Skip to main content

Full text of "Annual report of the Commissioner of Banks for the year ending ... relating to licensed small loan lenders"

See other formats


Digitized by the Internet Archive 

in 2010 with funding from 

Boston Library Consortium IVIember Libraries 



http://www.archive.org/details/annualreportofco6473mass 



Wmm&^mmmm^^ 



Public Document 



», 95 



Eiit CHommmixttrstUli at MaAsartfUftettd 



DIVISION OF BANKS AND LOAN AGENCIES 





ANNUAL REPORT 

OF THE 

COMMISSIONER OF BANKS 

FOR THE 

Year Ending December 31^ 1964 



RELATING TO 
LICENSED SMALL LOAN LENDERS 



PuBUCATtON or THU DOCUMKNI 

1M12-65-941815 



Estirna 



COLL 




DIVISION OF BANKS AND LOAN AGENCIES 

150 Causeway Street, Boston 

Commissioner of Banks 
JOHN B. HYNES 

Deputy Commissioner of Banks 
WILLIAM P. MORRISSEY 

Deputy Commissioner of Banks 

AND 

General Counsel 
JOHN P. CLAIR 

Acting Supervisor of Loan Agencies 
WILLIAM P. BROWNE 

Assistant Supervisor and Rate Analyst . 
ROBERT S. LEADBETTER 



P.D. 95 



TABLE OF EXHIBITS 



Exhibit A. Legislation 

Exhibit B. Composite Statement of Assets 

(Loan Business of $3,000 or Less). 

Exhibit C. Composite Statement of Income and Expense 
(Loan Business of |3,000 or Less). 

Exhibit D, Analysis of Loans by Size 
(Loans of $3,000 or Less). 

Exhibit E. Analysis of Loans by Types of Security 
(Loans of $3,000 or Less). 

Exhibit F. Suits, Possessions and Sale of Chattels 
(Loans of $3,000 or Less). 

Exhibit G. Consolidated Statement of Financial Condition 
(Total Loan and Finance Business) . 

Exhibit H. Consolidated Statement of Income and Expense 
(Total Loan and Finance Business) , 

Exhibit I. List of Licensed Small Loan Agencies. 



P.D. 95 



Q^\}t Qlommnnuiraltli of MasBarliuBrttB 



Office of t-.^s Commissioner of Banks 

150 Causeway Street, Boston 

APRIL 1, 1965 

To THE Honorable Senate and 

House of Representatives of 

THE Commonwealth of Massachusetts: 

I have the honor of submitting to you herewith the 
annual report of the Commissioner of Banks relating to 
Licensed Small Loan Lenders, pursuant to the provisions of 
General Laws, Chapter 140, Section 98. 

The financial statements and miscellaneous data in- 
corporated herein pertaining to Licensed Small Loan Len- 
ders are for the fiscal year ended December 31, 1964. 

Respectfully^ 

John B. Hynes 

Commissioner of Banks 



4 P.D. 95 

General Laws, Chapter 140, Section 98, requires that "The Commissioner 
shall make an annual report and shall forward therewith a copy of such re- 
turns or so much thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of 
adding together the individual reports filed by each licensee. These reports 
are executed on a form and in a manner prescribed by the Commissioner. The 
department vouches for the process of addition, the process by which the 
additions were arrived at following their filing — as the industry guarantees 
their accuracy and reliability as they were inserted in the individual reports. 
In some cases, as always, the reports were adjusted when not executed in ac- 
cordance with the instructions. In all such cases the licensee was notified and 
acknowledged the changes. 

As of December 31, 1964, there were three hundred and forty small loan 
licenses outstanding. 

During the calendar year, 1964, 304,094 loans of $3,000.00 or less amounting 
to $178,943,549.27, which is less unearned charges were made. These figures 
represent a decrease of 18,814 in the number of loans made and a decrease 
of $3,110,977.79 in the net amount of loans made during the previous twelve 
month period. 

The average net loan made for the period was $588.45 as compared to 
$563.80 for the calendar year, 1963. 

On December 31, 1964, there were 302,509 regulated loans of $3,000.00 or 
less outstanding with a face value of $185,104,869.58, which includes unearned 
charges amounting to $31,552,796.41. These figures represent a decrease of 
4,333 in 'the number and an increase of $5,599,803.67 in the amount of net 
loans outstanding since the beginning of the calendar year. 

The average net loan outstanding on December 31, 1964, was $507.60 as 
compared with $482.18 on December 31, 1963. 

Total regulated loans of $3,000.00 or less charged off for the period 
amounted to $2,933,894.17. 

Gross income for the period totaled $35,160,036.92 of which $224,768.05 
represents recoveries on loans previously charged off and $175,880.53 represents 
other income. Operating expenses aggregating $15,423,419.12 include $2,324,- 
981.21 of home office expenses; charge-offs on bad debts amounting to $648,- 
936.49 and an addition of $2,346,131.91 to the valuation reserve combine to 
make a total expense of $18,418,487.52 which deducted from gross income, 
leaves a balance of $16,741,549.40, representing net earnings before deductions 
of interest on borrowed funds and federal income taxes. A net earnings figure 
of $5,935,254.36 remains after deducting interest on borrowed funds amounting 
to $5,546,609.24 and federal income taxes amounting to $5,259,685.80. 

As of December 31, 1964, the book assets amounted to $162,127,521.29. The 
cash in office and in banks amounted to $3,182,877.89 which includes $669,- 
512.93 in compensating balances. Home office assets allocated to Massachusetts 
licensees consist of cash of $5,416,734.33 and other assets of $1,692,673.14 making 
a total of $7,109,407.47. Compensating balances included in the allocation 
amount to $3,289,845.88, which when totaled will produce compensating bal- 
ances of $3,959,358.81. Total assets as shown in Exhibit B less compensating 
balances, produce assets of $158,168,162.48. 

This department does not consider compensating balances to be assets. 
They are used here as a deduction of the liability. 



P.D. 95 5 

The figures included in the following schedules are compiled from annual 
reports to the Commissioner of Banks as represented by all licensed lenders. 

All common asset and expense accounts are allocated on a formula estab- 
lished by this department. 

The ref>orts of Eagle Finance Company, License Number 220, and First 
Personal Bankers, Inc., License Number 233, were not used in the compilation 
of these figures due to unusual and extraordinary circumstances. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
licensed small loan lenders is 2 1/0% per month on any part of the unpaid prin- 
cipal balance exceeding $200 but not exceeding $600; 134% per month on 
that part of the unpaid principal balance exceeding $600 but not exceeding 
$1,000; 34 of 1% per month on any part of the unpaid principal balance ex- 
ceeding 1 1, 000. 

Such maximum interest charge shall not exceed 6% per annum after the 
termination of one year after maturity of the loan. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
unlicensed lenders is one percent per month on the unpaid principal balance 
which must include all fees and expenses of every name, nature and description. 

However, the maximum interest charges permitted on loans of more than 
$1,500.00, secured wholly or partially by a mortgage on real estate, other than 
a first mortgage, having an assessed value of not over twenty-five thousand dol- 
lars and having thereon a dwelling house with accommodations for six or less 
separate households and occupied in whole or in part at the time the loan 
is made as a home by the obligor on the mortgage debt or by any person 
granting or releasing any interest under said mortgage, is an amount equivalent 
to one and one half percent a month computed on the unpaid balance includ- 
ing all fees and expenses of every name, nature and description except actual 
recording fees and reasonable attorney's fees. 



P.D. 95 



EXHIBIT A 

LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 

Acts and Resolves of 1964 



Chapter 
727 

68 
(Resolve) 



115 

(Resolve) 



Amendment To: 

New chapter 255C 
of the General Laws 



Description 

An Act Relative To Insurance Premium 
Finance Agencies. 

Increasing the scope of the special com- 
mission established to make an inves- 
tigation and study of the laws of the 
Commonwealth relative to loans and 
credit. 

Authorizing the special commission es- 
tablished to make an investigation and 
study of the laws of the Commonwealth 
relative to loans and credit to file in- 
terim reports. 



