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Just last week we reported on a requirement that attorneys whose primary business was debt collection register as debt collectors. On April 1, the Division of Banks changed its position.

The agency has withdrawn its previous opinion letters and issued Opinion 013-018w, which says, in part:

“[T]he Division has reconsidered its recent interpretation of the attorney-at-law exemption set forth at Mass. Gen. Law ch. 93, § 24.  As a result of the Division’s further consideration of the statutory language of ch. 93, § 24, the Division has determined that it will withdraw its November 2nd opinion (and its related follow up opinion dated February 11, 2016) as of today’s date.  Therefore, the Division will not require … law firms, to become licensed solely because [they are] primarily engaged in consumer debt collection or regularly collects consumer debt.”

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