Massachusetts Payday Loan Laws
Massachusetts Payday loan laws. Massachusetts Payday loan legislation. Massachusetts stat does not have differant payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via online, one of the alternative methods (cash rebates, ISP model, etc.) discussed in our training materials, or the newest model, the CSO (Credit Services Organization) approach.
Massachusetts State Payday Loan Laws and Legislation InformationMassachusetts Payday Loans Legal Status: Prohibited Massachusetts Payday Loans Citation: Small loan act applies. Mass. Gen. Laws Ann. ch. 140 § 96 et seq.;209 Mass. Code Regs. § 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. § 45:14(8). Massachusetts Payday Loans Small Loan Rate Cap 23% plus $20 administrative fee upon the granting of a loan Massachusetts Payday Loans Regulator: Massachusetts Division of Banks Massachusetts Payday Loans Address: One South Station Boston MA 02110 Massachusetts Payday Loans Phone Number: (617) 956-1500 Massachusetts Payday Loans Fax: (617) 956-1599 Massachusetts Payday Loans Regulatory Contact: Kevin McNamara Supervisor |
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