The state Division of Banks wants to increase examination and investigation fees and double annual licensing fees, according to a statement.
The higher fees will affect all 11 entities licensed by the division, including small loan companies, motor vehicle finance companies, insurance premium finance companies, retail installment sales finance companies, debt collectors, check cashers, checks sellers, foreign transmittal agencies, mortgage lenders, mortgage brokers and mortgage loan originators, the DOB said.
The examination fee for all non-bank licensees will be changed from a per diem fee of $220 per examiner to $60 per hour per examiner. The proposed annual licensing fee will increase from $500 to $1,000. The proposed change to the annual licensing fee will not apply to mortgage lenders, mortgage brokers and mortgage loan originators due to other recent increased fees for the mortgage industry.
The investigation fee of $115 for a new license application will be increased to $300, and the fee for an office relocation investigation will be set at $200. The new investigation fee will not apply to mortgage loan originators.
A meeting on the proposed fee increases will be held at 11 a.m. Wednesday at One South Station in Boston.





