Section 4. The commissioner may participate in a multistate licensing system for the sharing of regulatory information and for the application, by electronic or other means, and licensing of persons engaged in student loan servicing. The commissioner may establish requirements for participation by an applicant in a multistate licensing system that vary from the provisions of this chapter. The commissioner may require a background investigation of each applicant for a student loan servicer license by means of fingerprint and state and national criminal history record checks by the department of criminal justice information services pursuant to section 172 of chapter 6 and the Federal Bureau of Investigation.

Terms Used In Massachusetts General Laws ch. 93L sec. 4

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require a background investigation for each member, director and principal officer of the applicant and any individual acting as a manager of an office location. The applicant shall pay directly to the multistate licensing system any additional fees related to participation in the multistate licensing system.

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