Pursuant to Massachusetts Law, a debt collector (an entity which collects consumer debts either for itself or on behalf of another ) must be licensed by the Massachusetts Division of Banks to conduct business within the Commonwealth. However, according to Massachusetts Division of Banks Opinion O06060, a “passive debt buyer” ( an entity which merely funds the purchase of debts and collects upon the debts through a separate licensed collection entity) need not be licensed.
Sole Proprietorships
October 20, 2023
