Massachusetts Small Loan Collection Check

Live. Collecting a Massachusetts loan of $6,000 or less? G.L. c. 140 ss. 96, 110: unlicensed above 12%, or licensee above 23%, = void; collecting it is illegal.

Collecting a Massachusetts online, installment or payday loan of $6,000 or less? Checks each loan and contact against the small loan law: the loan is void if an unlicensed lender or unlicensed note buyer charged more than 12% a year in interest and expenses, all fees counted and out-of-state lenders included (G.L. c. 140 ss. 96, 110), or a licensee went above the 23% cap (209 CMR 26.00). Flags collecting a void loan, which the Division of Banks calls illegal (FDCPA 1692e(2)(A), 1692f(1)), and arrest threats. Not legal advice.

Price: $0.001 per call after 1,000 free per month.

DebtLayer · Tools · Free tools · Docs · support@debtlayer.io