P.D. 95 



©lie ©Dmmonmpaltti of IMaaHarliuHPtta 

ANNUAL REPORT OF THE COMMISSIONER OF BANKS 

For the Year Ended December 31, 1964 

(General Laws, Chapter 140, Section 98) 



EXHIBIT B 



Composite Statement of Assets, December 31, 1964 
(Loan Business of $3,000 or Less) 



Licensed Agencies 
340 



Receivables : 

(a) Gross Amount $185,104,869.58 

(b) Less: Unearned Charges S'l, 552,796. 41 

(c) Less: Allo-wance for Bad Debts 4,579,528.94 



(d) Net Receivables $148,972,544.23 

Cash in Office and in Banks 3,182,877.89 

Real Estate (Less Allowance for Depreciation-Buildings) . . 195,099.12 

Furniture, Fixtures, Equipment (Less Allowance for Deprecia- 
tion) 948,728.53 

Deferred Charges or Prepaid Expense ...... 237,608.64 

Other Assets: 

(a) Organization and Development Expense .... $ 160,383.82 

(b) Cost of Financing 19,651.58 

(c) Investments 808,916.33 

(d) Miscellaneous Notes and Accotuits 'Receivable . . . 419,3'74.97 

(e) Miscellaneous 72,928.71 1,481,255.41 



Total Assets $155,018,113.82 



Home Office Assets Allocated to Massachusetts Licensees . 7,109,407.47 



Total $162,127,521.29 

Compensating Balances Included in Cash ..... $ 669,512.93 

Compensating Balances Included in Home Office Assets Allocated 

to Massachusetts Licensees 3,289,845.88 



Total Compensating Balances Included in Assets .... $ 3,959,358.81 



EXHIBIT C 



Composite Statement of Income and Expense 

FOR THE Year Ended December 31, 1964 

(Loan Business of $3,000 or Less) 



P.D. 95 



Gross Income 

Charges Collected and/or Earned ...... $33,615,176.76 

Delinquency Charges Collected ....... 1,144,211.58 

Collections on Accounts Previously Charged Ofi . . . 224,768.05 
Other Income: 

(a) Gain on Sale of Assets ....... 2,816.40 

(b) Income from Investments ...... 13^9,051.35 

(c) Miscellaneous 34,012.78 

Total Gross Income ......... 

Expenses of Conducting Business 
Advertising ........... 

Auditing ........... 

Bad Debts: 

(a) Charged Off $ 648,936.49 

(b) Addition to Reserve 2,346,131.91 

Depreciation of Furniture, Fixtures and Equipment . 
Recording and Acknowledging Fees ...... 

Insurance and Fidelity Bonds . 

Legal Fees and Disbursements ....... 

Postage and Express ......... 

Printing, Stationery and Supplies ...... 

Rent 

Salaries ........... 

Supervision and Administration ....... 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income $ 572,423.06 

(b) License Fees . . 118,403.80 

(c) All Other Taxes 434,568.41 

Telephone and Telegraph . . . . . . . 

Travel ........... 

Other Expenses of Conducting Business ..... 

Total 

Total Home Office Expenses ....... 

Interest on Borrowed Funds ....... 

Total Expenses .......... 

Net Earnings Before Federal Income Taxes .... 

Federal Income Taxes ......... 

Total Expenses after Income Taxes ...... 

Net Earnings after Income Taxes and Interest on Borrowed 
Funds ........... 



$ 35,160,036.92 

$ 1,059,377.28 
93,564.48 

2,995,068.40 

263,135.77 

7,683.54 

95,410.01 

337,767.62 

248,936.89 

205,916.22 

1,070,513.87 

6,206,380.94 

454,714.79 



1,125,395.27 

745,688.55 
302,518.10 
881,43'4.58 

$ 16,093,506.31 
2,324,981.21 
5,546,609.24 
$ 23,965,096.76 
$ 11,194,940.16 
$ 5,259,685.80 
$ 29,224,782.56 

$ 5.935.254.36 



P.D. 95 



EXHIBIT D 



Analysis of Loans by Size 
(Loans of $3,000 or Less) 



Total Loan Balances Outstanding (Less Unearned Charges) at 
Beginning of Period ......... 

Loans Made During the Period: 

(a) Loans of $ 100.00 or less 

(b) Loans of $ 100.01 to $ 200.00 

(c) Loans of $ 200.01 to $ 300.00 

(d) Loans of $ 300.01 to $ 400.00 

(e) Loans of $ 400.01 to $ 500.00 

(f) Loans of $ 500.01 to $ 600.00 

(g) Loans of $ 600.01 to $1,000.00 
(h) Loans of $1,000.01 to $1,500.00 
(i) Loans of $1,500.01 to $3,000.00 

Total Loans Made During the Period . 
Loan Balances Purchased During the Period 
Loan Balances Sold During the Period . 
Loan Balances Charged Off During the Period 
Collections During the Period . 

Total Loan Balances Outstanding (Less Unearned Charges) at 
the End of Period ......... 



Number Amount 

305,739 $147,516,844.14 



8,939 


555,535.92 


37,925 


5,295,650.69 


37,668 


9,115,471.24 


37,931 


12,772,665.39 


33,711 


14,968,432.47 


31,054 


16,804,824.97 


66,223 


50,257,070.62 


38,963 


46,441,325.47 


11,680 


22,732,572.50 


304,094 


$178,943,549.27 


9,620 


4,471,173.47 


8,6;?6 


3,994,870.34 


8,034 


2,933,894.17 


— 


170,450,729.20 



302,509 $153,552,073.17 



EXHIBIT E 



Analysis of Loans by Types of Security 
(Loans of $3,000 or Less) 



Loans Made During the Period Based in Whole or in Larger 
Part on: 

(a) Chattel Mortgages on Household Goods .... 

(b) Automobiles ......... 

(c) Real Estate 

(d) Other Chattels 

(e) Unsecured Notes ........ 

(f) Endorsed and/or Co-Maker Notes ..... 

(g) Wage Assignments ........ 

(h) Other Considerations ....... 

Total 



Number 



Amount 



129,520 $100,241,861.32 



19,067 


14,076,015.96 


291 


426,831.62 


4,992 


4,356,980.42 


139,927 


53,836,106.49 


8,774 


4,474,693.46 


67 


19,063.65 


1,456 


1,511,996.35 


304,094 


$178,943,549.27 



10 



P.D. 95 



EXHIBIT F 



SuiTs^ Possessions and Sale of Chattels 
(Loans of $3,000 or Less) 



Suits for Recovery: 

(a) Pending at Close of Previous Period 

(b) Instituted During Period . 



(c) Total 



(d) Judgment Secured During Period . 

(e) Settled Before Judgment During Period 
<f) Total 



<g) Pending at Close of Current Period . 

Wage Assignments Filed During Period . 

Possession of Chattels Obtained by Licensee: 
(a) By Legal Process or Contract Right: 
(1) Household Goods . 



(2) Automobiles 

(3) Other Chattels and Property 

(b) By Voluntary Surrender: 
(1) Household Goods . 



(2) Automobiles 

(3) Other Chattels and Property 
.Sale of Chattels by Licensee: 

(a) With Borrower's Consent . 

i(b) Without Borrower's Consent . 



Number Amount Due 

2,340 $ 1,039,425.33 
2,237 1,185,415.75 



4,577 $ 2,224,841.08 



1.427 $ 711,810.90 

572 298,544.49 

1,999 $ 1,010,355.39 



2,578 $ 1,214,485.69 



100 $ 54,574.20 



6,854.43 



70 $ 59,278.59 



5,3'37.51 



14 $ 



13,204.34 



60 $ 55,334.94 



Number 



Amount Due 
; 73,254.10 



1,043.79 



Amount 
Collected 



28,019.51 



39,953.83' $ 



11,661.90 



P.D. 95 



11 



EXHIBIT G 

Consolidated Statement of Financial Condition^ December 31, 1964 
(Total Loan and Finance Business) 



?219,285,350.86 

35,074,498.99 

5,494,994.99 

M78,71S,8S6.88 

5,166,778.80 

362,693.69 

1,127,040.27 

358,932.77 



3',768,847.53 
$189,500,149.94 
$ 7,750,254.37 
$197,250,404.31 



Assets 

Receivables: 

(a) Gross Amount . . . . . . . ri{ 

(b) Less: Unearned Charges ...... 

