Commonwealth of Massachusetts
Citizens' Guide to State Services

Published by
William Francis Galvin
Secretary of the Commonwealth
Citizen Information Service

Consumer: Banks

D7 Massachusetts Division of Banks
Office of Consumer Affairs and Business Regulations
1000 Washington Street, 10th Floor
Boston, MA 02118-6400
Tel: 617-956-1500
Toll Free: 1-800 495-2265 (within Massachusetts only)
TTY: 617-956-1577
Fax: 617-956-1599

This division regulates, supervises, and audits state-chartered savings banks, trust companies, cooperative banks, credit unions, collection agencies, consumer credit grantors, mortgage lenders and brokers, foreign currency transmittal agencies, motor vehicle finance companies, and insurance premium finance agencies and commercial check cashing services. It grants charters and approves branches, acquisitions, and mergers of financial institutions. It approves small loan interest rates and administers and enforces the laws regulating collection agencies, small loans, and credit transactions, including the Truth-in-Lending Law and the Retail Installment Sales Act. Since 7/1/94, all persons who engage in the business of cashing checks, drafts, or money orders for a fee greater than one dollar per check must be licensed with the division. This does not apply to those engaged in this type of business prior to that date or to banks. Complaints or inquiries relative to Massachusetts state-chartered financial institutions or licensees should be directed to the Division's Consumer Assistance Unit. Contact may also be made by e-mail. To file a complaint, however, the Division's Consumer Complaint Form must be completed and submitted with the appropriate supporting documents to the Division's Consumer Assistance Unit.

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