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Massachusetts Cash Lenders
Massachusetts Payday loan laws. Massachusetts Payday loan legislation.
Massachusetts Payday loan laws. Massachusetts Payday loan legislation.
Massachusetts does not have specific payday loan safe-harbor legislation.
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
Regulator: Massachusetts Division of Banks
Address: One South Station Boston MA 02110
Phone: (617) 956-1500
Fax: (617) 956-1599
Regulatory Contact: Kevin McNamara Supervisor
Regulator’s Website