(c) Less: Allowance for Bad Debts ..... 

(d) Net Receivables ........ 

Cash in Office and in Banks ....... 

Real Estate (Less Allowance for Depreciation-Building) . 

Furniture, Fixtures, Equipment (Less Allowance for Deprecia- 
tion) ........... 

Deferred Charges or Prepaid Expense ..... 

Other Assets : 

(a) Organization or Development Expense .... $ 236,277.88 

(b) Cost of Financing ........ 46,594.24 

(c) Investment 2,016,847.33 

(d) Miscellaneous Notes and Accounts Receivable . . . 1,347,005.61 

(e) Miscellaneous 122,122.47 

Total Assets 

Home Office Assets Allocated to Massachusetts Licensees . 
Total 

Liabilities and Capital 

Accounts and Notes Payable : 

(a) Banks $12,328,400.07 

(b) Due to Parent Company or Affiliate .... 58,999,710.37 

(c) Other Short Term Notes and Accounts .... 3,812,639.05 
JBonds ............ 

Long Term Notes ......... 

Investment Certificates ......... 

Other Liabilities: 

(a) Accrued Expenses 667,978.16 

(b) Other Expense Reserves 2,171,145.20 

Branch Office Capital ......... 

Net Worth (If Individual or Partnership) ..... 
Capital Stock (If (Corporation) : 

(a) Preferred 4,131,881.00 

(b) Common 9,360,278.46 

Paid in Surplus .......... 

Appropriated Surplus or Capital Reserves ..... 

Retained Earnings ......... 

Total Liabilities and Capital ....... 

'Compensating Balances Included in Cash ..... 

Compensating Balances Included in Home Office Assets Allocated 
to Massachusetts Licensees ....... 

Total Compensating Balances Included in Assets .... 



$ 75,140,749.49 

3,411,168.04 
5,700,319.68 
2,748,903.37 



2,839, 123'.36 

66,998,467.45 

257,370.44 

13,492,159.46 

4,061,435.02 

484,637.71 

14,365,815.92 

$189,500,149.94 

$ 1,635,521.75 

3,650,130.94 
$ 5,285,652.69 



12 P.D. 95 

EXHIBIT H 

Consolidated Statement of Income and Expense 

FOR THE Year Ended December 31, 1964 

(Total Loan and Finance Business) 



Gross Income 

Charges Collected and/or Earned $38,155,321.44 

Delinquency Charges Collected 1,281,709.99 

Collections on Accounts Previously Charged Off . . . 283, JS 1.5 6 
Other Income: 

(a) Gain on Sale of Assets 37,223.30 

(b) Income from Investments 230,729.96 

(c) Miscellaneous 140,295.10 

Total Gross Income $ 40,128,661.35 

Expenses of Conducting Business 

Advertising $ 1,136,650.53 

Auditing 139,825.68 

Bad Debts: 

(a) Charged Off $ 696,957.81 

(b) Addition to Reserve 2,863,270.92 3,560,228.73 

Depreciation of Furniture, Fixtures and Equipment . . . 317,605.13 

Recording and Acknowledging Fees ...... 16,863'.06 

Insurance and Fidelity Bonds ....... 127,063.83 

Legal Fees and Disbursements 416,676.99 

Postage and Express ......... 290,161.85 

Printing, Stationery and Supplies ...... 258,888.94 

Rent 1,203,597.36 

Salaries 7,392,128.49 

Supervision and Administration ....... 526,214.48 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income 661,628.44 

(b) License Fees 121,406.90 

(c) All Other Taxes 495,090.33 1,278,125.67 

Telephone and Telegraph 866,265.63 

Travel 376,257.48 

Other Expenses of Conducting Business ..... 1,165,672.13 

Total $ 19,072,225.98 

Total Home Office Expenses 2,477,948.60 

Interest on Borrowed Funds ....... 6,905,069.65 



Total Expenses $ 28,455,244.23 



Net Earnings Before Income Taxes $ 11,673,417.12 

Federal Income Taxes $ 5,600,617.23 



Total Expenses After Income Taxes $ 34,055,861.46 



Net Earnings After Income Taxes and Interest on Borrowed 

Funds $ 6,072,799.89 



P.D. 95 



13 



EXHIBIT I 



Licensed Small Loan Agencies 



Following is a list of those engaged in the business of making small loans 
in the cities and towns in Massachusetts and licensed as July 1, 1965: 



Lie. No. 



Name 



Address 



BOSTON 

214 Auto Owners Finance Company, Inc 20 Columbus Ave. 

5S Beatty. Charles S., Company 7 Water St. 

217 Bell Finance Co. of Boston, Inc 38 Chauncy St. 

63 Belmont Finance Company 333 Washington St. 

22 Beneficial Finance Co 77 Summer St. 

57 Beneficial Finance Co 80 Boylston St. 

117 Beneficial Finance Co 5 Bromfield St. 

239 Beneficial Finance Co 8 Winter St. 

66 Beneficial Finance Co 570 Columbia Rd., Dorchester 

231 Beneficial Finance Co 1257 River St., Hyde Park 

204 Beneficial Finance Co 47 Poplar St., Roslindale 

235 Beneficial Finance Co 105 Dorchester St., South Boston 

240 Codman Square Finance Company, Inc 618 Washington St., Dorchester 

238 Coleman Acceptance Trust 18 Tremont St. 

89 Commercial Credit Plan Incorporated 150 Tremont St. 

328 Dover Acceptance Corp 126 State St. 

92 Family Ix>an Corporation of Massachusetts 295 Washington St. 

149 Family Loan Corporation of Back Bay 161 Massachusetts Ave. 

43 Family Loan Corporation of Dorchester 1457 Dorchester Ave., Dorchester 

192 Firemen's Finance Company, Inc 25 Huntington Ave. 

29 First Finance Corp. of Mattapan 524 River St., Mattapan 

278 Friendly Loan Corporation 21 Porter St., East Boston 

93 Goodmans Finance Co 20 Beacon St. 

16 Household Finance Corporation 80 Boylston St. 

49 Household Finance Corporation 175 Tremont St. 

82 Household Finance Corporation 294 Washington St. 

202 Household Finance Corporation 59 Temple Place 

223 Household Finance Corporation 47 Winter St. 

143 Household Finance Corporation 598 Columbia Rd., Dorchester 

208 Household Finance Corporation 679 Canterbury St., Roslindale 

280 Kane Finance Company 520 Boylston St. 

315 Liberty Loan Company of Allston 125 Harvard Ave., AUston 

102 Liberty Loan Company of Boston 30 Franklin St. 

226 Liberty Loan Company of Roslindale IS Poplar St., Roslindale 

176 Local Finance Company 128A Tremont St. 

193 Local Finance Company of Boston 453 Washington St. 

320 Merit Finance Company, Inc 73 Tremont St. 

5 Nestor-Hall Company 7 Water St. 

15 Northeast Finance Corporation 1601 Blue Hill Ave., Mattapan 

247 Northeast Finance Corporation 1872 Centre St., West Roxbury 

33^0 Pan-American Finance Corp. of Boston 85 State St. 

83 Public Finance Company 33^ Washington St. 

106 Public Finance Company 171 Tremont St. 

Ill Public Finance Company 145 Tremont St. 

200 Public Finance Company 308 Boylston St. 

216 Public Finance Company 79 Milk St. 

306 Public Finance Company 501 Washington St. 

305 Public Finance Company 1492 Dorchester Ave., Dorchester 

61 Public Finance Company 230 Meridian St., East Boston 

184 Public Finance Company 1243 River St., Hyde Park 

218 Public Finance Company 4258 Washington St.. Roslindale 

241 Seaboard Finance Company 138 Brighton Ave., Allston 

20 Seaboard Finance Company 58 Winter St. 

145 State Loan Co 619 Washington St. 

126 State Loan Co. Inc 584 Columbia Rd.. Dorchester 

347 Sumner Finance Company 262 Washington St. 

319 Universal C. I. T. Credit Company 330 Stuart St. 

AGAWAM 

341 Universal C. I. T. Credit Company 324 Walnut St. 

AMESBURY 

345 Citizens Acceptance Corporation 41 Main St. 

ANDOVER 

98 Asdover Finance Company Musgrove Bldg., Elm Square 

ARLINGTON 

326 American Finance Corporation of Middlesex County .... 6 Alton St. 

297 Universal C. I. T. Credit Company 11 Mystic St. 



14 



P.D. 95 



Lie. No. 



