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Can you summarize 209 CMR 20?
Division of Banks and Loan Agencies > Small loans, sales finance companies and insurance premium finance companies
Short Summary
The document, 209 CMR 20.00, governs small loans, sales finance companies, and insurance premium finance companies under the Code of Massachusetts Regulations. It provides definitions for various terms used in the regulations. The document outlines the application procedure for obtaining licenses in Massachusetts and mentions the general requirements for applicants. It also mentions exemptions for certain insurance premium finance agencies and provides specific requirements for license renewal. The document states that the commissioner will issue a license to an applicant if they meet all the requirements specified in the relevant laws. The document also mentions that an applicant whose license application has been denied can appeal the commissioner’s action under specific sections of the Massachusetts General Laws. The document further discusses the maintenance of books, records, and accounts by licensees, as well as the requirement to notify the Division of Banks and Loan Agencies of significant developments. It also mentions the approval process for additional business locations and changes in location. The document does not specify any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Applicants and licensees under the provisions of M.G.L. C. 140, 96, c. 255B; 255C or 255D
What does it govern?
Small loans, sales finance companies, and insurance premium finance companies
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
Penalties for non-compliance or violation of the document's provisions are not mentioned.
Jurisdiction
Massachusetts