An Act relative to debt collection licensure

This bill, known as the Debt Collection Licensure Parity Act, updates Massachusetts laws to clarify who must be licensed as a debt collector and under what conditions. It expands the definition of a debt collector to include anyone whose main business is collecting debts or purchasing charged-off debts for collection, while explicitly exempting creditors collecting their own debts, family members, government officials, and nonprofit credit counselors. The legislation requires individuals and companies to obtain a state license and file a financial bond before collecting debts, unless they are purchasing charged-off debt as an investment and only hiring licensed collectors to do the work. Additionally, the act allows affiliated companies to operate under a single license and examination, streamlining the regulatory process for related businesses.