Name 



Address 



ATHOL 

162 Public Finance Company S16 Main St. 

ATTLEBORO 

48 Beneficial Finance Co 7 Park St. 

252 Blackstone Finance, Inc. of Attleboro 24 Park St. 

130 Public Finance Company 8 North Main St. 

182 Tri-Boro Finance Co. Inc. of Attleboro 98 Park St. 

BEVERLY 

287 American Finance Corporation of Beverly 269 Cabot St. 

181 Beneficial Finance Co 222 Cabot St. 

318 Finance Associates of Beverly, Inc 263 Cabot St. 

BROCKTON 

253 Bell Finance Co. of Brockton, Inc 726 Crescent St. 

133 Beneficial Finance Co 190 Main St. 

84 Commercial Credit Plan Incorporated 228 Main St. 

194 Household Finance Corporation 172 Main St. 

299 Liberty Loan Company of Brockton 226 Main St. 

87 Local Finance Company of Brockton 95 Main St. 

104 Public Finance Company 142 Main St. 

289 Seaboard Finance Company 158 Main St. 

190 Time Finance Corporation of Brockton 105 Main St. 

BROOKLINE 

160 Beneficial Finance Co 269 Harvard St. 

141 Household Finance Corporation 1330 Beacon St. 

BURLINGTON 

222 Bell Finance Co 226 Cambridge St. 

CAMBRIDGE 

71 Beneficial Finance Co 519 Massachusetts Ave. 

13*4 Beneficial Finance Co 25 Prospect St. 

64 Household Finance Corporation 678 Massachusetts Ave. 

80 Household Finance Corporation of Cambridge 27 White St. 

296 Liberty Loan Company of Cambridge 684 Massachusetts Ave. 

159 Public Finance Company 2 Central Square 

242 Seaboard Finance Company 552 Massachusetts Ave. 

CHELSEA 

195 Beneficial Finance Co 375 Broadway 

309 Public Finance Company 438 Broadway 

CHICOPEE 

234 Beneficial Finance Co 272 Exchange St. 

129 Household Finance Corporation of Chicopee 10 Center St. 

CLINTON 

109 Wachusett Finance Corp 70 High St. 

DANVERS 

132 American Finance Corporation of Essex County 2 High St. 

EASTHAMPTON 

3 Local Finance Company of Easthampton 57 Union St. 

EVERETT 

197 Beneficial Finance Co 411 Broadway 

51 Everett Loan Co. Inc 427A Broadway 

310 Public Finance Company 164 School St. 

FALL RIVER 

28 Beneficial Finance Co 3*3 Bedford St. 

166 Cascade Finance Company 391 South Main St. 

165 Commercial Credit Plan Incorporated 364 Central St. 

220 Eagle Finance Company 226 South Main St. 

10 Fairway Finance Corporation of Fall River 124 South Main St. 

18 First Finance Corp. of Fall River 1451 South Main St. 

27 Household Finance Corporation 13 Borden St. 

12 Liberty Loan and Realty Co. Inc 204 Thomas St. 

209 Local Finance Company of Fall River 17 North Main St. 

45 M.A-C Loan Plan, Inc. of Fall River 314 South Main St. 

37 'Public Finance Company 102 South Main St. 

39 Time Finance Corporation of Fall River 304 South Main St. 



P.D. 95 



15 



Lie. No. 



Name 



Address 



FALMOUTH 

288 Beneficial Finance Co 181 Main Street 

FITCHBURG 

32 Beneficial Finance Co 446 Main St. 

85 Fitchburg Finance Corporation 759 Main St. 

52 Household Finance Corporation 455 Main St. 

74 M-A-C Finance Plan, Inc. of Fitchburg 558 Main St. 

273 Public Finance Company 520 Main St. 

FRAMINGHAM 

173 Beneficial Finance Co 106 Concord St. 

178 General Finance Corporation of Framingham 129A Concord St. 

260 Household Finance Corporation of Framingham 36-46 Concord St. 

254 Local Finance Company of Framingham 32 Union Ave. 

95 Public Finance Company 18 Union Ave. 

FRANKLIN 

36 Franklin Loan Co. Inc 32A Main St. 

GARDNER 

232 Beneficial Finance Co 47 Parker St. 

161 Public Finance Company 11 Pleasant St. 

GLOUCESTER 

59 Public Finance Company 82 Main St. 

GREAT BARRINGTON 

38 Community Credit Corporation 312 Main St. 

21 Pioneer Credit Corporation 337-339 Main St. 

GREENFIELD 

146 Beneficial Finance Co 239 Main St. 

153 Guaranty Loan Co. of Greenfield 209 Main St. 

283' Household Finance Corporation of Greenfield 158 Main St. 

HAVERHILL 

335 American Finance Corporation of Haverhill 11 Washington Square 

105 Beneficial Finance Co 54 Merrimack St. 

346 Haverhill Finance Corporation 191 Merrimack St. 

261 Household Finance Corporation of Haverhill 91 Merrimack St. 

263 Liberty Loan Company of Merrimack 6 Main St. 

186 New England Finance Corporation 21 Merrimack St. 

120 PubKc Finance Company 181 Merrimack St. 

HOLYOKE 

40 Beneficial Finance Co 560 D wight St. 

291 Credit Finance Corporation 3'80 High St. 

215 Holyoke Finance Corp 380 High St. 

245 Household Finance Corporation of Holyoke 349 High St. 

175 Public Finance Company 346 High St. 

HYANNIS 

76 Beneficial Finance Co 436 Main St. 

284 Household Finance Corporation of Hyannis 396 Main St. 

338 Local Finance Company of Hyannis 253 Main St. 

LAWRENCE 

118 American Finance Corporation of Lawrence 204 Essex St. 

147 Beneficial Finance Co 27 Amesbury St. 

277 Community Finance, Inc. of Lawrence 31 Hampshire St. 

189 Credit Finance Corporation of Lawrence, Mass 48 Amesbury St. 

262 Household Finance Corporation of Lawrence 380 Essex St. 

30 Local Loan & Finance Co. Inc 79 Common St. 

114 Public Finance Company 301 Essex St. 

25 Signet Discount Co 414 Essex St. 

LEOMINSTER 

148 Beneficial Finance Co 51 Main St. 

155 Leominster Finance Corporation 10 Monument Square 

58 Wacbusett Finance Corp 44 Main St. 



16 



P.D. 95 



Lie. No. 



Name 



Address 



LOWELL 

101 Advance Finance Company 147 Central St. 

55 Beneficial Finance Co 76 Merrimack St. 

179 Beneficial Finance Co 97 Central St. 

279 Central Finance Service, Inc 19 Palmer St. 

322 Commercial Credit Plan Incorporated 176 Church St. 

313 Fidelity Consumer Finance Corporation 40 Central St. 

312 First Finance Corp 813 Lakeview Ave. 

1 72 Household Finance Corporation 100 Merrimack St. 

301 Liberty Loan Company of Lowell 58 Central St. 

317 Lowell Finance Company, Inc 751 Merrimack St. 

269 Merrimack Valley Finance Company, Inc 1 Merrimack St. 

14 Public Finance Company 2 Kearney Square 

LYNN 

314 American Finance Corporation of Lynn 14 Central Square 

122 Beneficial Finance Co 22 Central Ave. 

3'44 Budget Finance Plan 124 Market St. 

154 Household Finance Corporation 341 Union St. 

295 Liberty Loan Company 31 Exchange St. 

19 Public Finance Company 29 Central Square 

229 Seaboard Finance Company of Lynn, Inc 56 Central Square 

41 United Insurance Finance Corporation 14 Central Ave. 

MALDEN 

321 iBell Finance Co 182 Highland Ave. 

