Massachusetts General Laws

Mass. Gen. Laws ch. 140, § 114 (2026)

Companies, associations and societies; necessity of license

✓ current as of July 2026

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Section 114. Loan companies and loan associations established by special charter, and fraternal mutual benefit societies the membership of which is limited to the employees of any one person and which make loans to its members only, shall be subject to the supervision of the commissioner, but need not procure a license.

Notes of Decisions

Cited in 2 cases, 1925–1980 · leading case: Opinion of the Justices to the Senate & the House of Representatives, 147 N.E. 681 (Mass. 1925).

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Opinion of the Justices to the Senate & the House of Representatives, 147 N.E. 681 (Mass. 1925). “furnishing the bond or policy will be possessed of other financial resources, so that a personal judgment or judgments against them aggregating $5,000 might be collectible, and so that further deposit would be made on demand. The General Court within reasonable limits may judge…”

Valley Bank & Trust Co. v. Hall, 1980 Mass. App. Div. 169 (Mass. Dist. Ct., App. Div. 1980). “In its “Memorandum of Decision,” The District Court stated that M.G.L.c. 140, § 114 A governs the making of certain loans by institutions such as Valley Bank and Trust Company and that the provisions of § 114A state, in part,” that such a lender may not take, receive, reserve or…”

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