Contrary to statutory language (209 CMR §18.07(1)), it has been the longstanding position of the Massachusetts Division of Banks that collection agencies with a presence in the state of Massachusetts are not required to license out-of-state branch locations. Although there has been no official statement changing this position, recent conversations with leadership within the Massachusetts Division of Banks have shown that there is no longer consensus on this position.
In that regard, it is our position that effective immediately all locations from which Massachusetts debtors are contacted must hold a valid license with the Massachusetts Division of Banks. For questions or issues related to this change contact Cornerstone Support at (770) 587-4595 or email us at info@cornerstonesupport.com.
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