50-State Financial Services Licensing Compliance Guide
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Massachusetts Finance Licensing

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Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Massachusetts.

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Company Licenses

Massachusetts Financial Services Company Licenses

Massachusetts Automatic Federal Student Loan Servicer License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license/registration fee + $300 application fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$0

Due:

While this is a perpetual license, it must be attested to annually by December 31 in NMLS.

Massachusetts Check Casher Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Check Casher License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Massachusetts Check Seller License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$100

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Debt Collector Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Massachusetts Debt Collector License

Agency:Massachusetts Division of Banks

Initial Registration

Filing Method:

Online through NMLS

Agency Fee:

$1,000 license fee + $300 investigation fee + $36.25 background check fee per owner and control person + $15 credit report fee per control person.

Registration Renewal

Filing Method:

Online through NMLS

Agency Fee:

$1,000

Due:

Annually by December 31.

Massachusetts Exempt Mortgage Company Registration

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license/registration fee + $300 application fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$0

Due:

While this is a perpetual license, it must be attested to annually by December 31 in NMLS.

Massachusetts Foreign Transmittal Agency License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Insurance Premium Finance Company Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$20 + $50 license/registration fee + $15 credit report fee + $36.25 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Insurance Premium Finance Company License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$100 + $600 license fee + $300 inventory fee + $15 credit report fee + $36.25 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Mortgage Broker Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$20 + $50 license/registration fee + $15 credit report fee + $36.25 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Mortgage Broker License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$100 + $1100 license fee + $300 inventory fee + $15 credit report fee + $36.25 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$600

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Mortgage Lender Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Mortgage Lender License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,100

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Motor Vehicle Sales Finance Company Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Motor Vehicle Sales Finance Company License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Retail Installment Sales Finance Company Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$300 investigation fee + $1000 license fee + $100 lead paint surcharge fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Retail Installment Sales Finance Company License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$300 investigation fee + $1000 license fee + $100 lead paint surcharge fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Small Loan Company Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$50 license/registration fee + $15 credit report fee + $36.25 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,100

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Small Loan Company License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license/registration fee + $300 application fee + $15 credit report fee + $36.25 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,100

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Student Loan Servicer Branch License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$30 + $500 license fee + $115 investigation fee + $15 credit report fee + $36.25 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Student Loan Servicer License

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$900 + $300 investigation fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Massachusetts Third Party Loan Servicer Registration

Agency:Massachusetts Division of Banks
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1300 investigation fee + $15 credit report fee + $36.26 background check fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$500

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Individual Licenses

Massachusetts Individual Financial Services Licenses

Massachusetts Mortgage Loan Originator License

Agency:Massachusetts Division of Banks

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$500 license fee + $115 investigation fee + $15 credit report fee + $36.25 background check fee + $30 NMLS processing fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$500

Due:

  • Licenses expire on December 31 of each year. Licensees are recommeded to renew by November 1.
  • Licenses issued in November or December remain valid through the next renewal period.

Explore licensing in other states:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho
Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri
Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania
Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
Revised April 19, 2024
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