Legal Question in Credit and Debt Law in Massachusetts
Collecting on a debt
In the state of MA, are you required to be a licensed debt collector to collect on a debt? This would include writing a letter to the debtor asking to voluntarily pay, as well as placing a writ of execution on his bank account with the help of the police.
Asked on 8/27/08, 11:50 pm
2 Answers from Attorneys
henry lebensbaum
Law Offices of Henry Lebensbaum (978-749-3606)
: Collecting on a debt
Not necessarily.
Answered on 8/28/08, 7:56 am
JOHN TATOIAN
LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts
Re: Collecting on a debt
Pursuant to Massachusetts Law, a debt collector 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.;))
Answered on 8/30/08, 7:54 pm
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