About
This business has 1 alert
Important information
- Additional Info:
Per Massachusetts law: Payday lending is not specifically prohibited in Massachusetts but what is generally referred to as a "payday loan" is illegal due to the high annual percentage rate charged. Statutory licensing provisions require entities that wish to engage in such small-dollar lending in Massachusetts to obtain a small-loan license from the Division.
The Division of Banks (Division) requires that any business engaged in making loans in the amount of $6,000 or less at an interest rate greater than 12% obtain a small loan company license under Massachusetts General Laws chapter 140, section 96-114A and its implementing Regulation 209 CMR 20.00.
The small loan maximum annual rate of interest is currently capped at 23% with an annual administrative fee of $20.
In a selected opinion issued June 26, 2006, the Division clarified its regulatory authority relative to internet-based payday lenders and licensure. The opinion makes clear that a payday loan transaction takes place where the consumer physically applies for the loan, not where the payday lender is physically located. Therefore, a payday lender doing business with Massachusetts consumers is prohibited from doing business without a license.
Business Details
- BBB File Opened:
- 7/31/2012
- Alternate Names:
- Hydra Fund IV
- Hydra Financial Limited Fund II
- Number of Employees:
- 1
Additional Contact Information
- Fax numbers
- Primary Fax: (855) 284-7679
- Additional Websites
- Website 1
Licensing information
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Additional Information
- Business Categories
- Payday Loans
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