Payday Loan Laws




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. At this time, the best approach is to offer payday loans via the Internet, one of the alternative methods (cash rebates, ISP model, etc.) discussed in our training materials, or the newest model, the CSO (Credit Services Organization) approach.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday and Paycheck Loans.com

Massachusetts Payday Loan Laws & Legislation State Information

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
Regulators Website
Online Resources:
Education & Consumer Alerts