Login to NMLS
   
Skip Navigation Links
State Licensing Requirements
Multistate MSB Licensing Agreement Program
Common Requirements
Annual Renewal
Advance Change Notice
ESB for Licenses
Financial Statements
Policy
Professional Standards
Mortgage Call Report
Money Services Businesses Call Report
Temporary Authority to Operate
Uniform Authorized Agent Reporting
Resources & Support
Quick Guides - Company
Quick Guides - Individual
Report Samples
NMLS Call Center Information
Account Administration
Policy/Help Documents
NMLS Password
NMLS Expanded Industries

 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Automatic Federal Student Loan Servicer License • Any person that acts of intends to act as a student loan servicer solely pursuant to a contract with the United States Secretary of Education under 20 U.S.C. 108f. • Any subservicer that solely engages in student loan servicing pursuant to a subservicing agreement with a federal student loan servicer. A student loan servicer is any person responsible for servicing a student loan to a student loan borrower.
Check Casher License This license is required of any company or sole proprietorship that cashes checks, drafts or money orders; and charges a fee of more than $1.00 per item. (More Details)
Check Seller License This license is required of any company or sole proprietorship that directly engages in the business of selling, issuing or registering checks or money orders.
Debt Collector License This license is required of any company or sole proprietorship that directly or indirectly collects or attempts to collect third party debt from Massachusetts consumers; and active debt buyers. (More Details)
Exempt Company Registration This registration is available for any company that employs state-licensed mortgage loan originators but is not required to be licensed under the laws of Massachusetts. This registration is optional and is intended for companies that wish to manage their mortgage loan originator in NMLS. Please consult the state regulator before applying for this registration.
Foreign Transmittal Agency License This license is required of any company or sole proprietorship that engages in the business of receiving deposits of money from Massachusetts consumers for the purpose of transmitting the same or equivalents thereof to foreign countries.
Insurance Premium Finance Company License This license is required of any company or sole proprietorship that engages, in whole or in part, in the business of acquiring premium finance agreements from insurance agents or brokers, or other premium finance agencies. (More Details)
Mortgage Broker License This license is required of any company or sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans on Massachusetts residential property for others.
Mortgage Lender License This license is required of any company or sole proprietorship who engages in the business of making mortgage loans, or issues commitments for mortgage loans on Massachusetts residential property.
Motor Vehicle Sales Finance Company License This license is required of any company or sole proprietorship that engages in the business of purchasing retail installment contracts from retail sellers of motor vehicles, or any dealer who sells motor vehicles and holds the retail installment contracts. (More Details)
Retail Installment Sales Finance Company License This license is required of any company or sole proprietorship that engages in the business of purchasing retail installment sale agreements or revolving credit agreements from retail sellers of goods primarily for personal, family or household purposes. (More Details)
Small Loan Company License This license is required of any company or sole proprietorship that directly or indirectly engages in the business of making loans or engages, for a fee, commission, bonus or other consideration, in the business of negotiating, arranging, aiding or assisting a borrower or lender in procuring or making loans for personal, family or household purposes of $6,000 or less and an interest rate that exceeds 12%, regardless of whether such loans are actually made by that company/ sole proprietorship or by another party. (More Details)
Student Loan Servicer License A student loan servicer is any person responsible for servicing a student loan to a student loan borrower. This includes: i) receiving or soliciting a scheduled periodic payment from a borrower pursuant to the terms of a student loan and making the principal, interest and other payments to the owner of the loan or other third party with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract; (ii) maintaining account records for a loan and communicating with the borrower regarding the loan on behalf of the owner of the loan during a period in which no payment is required on the loan; or (iii) interacting with a borrower, including activities to help prevent default on obligations arising from a loan, to facilitate the activities described in clause (i) or clause (ii); provided, however, that the actions of the student loan ombudsman under section 35 of chapter 12 and the actions of the division of banks consumer assistance unit under section 3A of chapter 26 shall not constitute servicing. See the Student Loan Servicer Statute M.G.L. chapter 93L.
Third Party Loan Servicer Registration This registration is required of any company or sole proprietorship who uses an instrumentality of interstate commerce or the mails in any business the principal purpose of which is servicing a loan directly or indirectly, owed or due or asserted to be owed or due another. (More Details)
Branch Licenses Description Requirements Checklist
Check Casher Branch License This license is required for each branch location or agent of a licensed check casher, other than the main licensed location, that cashes checks, drafts or money orders in Massachusetts; and charges a fee of more than $1.00 per item. (More Details)
Debt Collector Branch License This license is required of each branch location of a licensed debt collector, other than the main licensed location, that conducts debt collector business activity. (More Details)
Insurance Premium Finance Company Branch License This license is required of each branch location of a licensed insurance premium finance company, other than the main licensed location, that conducts insurance premium financing activity. (More Details)
Mortgage Broker License (Branch) This license is required for all offices, other than the main office identified on the Mortgage Broker License, whether located in Massachusetts or not, which conducts business with Massachusetts consumers.
Mortgage Lender License (Branch) This license is required for all offices, other than the main office identified on the Mortgage Lender License, whether located in Massachusetts or not, which conducts business with Massachusetts consumers.
Motor Vehicle Sales Finance Company Branch License This license is required of each branch location of a licensed motor vehicle sales finance company, other than the main licensed location, that conducts motor vehicle sales finance company business activity. (More Details)
Retail Installment Sales Finance Company Branch License This license is required of each branch location of a licensed retail installment sales finance company, other than the main licensed location, that conducts retail installment sales finance company business activity. (More Details)
Small Loan Company Branch License This license is required of each branch location of a licensed small loan company, other than the main licensed location, that conducts small loan business activity. (More Details)
Student Loan Servicer Branch A student loan servicer licensee, other than an automatic federal student loan servicer licensee who intends to operate at any place in addition to its main address on the license shall notify the commissioner, in writing, not less than 30 days before doing so. The notification shall include information as required by the Commissioner. The branch office location application should only be applied for by a company that holds, or is applying for, a Student Loan Servicer License (Company). See M.G.L. c. 93L for more information.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License The license is required of any person who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan.
 

©2021 SRR LLC       Terms of Use  |  Privacy Notice  |  SRR Home