Massachusetts Division Of Banks

Transcription

1 Massachusetts Division of Banks 2018 Renewal Checklist Instructions Renewal requests must be submitted through by the date specified by your state regulator(s). Click here to review all renewal deadlines, requirements and fees. Review the Renewal Checklist to determine any documentation required by the state outside of. All requirements must be submitted to the agency within five business days of the electronic renewal submission. License Types Check Casher Check Seller Debt Collector Exempt Company Registration Foreign Transmittal Agency License Insurance Premium Finance Company Mortgage Broker License Mortgage Lender License Mortgage Loan Originator Motor Vehicle Sales Finance Company Retail Installment Sales Finance Company Small Loan Company Third Party Loan Servicer Agency Contact Information Contact Massachusetts Division of Banks licensing staff by phone at one of the numbers listed below or send your questions via to for additional assistance. For Mortgage Companies, Mortgage Loan Originators, and Third Party Loan Servicers (617) ext For Consumer Finance Companies, Debt Collectors, and Money Services Businesses (617) ext For U.S. Postal Service & Overnight Delivery: Massachusetts Division Of Banks 1000 Washington Street, 10th Floor Boston, MA THE LICENSEE IS FULLY RESPONSIBLE FOR MEETING ALL OF THE REQUIREMENTS OF THE AGENCY FROM WHICH THE LICENSE FOR WHICH THEY ARE REQUESTING LICENSE RENEWAL. THE AGENCY-SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE RENEWAL THROUGH THE. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL. Page 1 of 13

2 Massachusetts Check Casher License background check to be completed in for each Control Person, Qualifying Individual and Branch Manager of the Licensee (i.e. any person who has an MU2 Form in ). See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will MSB Registration: Ensure that the licensee s registration as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) is active. You do not need to mail a paper copy of the current registration to the Financial Statements: Upload in, a financial statement for the Licensee of Certified Public Accountants (AICPA). Failure to upload Licensees must maintain a minimum net worth of $25,000. deficiencies) placed by the : Failure to upload Page 2 of 13

3 Massachusetts Check Seller License background check to be completed in for each Control Person, Qualifying Individual and Branch Manager of the Licensee (i.e. any person who has an MU2 Form in ). See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will MSB Registration: Ensure that the licensee s registration as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (Fin CEN) is active. You do not need to mail a paper copy of the current registration to the Financial Statements: Upload in, a financial statement for the Licensee of Certified Public Accountants (AICPA). Failure to upload deficiencies) placed by the : Failure to upload Page 3 of 13

4 Massachusetts Debt Collector background check to be completed in for each Control Person, Qualifying Individual and Branch Manager of the Licensee (i.e. any person who has an MU2 Form in ). See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will Financial Statements: Upload in, a financial statement for the Licensee of Certified Public Accountants (AICPA). Failure to upload Licensees must maintain a positive net worth. deficiencies) placed by the : Failure to upload Page 4 of 13

5 Massachusetts Exempt Company Registration No additional requirements for this registration type Page 5 of 13

6 ID Number Licensee Legal Name Massachusetts Foreign Transmittal Agency License Surety Bond: The bond amount required is equal to twice the average weekly amounts deposited with your company during Each licensee was required to disclose the total amount taken as deposits in 2016 on its Annual Report to the Commissioner of Banks, which was due to the Massachusetts Division of Banks by January 31, : Licensed Foreign Transmittal Agencies are required to maintain adequate bond coverage based on transaction activity levels at all times. Bond Calculation Worksheet: Required to be completed and uploaded to. License renewal applicants must provide an Electronic Surety Bond (ESB) through or Bank Confirmation Letter for Securities filed with the Treasurer and Receiver General. Bond Calculation Form. background check to be completed in for each Control Person and Qualifying Individual of the Licensee (i.e. any person who has an MU2 Form in ). See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will Criminal Offender Record Information (CORI) Request Form - Agents/Branch Managers: Complete separate CORI Request Forms for each licensed agent manager. Each CORI Request Form must be notarized, and a copy of a current and legible government-issued photo ID is required to be submitted with each form. Original forms must be submitted. Copies will not be accepted. Click to Download the Form. MSB Registration: Ensure that the licensee s registration as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) is active. You do not need to mail a paper copy of the current registration to the Electronic Surety Bond in Upload in : under the Document Type Surety Bond in the Document Uploads section of the Company Form (MU1). Mail to MA Page 6 of 13

7 Massachusetts Foreign Transmittal Agency License License Fee For Agents/Branches: Remit payment for each licensed agent/branch location in Massachusetts. Detach the remittance portions of the Renewal Notice Invoice(s) that were ed and mailed to your headquarters, and send with a check for the license fees, payable to the Commonwealth of Massachusetts. Mail (First Class, Certified, or Registered Mail only) remittance and check to: P.O. Box 3952, Boston, MA (not the 1000 Washington Street physical address). Financial Statements: Upload in, a financial statement for the Licensee of Certified Public Accountants (AICPA). deficiencies) placed by the Mail to MA : Failure to upload Page 7 of 13

8 Massachusetts Insurance Premium Finance Company background check to be completed in for each Control Person, Qualifying Individual and Branch Manager of the Licensee (i.e. any person who has an MU2 Form in ). See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will Financial Statements: Upload in, a financial statement for the Licensee of Certified Public Accountants (AICPA). Failure to upload deficiencies) placed by the : Failure to upload Page 8 of 13

9 Massachusetts Mortgage Broker License & Mortgage Lender License Bond Information (Mortgage Lenders): Regulation 209 CMR 42.03(2)2 requires licensed mortgage lenders to maintain bond coverage based on the amount of aggregate mortgage loans (min. $100,000 - max: $500,000). background check to be completed in for each Control Person, Qualifying Individual and Branch Manager of the Licensee (i.e. any person who has an MU2 Form in ). See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will Electronic Surety Bond in Massachusetts Mortgage Loan Originator License background check to be completed in for each licensed mortgage loan originator. See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will Page 9 of 13

10 Massachusetts Motor Vehicle Sales Finance Company background check to be completed in for each Control Person, Qualifying Individual and Branch Manager of the Licensee (i.e. any person who have an MU2 Form in ). See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will Financial Statements: Upload in, a financial statement for the Licensee of Certified Public Accountants (AICPA). Failure to upload Licensees must maintain a minimum net worth of $20,000. deficiencies) placed by the : Failure to upload Page 10 of 13

11 Massachusetts Retail Installment Sales Finance Company background check to be completed in for each Control Person, Qualifying Individual and Branch Manager of the Licensee (i.e. any person who has an MU2 Form in ). See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will Financial Statements: Upload in, a financial statement for the Licensee of Certified Public Accountants (AICPA). Failure to upload deficiencies) placed by the : Failure to upload Page 11 of 13

12 Massachusetts Small Loan Company background check to be completed in. See the Criminal Background Check page of the Resource Center for : If you are able to Use Existing Prints to process the FBI criminal history background check, you DO NOT have to schedule an appointment. will Financial Statements: Upload in, a financial statement for the Licensee of Certified Public Accountants (AICPA). Failure to upload Licensees must maintain a minimum net worth of $75,000. deficiencies) placed by the : Failure to upload Page 12 of 13

13 Massachusetts Third Party Loan Servicer Commonwealth: Ensure that the registrant has filed its most recent Page 13 of 13