103 Beneficial Finance Co ISO Pleasant St. 

107 Beneficial Finance Co 444 Main St. 

323 Commercial Credit Plan Incorporated 33" Dartmouth St. 

6 Household Finance Corporation 60 Pleasant St. 

1 52 National Finance Company, Inc 50 Pleasant St. 

72 Public Finance Company 5 Pleasant St. 

227 State Loan Co. Inc 482 Main St. 

MANSFIELD 

62 The Mansfield Finance Company, Inc 5 Old Colony Rd. 

MARLBOROUGH 

171 Marlboro Finance Corp 217 Main St. 

MEDFORD 

199 Beneficial Finance Co 10 High St. 

188 Household Finance Corporation 11 Salem St. 

311 Public Finance Company 24 Riverside Ave. 

24 Public Finance Company 648 Fellsway Shopping Plaza 

MIDDLEBOROUGH 

250 Beneficial Finance Co 6 South Main St. 

MILFORD 

207 Beneficial Finance Co 145 Main St. 

140 Berardi Loan Company, Inc 240 Main St. 

255 Local Finance Company of Milford 179 Mam St. 

110 Milford Finance Corporation 198 Main St. 

NATICK 

236 M-A-C Loan Plan, Inc. of Natick IIA West Central St. 

NEW BEDFORD 

44 Beneficial Finance Co 758 Purchase St. 

219 Beneficial Finance Co 1225 Acushnet Ave. 

336 Bristol Acceptance Trust, Inc 292 Union St. 

46 Community Plan Incorporated 558 Pleasant St. 

77 Household Finance Corporation 852 Purchase St. 

26 Luzo Corporation of America 139 Rivet St. 

228 Personal Financing Plan, Inc 634 Pleasant St. 

90 Public Finance Company 749 Purchase St. 

100 Seaboard Finance Company 71 William St. 

7 Wamsutta Finance Co. Inc 222 Union St. 

NEWBURYPORT 

150 Beneficial Finance Co 65 State St. 

9 First Finance Corp. of Newburyport 17 Green St. 

NEWTON 

303 Associates Consumer Finance Company, Inc 210 Boylston St. 

201 Beneficial Finance Co 325 Walnut St., ^ewtonville 

348 Brainerd Finance Company 1279 Washington St., West Newton 



P.D. 95 



17 



Lie. No. 



Name 



Address 



NORTH ADAMS 

151 Beneficial Finance Co 59 Main St. 

298 Fairway Finance Corporation of North Adams 42 Main St. 

307 Liberty Loan Company of Adams 14 Asliland St. 

42 M-A-C Finance Plan, Inc. of North Adams 15 Bank St. 

NORTH ATTLEBOROUGH 

54 Public Finance Company 31 N. Washington St. 

121 Tri-Boro Finance Company, Inc 11 S. Washington St. 

NORTHAMPTON 

264 Household Finance Corporation of Northampton 70 Main St. 

35 Local Finance Company of Northampton 159 Main St. 

llo" M-A-C Finance Plan, Inc. of Northampton 142 Main St. 

NORWOOD 

196 Beneficial Finance Co 643 Washington St. 

282 Household Finance Corporation of Norwood 661 Washington St. 

138 Public Finance Company 705 Washington St. 

PALMER 

274 Guaranty Loan Co. of Palmer 366 Main St. 

PEABODY 

144 Household Finance Corporation of Peabody North Shore Shopping Center 

324 Liberty Loan Company of Essex 2 Main St. 

256 Local Finance Company of Peabody 70 Main St. 

PITTSFIELD 

88 Beneficial Finance Co 74 North St. 

4 Budget Finance Plan 278 North St. 

230 Commercial Credit Plan Incorporated 25 First St. 

265 Household Finance Corporation of Pittsfield 86 North St. 

185 M-A-C Finance Plan, Inc. of Pittsfield 51 North St. 

286 Pioneer Credit Corporation 30 North St. 

170 Public Finance Company 137 North St. 

206 Universal C. I. T. Credit Company 184 North St. 

PLYMOUTH 

203 Beneficial Finance Co 25 Main St. 

c>oi Local Finance Company of Plymouth 20 Court St. 

QUINCY 

248 American Finance Corporation of Quincy 1620 Hancock St. 

136 Beneficial Finance Co 113 Parkingway 

75 Family Loan Corporation of Quincy 10 Chestnut St. 

180 Household Finance Corrwration 148 Parkingway 

304 Local Finance Company of Quincy 1388 Hancock St. 

1 16 Public Finance Company 67 Parkingway 

243 Seaboard Finance Company 1511 Hancock St. 

169 Time Finance Corporation of Quincy 1426 Hancock St. 

RANDOLPH 

340 Bell Finance Co. of Randolph, Inc 311 N. Main St. 

REVERE 

246 Paul Revere Loan Association, Inc 236 Broadway 

ROCKLAND 

257 Local Finance Company of Rockland 257 Union St. 

SALEM 

294 American Finance Corporation of Essex County 16 New Derby St. 

137 Beneficial Finance Co 116 Washington St. 

183 Household Finance Corporation 75 Washington St. 

271 Public Finance Company 228 Essex St. 

56 State Loan Co. Inc 247 Essex St. 

SAUGUS 

198 Household Finance Corporation of Saugus 627 Broadway 

SHREWSBURY 

23 Public Finance Company 384C Maple Ave. 

3'49 Universal C. I. T. Credit Company Retail Stores Bldg.. 

White City Shopping Center 



18 



P.D. 95 



Lie. No. 



Name 



Address 



SOMERSET 

225 Local Finance Company of Somerset 9^3 County St. 

SOMERVILLE 

33 Beneficial Finance Co 258 Elm St. 

96 Family Loan Corporation of Somerville 7 Davis Square 

1 77 Household Finance Corporation 249 Elm St. 

329 Pecuple's Finance Company of Boston, Inc 490 Broadway 

272 Public Finance Company 409A Highland Aye. 

211 State Loan Co. of Somerville 128 Dover St. 

SOUTHBRIDGE 

191 Morrison Finance Corporation 1 Elm St. 

187 Public Finance Company 284 Main St. 

SPRINGFIELD 

332 American Finance Corporation of Springfield 18 Vernon St. 

91 Associates Consumer Einance Company, Inc 19 Catherine St. 

50 Beneficial Finance Co 1277 Main St. 

7i Beneficial Finance Co 1618 Main St. 

167 Commercial Credit Plan Incorporated 297 Bridge St. 

292 Credit Finance Corporation 163 State St. 

212 Guaranty Loan Plan of Springfield, Inc 1537 Main St. 

139 Household Finance Corporation 1431 Main St. 

125 Ideal Budget Plan, Inc 1421 Main St. 

86 Liberty Loan Company of Springfield 145 State St. 

343 M-A-C Finance Plan, Inc. of Forest Park 390 Dickinson St. 

8 M-A-C Finance Plan, Inc. of Springfield 50 Vernon St. 

60 New Method Finance Corporation 1688 Main St. 

142 Pioneer Valley Acceptance Corporation 1490 Main St. 

1 63 Public Finance Company 1570 Main St. 

281 Savoy, J. R., Finance Co., Inc 66 Vernon St. 

276 Seaboard Finance Company 1645 Main St. 

78 Springfield Acceptance Co 1250 Main St. 

STONEHAM 

266 Household Finance Corporation of Stoneham 83 Main St. 

STOUGHTON 

308 Local Finance Company of Stoughton 54 Porter St. 

TAUNTON 

81 Beneficial Finance Co 25 Main St. 

268 Blackstone Finance Inc. of Taunton 6 Trescott St. 

70 Liberty Loan Company of Taunton 4 Cedar St. 

258 Local Finance Company of Taunton 3 Main St. 

67 Taunton Loan Co 28 Broadway 

WAKEFIELD 

237 Beneficial Finance Co 407 Main St. 

97 First Finance Corp. of Wakefield 43 Tuttk St. 

WALPOLE 

156 Fairway Finance Corporation of Walpole 940 Main St. 

WALTHAM 

135 Beneficial Finance Co 371 Moody St. 

79 Household Finance Corporation 333 Moody St. 

3'02 Liberty Loan Company of Waltham 6 Cushing St. 

