209 CMR 20.02 - Definitions

As used in 209 CMR 20.00 the following words shall, unless the context otherwise requires, have the following meanings:

Applicant, any person or entity who is required to be licensed under the provisions of M.G.L. c. 140, § 96; c. 255B; c. 255C or c. 255D.

Commissioner, the commissioner of banks.

Licensee, any person who is licensed to make small loans under M.G.L. c. 140, §§ 96 to 113, inclusive; any person who is licensed as a sales finance company as defined in M.G.L. c. 255B, a premium finance company as defined in M.G.L. c. 255C, or a sales finance company as defined in M.G.L. c. 255D.

Net Worth, the applicant's or licensee's total assets less total liabilities, omitting the following assets:

(a) that portion of an applicant's assets pledged to secure obligations of any person or entity other than that of the applicant;

(b) any asset due from officers or stockholders of the applicant or persons in which the applicant's officers or stockholders have an interest;

(c) an amount in excess of the lower of the cost or fair market value of mortgage loans in foreclosure, or real property acquired through foreclosure;

(d) an investment shown on the balance sheet in joint ventures, subsidiaries, or affiliates, which is greater than the fair market value of the assets;

(e) goodwill or value placed on insurance renewals or other similar intangible value;

(f) organization costs;

(g) any other intangible asset, as may be determined by the commissioner.

Person, a natural person or an organization including a corporation, partnership, association, cooperative or trust.

Notes

209 CMR 20.02

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