Part 96. Part 96: Little loan company

General Laws

Part 96. No individual shall straight or indirectly take part in the company of creating loans of six thousand bucks or less, in the event that add up to be compensated on such loan for interest and expenses surpasses when you look at the aggregate a quantity comparable to twelve % per year upon the amount loaned, without first obtaining from the commissioner of banks, in parts ninety-six to at least one hundred and fourteen, comprehensive, called the commissioner, a license to carry regarding the said company in the city where in fact the company is become transacted. When a credit card applicatoin for the loan and for a recommendation or guarantee or even for the purchase of an email is manufactured by anybody inside this commonwealth, plus the cash is advanced level or the endorsement or guarantee is manufactured or furnished by anyone without this commonwealth, the transaction will probably be considered financing made in this particular commonwealth, and such that loan therefore the parties which makes it will be susceptible to parts ninety-six to 1 hundred and thirteen, comprehensive. Read more