123 Public Finance Company 389 Moody St. 

244 Seaboard Finance Company 24 Crescent St. 

WARE 

1 7 Guaranty Loan Co. of Ware 5 Bank St. 

WAREHAM 

267 Wilson Finance Corporation of Wareham Shoppers Plaza 

WATERTOWN 

334 American Finance Corporation of Watertown 34 Mt. Auburn St. 

325 Better Budget, Inc 8 Bigelow Ave. 

138 Fairway Finance Corporation of Watertown 2 A Mt. Auburn St. 



P.D, 95 



19 



Lie. No. 



Name 



Address 



164 
168 



112 
108 
285 



127 
275 



339 



WEBSTER 

Crown Finance Company, Inc 224 Main St. 

People's Finance Company, Inc 112 Main St. 

WESTFIELD 

Beneficial Finance Co 90 Elm St. 

Pioneer Loan & Finance Corporation 99 Elm St. 

Public Finance Company S3 Elm St. 

WEYMOUTH 

Household Finance Corporation of Weymouth 43*5 Washing^ton St. 

Liberty Loan Company of Weymouth 15 Washington St. 

WHITINSVILLE 

Wilson Finance Corporation 159 Church St. 

WINTHROP 

Highland Enterprises, Inc 196 Hagman Rd. 



128 
205 
259 



124 

lis 

157 

270 

174 

331 

94 

327 

iZ? 

13-1 

224 

316 

34 

251 

119 

221 

210 

13 

69 

68 

249 

213 



WOBURN 

American Finance Corporation of Middlesex County .... 446 Main St. 

Beneficial Finance Co 371 Main St. 

Local Finance Company of Woburn 341 Main St. 

WOLLASTON 

First Finance Corp. of Wollaston 43 Billings Rd. 

WORCESTER 

Associates Consumer Finance Company, Inc 9 Walnut St. 

Beneficial Finance Co 36 Franklin St. 

Beneficial Finance Co 2 Foster St. 

Beneficial Finance Co 1 125 A Main St. 

Budget Finance Plan 421 Main St. 

City Finance, Inc 340 Main St. 

Commercial Credit Plan Incorporated 290 Main St. 

Consumers Financing Service, Inc 8 Norwich St. 

First Finance Corp. of Worcester 74 Franklin St. 

Household Finance Corporation S4SG Lincoln St. 

Household Finance Corporation 390 Main St. 

Household Finance Corporation of Worcester 1073 Main St. 

Italian Finance Company of Worcester 157 Shrewsbury St. 

Liberty Loan Company of Massachusetts 414 Main St. 

M-A-C Finance Plan, Inc. of Worcester 34 Mechanic St. 

M-A-C Loan Plan, Inc 332 Main St. 

New Method Finance Corporation 544 Main St. 

Public Finance Company 390 Main St. 

Public Finance Company 507 Main St. 

Seaboard Finance Company 263 Park Ave. 

Seaboard Finance Company 405 Main St. 

Time Finance Corporation of Worcester 496 Park Ave. 







ii.vi: 



■tv'%; 



■">";;)" 



C'V" 






|.fy 






"'V>: 






'. ."■''>'.''. 


■'■:':>.' .;',' ', 


. •'■ 


y ,''r , 




', .1 


''.;'■';- 


■ . ''.:";./ 


m' 


■'■>■;,•: 


^^■''"■' '' 








j.sVv'/ , 


■<''■ •>•!(" 


/ j'.f>- 


yi^! 






')■'■ ,',';.' 


,■'.,'.':> »^ 


i^''^''''* 


i.'' *' 


^^i!-'' 




■ i'- 


' '*? , 






% 




'■'■,' 


1\ ' 





Public Document 



No. 95 




yiASS. 1^ Qllje ainmrnnnnipaltli of iiaflaarijuBetta 
DOCS. 

COLL. ^ 

IVISION OF BANKS AND LOAN AGENCIES 




ANNUAL REPORT 

OF THE 

COMMISSIONER OF BANKS 

FOR THE 
Year Ending December 31, 1966 



RELATING TO 
UCENSED SMALL LOAN LENDERS 



PCBLICATIOM Of THIS DOCUMENT APPROVED BV AlPUO C. HOLLAND. StATI PUIICSASING AGENT 



lM-7-67-945486 



Estimated Cost Per Copy J $.67 



QIItp Ol0mmonmpaltl| of ilassarliusrttfi 




DIVISION OF BANKS AND LOAN AGENCIES 

State Office Building, Government Center 
100 Cambridge Street, Boston 

Commissioner of Banks 
JOHN B. HYNES 

Deputy Commissioner of Banks 
WILLIAM P. MORRISSEY 

Deputy Commissioner of Banks 

AND 

General Counsel 
JOHN P. CLAIR 

Acting Supervisor of Loan Agencies 
WILLIAM P. BROWNE 

Assistant Supervisor and Rate Analyst 
ROBERT S. LEADBETTER 



P.D. 95 



TABLE OF EXHIBITS 



Exhibit A. Legislation. 

Exhibit B. Composite Statement of Assets 

(Loan Business of $3,000 or Less) . 

Exhibit C. Composite Statement of Income and Expense 
(Loan Business of $3,000 or Less) . 

Exhibit D. Analysis of Loans by Size 
(Loans of $3,000 or Less) . 

Exhibit E. Analysis of Loans by Types of Security 
(Loans of $3,000 or Less) . 

Exhibit F. Suits, Possessions and Sale of Chattels 
(Loans of $3,000 or Less) . 

Exhibit G. Consolidated Statement of Financial Condition 
(Total Loan and Finance Business) . 

Exhibit H. Consolidated Statement of Income and Expense 
(Total Loan and Finance Business) . 



Exhibit I. List of Licensed Small Loan Agencies. 



P.D. 95 



®l|^ (EommmtuiFuUli of iiaB0arl|Ufi^ttfi 



OFFICE OF THE COMMISSIONER OF BANKS 

State Office Building, Government Center 
1 00 Cambridge Street, Boston 



JUNE 15, 1967 
To THE Honorable Senate and 

House of Representatives of 

THE Commonwealth of Massachusetts: 

I have the honor of submitting to you herewith the 
annual report of the Commissioner of Banks relating to 
Licensed Small Loan Lenders, pursuant to the provisions of 
General Laws, Chapter 140, Section 98. 

The financial statements and miscellaneous data in- 
corporated herein pertaining to Licensed Small Loan Lend- 
ers are for the fiscal year ended December 31, 1966. 

Respectfully, 

John B. Hynes 
Commissioner of Banks 



4 P.D. 95 

General Laws, Chapter 140, Section 98, requires that "The Commissioner 
shall make an annual report and shall forward therewith a copy of such returns 
or so much thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of 
adding together the individual reports filed by each licensee. These reports are 
executed on a form and in a manner prescribed by the Commissioner. The 
department vouches for the process of addition, the process by which the addi- 
tions were arrived at following their filing — as the industry guarantees their 
accuracy and reliability as they were inserted in the individual reports. In 
some cases, as always, the reports were adjusted when not executed in accord- 
ance with instructions. In all such cases the licensee was notified and acknowl- 
edged the changes. 

As of December 31, 1966, there were three hundred and forty-nine small 
loan licenses outstanding. 

During the calendar year, 1966, 276,214 loans of $3,000 or less amounting 
to $181,029,088.42, which is less unearned charges, were made. These figures 
represent a decrease of 33,148 in the number of loans made and a decrease of 
$11,786,212.56 in the net amount of loans made during the previous twelve 
month period. 

The average net loan made for the period was $655.39 as compared to 
$623.27 for the calendar year, 1965. 

On December 31, 1966, there were 294,677 regulated loans of $3,000 or 
less outstanding with a face value of $201,716,623.34 which includes unearned 
charges amounting to $35,768,185.48. These figures represent a decrease of 
3,240 in the number and an increase of $6,547,735.28 in the amount of net 
loans outstanding since the beginning of the calendar year. 

