require a background investigation of each applicant for a license to engage in the business of selling, issuing or registering checks or money orders by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 6. Section 6 of chapter 169 of the General Laws, as so appearing, is hereby amended by adding the following paragraph:
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for entities engaged in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and section 3. The commissioner may require a background investigation of each applicant for a license to receive deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 7. Section 9 of chapter 169 of the General Laws, as so appearing, is hereby amended by striking out the first paragraph and inserting in place thereof the following paragraph:—
Licensees shall annually, on or before a date to be determined by the commissioner, and at such other times as the commissioner may specify, make a report to said commissioner in such form as said commissioner may prescribe, which form shall disclose the condition of such licensee as of the close of business on such day as the commissioner may prescribe.
SECTION 8. Section 3 of chapter 169A of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for entities engaged in the business of cashing checks, drafts or money orders for consideration in excess of one dollar per item. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and section 5. The commissioner may require a background investigation of each applicant for a license to cash checks, drafts or money orders for consideration in excess of one dollar per item by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 9. Section 2 of chapter 255B of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for entities engaged in the business of a motor vehicle sales finance company. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section. The commissioner may require a background investigation of each applicant for a motor vehicle sales finance company license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 10. Section 3 of chapter 255B of the General Laws, as so appearing, is hereby further amended by striking out the words “April fifteenth” in line 47 and inserting in place thereof the words:— a date to be determined by the commissioner.
SECTION 11. Section 2 of chapter 255C of the General Laws, as so appearing, is hereby amended by striking out the words “a relocation investigation fee of $50” in lines 20 and 21 and inserting in place thereof the words:— an investigation fee to be determined annually by the commissioner of administration under section three B of chapter seven.
SECTION 12. Section 3 of chapter 255C of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application processes, by electronic or other means, for entities engaged in the business of an insurance premium finance agency. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and sections 2 and 4. The commissioner may require a background investigation of each applicant for an insurance premium finance agency license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 13. Section 6 of chapter 255C of the General Laws, as so appearing, is hereby further amended by striking out the words “April fifteenth” in line 57 and inserting in place thereof the words:— a date to be determined by the commissioner.
SECTION 14. Section 2 of chapter 255D of the General Laws, as so appearing, is hereby amended by inserting, after the first paragraph, the following paragraph:--
The commissioner may participate in a multi-state licensing system for entities engaged in the business of a sales finance company. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section. The commissioner may require a background investigation of each applicant for a sales finance company license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.
SECTION 15. Section 3 of chapter 255D of the General Laws, as so appearing, is hereby further amended by striking out the words “April fifteenth” in line 48 and inserting in place thereof the words:— a date to be determined by the commissioner.