FILED ON: 1/30/2012
HOUSE . . . . . . . . . . . . . . . No. 3911
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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 2010 Official Edition, is hereby amended by inserting at the end thereof the following paragraph:-
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application, by electronic or other means, of entities engaged in the business of debt collection. 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 which may include fingerprint and 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 a background investigation for 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 said chapter 93, 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, by electronic or other means, of entities engaged in the business of third party loan servicing. 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 and 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 abackground investigation for 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, in line 3, the words “the fifteenth day of April” and inserting in place thereof the following words:— a date to be determined by the commissioner.
SECTION 4. Section 102 of said chapter 140, as so appearing, is hereby amended by adding at the end thereof the following paragraph:-
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application , by electronic or other means, of entities engaged, directly or indirectly, in the business of making small loans of not more than $6000. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set forth 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 and 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 abackground investigation for 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 at the end thereof the following paragraph:-
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application, 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 and 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 abackground investigation for 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 at the end thereof the following paragraph:
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application, by electronic or other means, of entities engaged in the business of receiving deposits of money for the purposes of foreign transmission. 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 purposes of foreign transmission by means of fingerprint and 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 abackground investigation for 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 said chapter 169, as so appearing, is hereby amended by striking out the first paragraph and inserting in place thereof the following paragraph:—
Licensees shall annually make a report to the commissioner, on or before a date to be determined by the commissioner, and at such other times as the commissioner may specify, in such form as thecommissioner 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 at the end thereof the following paragraph:-
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application, by electronic or other means, of entities engaged in the business of cashing checks, drafts or money orders for consideration in excess of $1 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 $1 per item by means of fingerprint and 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 abackground investigation for 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 at the end thereof the following paragraph:-
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application, by electronic or other means, of entities engaged in the business of motor vehicle sales financing. 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 and 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 abackground investigation for 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 said chapter 255B, as so appearing, is hereby further amended by striking out, in line 47, the words “April fifteenth” and inserting in place thereof the following 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, in lines 20 and 21, the words “a relocation investigation fee of $50” and inserting in place thereof the following words:— an investigation fee to be determined annually by the commissioner of administration under section 3B of chapter 7.
SECTION 12. Section 3 of chapter 255C of the General Laws, as so appearing, is hereby amended by adding at the end thereof the following paragraph:-
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and the licensing and application, by electronic or other means, of entities engaged in the business of insurance premium financing. 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 and 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 abackground investigation for 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 said chapter 255C, as so appearing, is hereby further amended by striking out, in line 57, the words “April fifteenth” and inserting in place thereof the following 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 sales financing. 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 and 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 a background investigation for 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 said chapter 255D, as so appearing, is hereby amended by striking out, in line 48, the words “April fifteenth” and inserting in place thereof the following words:— a date to be determined by the commissioner.