The average net loan outstanding on December 31, 1966 was $563.15 as 
compared with $540.24 on December 31, 1965. 

Total regulated loans of $3,000 or less charged off for the period amounted 
to $3,711,192.88. 

Gross income for the period totaled $37,795,349.20 of which $216,160.89 
represents recoveries on loans previously charged off and $269,784.08 represents 
other income. Operating expenses aggregating $16,324,913.71 include $2,459,- 
249.28 of home office expenses; charge-offs on bad debts amounting to $805,- 
200.52 and an addition of $2,765,770.35 to the valuation reserve combine to 
make a total expense of $19,895,884.58 which deducted from gross income, 
leaves a balance of $17,899,464.62, representing net earnings before deductions 
of interest on borrowed funds and federal income taxes. A net earnings figure 
of $5,764,583.42 remains after deducting interest on borrowed funds amounting 
to $7,214,941.28 and federal income taxes amounting to $4,919,939.92. 

As of December 31, 1966, the book assets amounted to $174,607,408.23. The 
cash in office and in banks amounted to $2,753,787.95 which includes $602,- 
121.37 in compensating balances. Home office assets allocated to Massachusetts 
licensees consist of cash of $5,878,448.35 and other assets of $1,982,238.33 making 
a total of $7,860,686.68. Compensating balances included in the allocation 
amount to $3,389,743.85, which when totaled will produce compensating 
balances of $3,991,865.22. Total assets as shown in Exhibit B less compensating 
balances, produce assets of $170,615,543.01. 

This department does not consider compensating balances to be assets. 
They are used here as deduction of the liability. 



P.D. 95 5 

The figures included in the following schedules are compiled from annual 
reports to the Commissioner of Banks as represented by all licensed lenders. 

All common asset and expense accounts are allocated on a formula estab- 
lished by this department. 

The reports of First Personal Bankers, Inc., License Number 233; J. R. 
Savoy Finance Co., Inc., License Number 281; Pan-American Finance Corp. of 
Boston, License Number 330, and the reports of First Finance Corp. who hold 
nine licenses were not used in the compilation of these figures due to unusual 
and extraordinary circumstances. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
licensed small loan lenders is 21/2% per month on any part of the unpaid 
principal balance not exceeding $200; 2% per month on any part of the unpaid 
principal balance exceeding $200.00 but not exceeding $600; l347o per month 
on that part of the unpaid principal balance exceeding $600 but not exceeding 
$1,000; 34 of 1% per month on any part of the unpaid principal balance ex- 
ceeding $1,000. 

Such maximum interest charge shall not exceed 6% per annum after the 
termination of one year after maturity of the loan. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
unlicensed lenders is one percent per month on the unpaid principal balance 
which must include all fees and expenses of every name, nature and description. 

However, the maximum interest charges permitted on loans of more than 
$1,500.00, secured wholly or partially by a mortgage on real estate, other than 
a first mortgage, having an assessed value of not over twenty-five thousand 
dollars and having thereon a dwelling house with accommodations for six or 
less separate households and occupied in whole or in part at the time the loan 
is made as a home by the obligor on the mortgage debt or by any person grant- 
ing or releasing any interest under said mortgage, is an amount equivalent to 
one and one half percent a month computed on the unpaid balance including 
all fees and expenses of every name, nature and description except actual re- 
cording fees and reasonable attorney's fees. 

SMALL LOAN CASES: COURT AND ADMINISTRATIVE ACTION 

After five months, or 103 trial days, a jury in the Suffolk Superior Court on 
December 18, 1966, returned verdicts of guilty as follows: 

Household Finance Corporation, indictments No. 11900 and 11910, con- 
spiracy to bribe; and indictment No. 11995 in two counts of giving, offering or 
promising a bribe. 

Beneficial Finance Co., indictments No. 11900 and 11910, conspiracy to 
bribe; and indictment No. 11901 in two counts of giving, offering or promising 
a bribe. 

Liberty Loan Corporation, indictments No. 11900 and 11910, conspiracy 
to bribe; and indictment No. 1 1997 in two counts of giving, offering or promis- 
ing a bribe. 

Five employees or agents of the above-named companies or wholly-owned 
subsidiary entities were found guilty of crimes charged in various indictments. 

The three respondents. Household Finance Corporation; Beneficial Fi- 
nance Co.; and Liberty Loan Corporation were each fined $12,000. The Court 
ordered a stay of execution of the sentences against the three companies, as 
well as a stay of execution of the sentences levied against the five individuals 



P.D. 95 



found to be guilty by jury verdict pending appeal to the Supreme Judicial 
Court. 

The respondent corporations and the individuals referred to have filed 
claims of appeal to the Supreme Judicial Court. 

On January 10, 1967 the Commissioner of Banks gave notice by mail to 
Household Finance Corporation, Beneficial Finance Co., and Liberty Loan 
Corporation of his intention to hold a public hearing in order to give the 
respondents an opportunity to show cause why the licenses under which they 
operate in this Commonwealth should not be suspended or revoked. 

The public hearing was held on Wednesday, January 25, 1967 in a hearing 
room in the State Office Building, 100 Cambridge Street, Boston. 

On March 1, 1967, the Commissioner of Banks promulgated the following: 

"ORDER: That the licenses of the respondent Household Finance Cor- 
poration and its wholly-owned subsidiaries; the licenses of Industrial Bankers 
d/b/a Benficial Finance Co., New England Equity d/b/a Beneficial Finance 
Co., Webster Associates d/b/a Beneficial Finance Co., and Workingmen's Loan 
Association d/b/a Beneficial Finance Co.; and the licenses of the wholly-owned 
business trusts of the Liberty Loan Corporation to do business under Chapter 
140, General Laws, or Chapter 255D, General Laws as they may hold such 
latter licenses, shall stand suspended for a period of five (5) months, beginning 
May 1, 1967 and remain suspended until the termination of the current term 
of the licenses on September 30, 1967 or, in the event of a stay in the enforce- 
ment of this decision by a Court of this Commonwealth, then for a j>eriod of 
five (5) consecutive months, irrespective of the statutory license year, and 
effective immediately upon final disposition of the matter by the Courts of this 
Commonwealth. 

"Notwithstanding the foregoing the small loan offices of the companies or 
trusts may remain open during the period of suspension for the purpose only 
of collecting receivables, and shall not during the period of suspension relocate 
any office, or renew, rewrite, or extend any outstanding loan, retail installment 
sale agreement or revolving credit agreement, except with express permission 
of the Commissioner of Banks; and be it a further 

ORDER: That during the period of the suspension of the small loan li- 
censes, as ordered herein, and continuing thereafter, the officers, agents, or 
employees of the parent companies or their subsidiaries, found guilty by a 
jury in Suffolk Superior Court on December 18, 1966, of certain crimes against 
public justice, shall not be associated with or engaged in any manner whatso- 
ever with any small loan agency doing business under license granted by the 
Commissioner of Banks, except and unless waiver is granted for good and 
substantial reason by the Commissioner." 

On March 15, 1967, upon petition to the Superior Court in Equity by the 
respondent companies, said Court entered a preliminary injunction staying the 
Findings and Order of the Commissioner of Banks and on April 5, 1967, the 
Superior Court in Equity continued said injunction until further order of the 
Court. 



P.D. 95 7 

EXHIBIT A 

LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 

Acts and Resolves of 1966 

Chapter Amendment To: Description 

133 G. L., C. 255C, s. Providing that the cancellations of motor 

21. vehicle liability policies for nonpay- 

ment of financed premiums shall not 
take effect if full payment is made at 
least three days prior to the intended 
effective dates of such cancellations. 

284 New Chapter 255D An Act Regulating Certain Retail In- 

of the General stallment Sales and Services and 

Laws; G. L., C. amending the law pertaining to motor 

255B, s. 1, 9, 14A, vehicle retail installment sales, requir- 
20A, and 20B. ing, among other things, simple annual 

interest disclosure under both statutes. 

