Update from Massachusetts: Guidance on Business Closures

The Massachusetts Division of Banks is providing further guidance to licensees regarding temporarily closing a location due to the COVID-19 virus, as well as regulator notification protocols.

ACA International is here as a resource for members during this time and beyond and continues to stay in touch with state and federal regulators to receive direct updates on guidance to help members.

Following is the Massachusetts notice posted on the Nationwide Multistate Licensing System & Registry (NMLS) website:

Location Closure

The division understands that licensees may need to temporarily close a facility due to staffing challenges or to take precautionary measures. The division encourages licensees to reduce disruptions to their customers, provide alternative service options when practical and reopen affected facilities when it is safe to do so. Affected licensees are encouraged to notify their customers of temporary closure of their facilities and the availability of any alternative service options as soon as practical.

Notification to Division of Banks

Please notify the Division of Banks promptly regarding any location closures, business disruptions, or other significant developments related to Coronavirus. Examples include closures of Massachusetts offices/locations, significant staff shortages, liquidity shortages, distress with funding sources, or issues funding closed loans for Massachusetts consumers. This information will be critical for the division’s ability to monitor the industry and identify both local and systemic issues.

Consumer Finance/Money Services Businesses should report any Massachusetts business disruptions to:

Andrea L. Cipolla

Deputy Commissioner

Andrea.Cipolla@mass.gov

617-956-1532

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org or call (952) 926-6547.

These sites on ACA’s home page will be updated regularly with additional information:

States Respond to COVID-19

COVID-19: What Arm Pros Need to Know