Massachusetts payday loan laws

Posted on by Dinesh N

Legal Status: Prohibited

Citation:
Small loan act applies. Mass. Gen. Laws Ann. ch. 140 §§ 96 et seq.; 209 Mass. Code Regs. 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. 45:14(8).

Small Loan Rate Cap
23% plus $20 administrative fee upon the granting of a loan

Where to Complain, Get Information:
Regulator: Massachusetts Division of Banks
Address: 1000 Washington Street, 10th Floor, Boston, MA 02118-6400
Phone: (617) 956-1500
Fax: (617) 956-1599

Sourced from paydayloaninfo.org

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