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#2 – Banking & Non-Depository Licensing

On Thursday, the Office of Consumer Affairs and Business Regulation held its annual Top 5 Press Conference at the Massachusetts State House, highlighting the top consumer issues from 2014.

The second most asked and complained about issue last year was banking and non-depository licensing, with just over 5,500 inquiries and complaints. The Division of Banks’ Non-depository Institution Supervision Section is responsible for conducting compliance examinations and inspections of the Massachusetts-licensed entities and individuals operating in the financial services industries, such as  foreign money transmittal agencies, loan servicers, payday lenders, check cashers, and debt collectors.

A debt collector is any person whose business it is to collect or attempt to collect debt owed or due to another. Any debt collector operating in Massachusetts must be licensed by the state’s Division of Banks. There are certain practices that debt collectors are prohibited from doing. A debt collector cannot:

  • Call you more than twice for each debt in each 7 day period at home, or call you more than twice for each debt in each 30 day period at someplace other than your home;
  • Call you without identifying both the name of the creditor and the name of the person calling;
  • Call you at times other than your normal waking hours. If your waking hours are unknown, then the creditor or collector may only call between 8 a.m. and 9p.m.;
  • Visit your home at times other than those mentioned above;
  • Visit more than once in any 30 day period for each debt, unless you give permission for additional visits;
  • Call you at work if you requested that they not call;
  • Contact you directly, if you have told the creditor or collection agency to only contact your attorney;
  • Falsely threaten to take legal action; or
  • Use profane or obscene language.

Click here for more information on your rights if you owe a debt.

More information on DOB regulations, news and updates, and publications and reports can be found online at the Division of Bank’s website. If you have any further questions, contact the Division of Banks at (617) 956-1500.


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