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9 sections in this chapter.
Mass. Gen. Laws ch. 93L, § 1 Definitions
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Section 1. As used in this chapter, the following terms shall have the following meanings unless the context clearly requires otherwise: ''Commissioner'', the commissioner of banks. ''Person'', a natural person, corporation or other entity. ''Servicing'', (i) receiving or solicit…
Mass. Gen. Laws ch. 93L, § 2 Student loan servicer license required; exemptions from license requirement; application; automatic federal student loan servicer license; renewal; abandonment of application
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Section 2. (a) A person shall not directly or indirectly act as a student loan servicer without first obtaining a student loan servicer license pursuant to subsection (e) or an automatic federal student loan servicer license pursuant to subsection (f), as applicable, unless the p…
Mass. Gen. Laws ch. 93L, § 3 Surrender of license upon cessation of business
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Section 3. Not later than 15 days after a licensed student loan servicer ceases to engage in the business of student loan servicing for any reason including, but not limited to: (i) a business decision to terminate operations in the commonwealth; (ii) license expiration, revocati…
Mass. Gen. Laws ch. 93L, § 4 Participation in a multistate licensing system; background investigations
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Section 4. The commissioner may participate in a multistate licensing system for the sharing of regulatory information and for the application, by electronic or other means, and licensing of persons engaged in student loan servicing. The commissioner may establish requirements fo…
Mass. Gen. Laws ch. 93L, § 5 Additional or changed location of place of business; maintenance of records
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Section 5. (a) If a person licensed as a student loan servicer under subsection (e) of section 2 intends to operate at any place in addition to the address on the license or plans to change the location of its place of business, the licensee shall: (i) notify the commissioner, in…
Mass. Gen. Laws ch. 93L, § 6 Compliance with federal laws and regulations
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Section 6. A student loan servicer shall comply with all applicable federal laws and regulations relating to student loan servicing. A violation of a federal law or regulation shall be a violation of this chapter and the commissioner may investigate any such violation pursuant to…
Mass. Gen. Laws ch. 93L, § 7 Investigations and examinations; confidentiality of records and reports; suspension, revocation or refusal of renewal of license; penalties for violation of chapter
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Section 7. (a) The commissioner shall conduct investigations and examinations: (i) for initial licensing, license renewal, license suspension, license revocation or termination or determining compliance with this chapter; and (ii) of violations or complaints arising under this ch…
Mass. Gen. Laws ch. 93L, § 8 Unfair methods of competition or unfair or deceptive acts or practices prohibited
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Section 8. A student loan servicer shall not engage in unfair methods of competition or unfair or deceptive acts or practices. A violation of this chapter shall also be a violation of chapter 93A. Nothing in this chapter shall preclude an action being brought under said chapter 9…
Mass. Gen. Laws ch. 93L, § 9 Rules and regulations
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Section 9. The commissioner shall promulgate rules and regulations necessary to implement this chapter.