G. L., C. 255, s. 12, Sections repealed. 
12A, 12B, 12D, 13, 
13B, 13C and 13G. 

423 G. L., C. 175, new An Act Relative to Return Premiums 

s. 176A; G. L., C. Received by or Credited to Insurance 
255C, s. 5. Agents and Brokers; also amending 

the insurance premium finance law. 

587 New Chapter 140A An Act Requiring the Disclosure of Fi- 

of the General nance Charges in Connection With 

Laws; G. L., C. 255B, Extensions of Credit. 
s. 14A; G. L., C. 
255C, s. 1 and 13. 



REGULATIONS AND DIRECTIVES 

There are described below regulations and a directive of the Commissioner of 
Banks promulgated during the calendar year 1966. 

July 25, 1966 Relative to the issuance of checks of premium finance 

agencies. 
October 10, 1966 Governing certain retail installment sales and services 

pursuant to the provisions of new C. 255D, G. L. 
December 1, 1966 Guide lines for compliance with the provisions of C. 
140A, G. L. 



P.D. 95 



®ljp dommnttmraltli nf UlafiBarlitiHFttB 

ANNUAL REPORT OF THE COMMISSIONER OF BANKS 

For the Year Ended December 31, 1966 

(General Laws, Chapter 140, Section 98) 



EXHIBIT B 



Composite Statement of Assets, December 31, 1966 
(Loan Business of $3,000 or Less) 



Licensed Agencie.s 
349 



Receivables : 

(a) Gross Amount 

(b) Less: Unearned Charges 

(c) Less: Allowance for Bad Debts 



(d) Net Receivables ...... 

Cash in Office and in Banks ..... 

Real Estate (Less Allowance for Depreciation-Bldgs.) 

Furniture, Fixtures, Equipment (Less Allowance for 

Depreciation) ....... 

Deferred Charges or Prepaid Expense 
Other Assets: 

(a) Organization and Development Expense 

(b) Cost of Financing ..... 

(c) Investments ...... 

(d) Miscellaneous Notes and Accts. Receivable 

(e) Miscellaneous ...... 



Total Assets ........ 

Home Office Assets Allocated to Massachusetts Licensees 
Total 



Compensating Balances Included in Cash . 
Compensating Balances Included in Home Office Assets 
Allocated to Massachusetts Licensees 

Total Compensating Balances Included in Assets 



42,373.62 

16,837.16 

642,519.02 

555,622.58 

72,523.58 



$201,716,623.34 

35,763,185.48 

4,526,386.11 

$161,422,051.75 

2,753.787.95 

175,213.16 

836,290.64 
229,502.09 



1,329,875.96 
$166,746,721.55 

7,860,686.68 
$174,607,408.23 
$ 602,121.37 

3,389,743.85 
$ 3,991,865.22 



P.D. 95 



EXHIBIT C 



Composite Statement of Income and Expense 

For the Year Ended December 31, 1966 

(Loan Business of $3,000 or Less) 



Gross Income 

Charges Collected and/or Earned 
Delinquency Charges Collected . 
Collection on Accounts Previously Charged Off 
Other Income : 

(a) Gain on Sale of Assets 

(b) Income from Investments 

(e) Miscellaneous .... 



36,252,219.00 

1,057,185.23 

216,160.89 

39,118.42 

218,920.22 

11,745.44 



Total Gross Income 



$ 37,795,349.20 



Expenses of Conducting Business 



Income) : 



Advertising ....... 

Auditing ........ 

Bad Debts; 

(a^ Charged Off 

(b) Addition to Reserve .... 

Depreciation of Furniture, Fixtures and Equipment 

Recording and Acknowledging Fees 

Insurance and Fidelity Bonds . 

Legal Fees and Disbursements . 

Postage and Express 

Printing, Stationery and Supplies 

Rent ..... 

Salaries ..... 

Supervision and Administration 

Taxes (Excluding Federal Taxes on 

(a) State Income 

(b) License Fees 

(c) All Other Taxes . 

Telephone and Telegraph 

Travel 

Other Expenses of Conducting Business 

Total 

Total Home Office Expenses 
Interest on Borrowed Funds 

Total Expenses . . . . 

Net Earnings Before F'ederal Income Taxes 

Federal Income Taxes .... 

Total Expenses After Income Taxes . 

Net Earnings After Income Taxes and Interest on 
Borrowed Funds ..... 



805,200.52 
2,765,770.35 



1,188,298.58 
87,414.91 



3,570,970.87 





234,796.73 




6,507.89 




148,862.83 




391,033.82 




235,897.67 




200,701.85 




1,121,432.99 




6,656,600.94 




434,937.88 


$ 425,949.23 




119,585.98 




463,832.50 


1,009,367.71 



798 

326 

1,024 



,634.05 
,325.77 
,850.81 



17,436 
2,459 
7,214 



635.30 
,249.28 
,941.28 



$ 27,110,825.86 
$ 10,684,523.34 
$ 4,919,939.92 
$ 32,030,765.78 



$ 5.764.583.42 



10 



P.D. 95 



EXHIBIT D 



Analysis of Loans by Size 
(Loans of $3,000 or Less) 



Total Loan Balances Outstanding (Less Unearned Charges) 
at Beginning of Period ...... 

Loans Made During the Period: 



(a) 


Loans 


of 


$ 100.00 


or 


Less 


(b) 


Loans 


of 


100.01 


to 


$ 200.00 


(c) 


Loans 


of 


200.01 


to 


300.00 


(d) 


Loans 


of 


300.01 


to 


400.00 


(e) 


Loans 


of 


400.01 


to 


500.00 


(0 


Loans 


of 


500.01 


to 


600.00 


(g) 


Loans 


of 


600.01 


to 


1,000.00 


(h) 


Loans 


of 


1,000.01 


to 


1,500.00 


(i) 


Loans 


of 


$1,500.01 


to 


$3,000.00 



Total Loans Made During the Period 

Loan Balances Purchased During the Period 

Loan Balances Sold During the Period 

Loan Balances Charged Off During the Period 

Collections During the Period . . . . 



Total Loan Balances Outstanding (Less Unearned Charges) 
at the End of the Period . . . . . 



Number 


Amount 


297,917 


$159,400,702.58 


6,959 


469,992.08 


30,267 


4,261,032.76 


31,590 


7,677,512.06 


33,176 


11,230,,370.34 


27,719 


12,363,177.22 


27,333 


14,852,140.08 


62,151 


47,901,253.84 


38,897 


46,928,001.02 


18,122 


35,345,609.02 


276,214 


$181,029,088.42 


10,907 


5,869,260.09 


9,330 


5,170,752.81 


9,293 


3,711,192.88 




171,468,667.54 



294,677 $165,948,437.86 



EXHIBIT E 



Analysis of Loans by Types of Security 
(Loans of |3,000 or Less) 



Loans Made During the Period Based in Whole or in 
Larger Part on : 

(a) Chattel Mortgages on Household Goods 

(b) Automobiles .... 

(c) Real Estate ..... 

(d) other Chattels .... 

(e) Unsecured Notes .... 

(f) Endorsed and/or Co-maker Notes 

(g) "Wage Assignments 
(h) Other Considerations . 

Total 



NuTtiber 


Amount 


113,615 


$100,807,322.18 


16,652 


14,129,529.21 


148 


207,800.05 


4,134 


3,584,135.54 


131,852 


56,135,037.34 


8,461 


4,860,396.21 


26 


12,530.94 


1,326 


1,292,336.95 



276,214 $181,029,088.42 



P.D. 95 



11 



EXHIBIT F 



SuiTS;, Possessions and Sale of Chattels 
(Loans of |3,000 or Less) 



Suits for Recovery : 

(a) Pending at Close of Previous Period 

(b) Instituted During Period 

(c) Total 

(d) Judgment Secured During Period 

(e) Settled Before Judgment During the Period 



(f) Total 

(g) Pending at Close of Current Period 



Number Amount Due 

2,875 $ 1,430,747.37 
2,347 1,469,722.83 



5,222 $ 2,900,470.20 



1,464 $ 830,912.29 

616 324,843.82 



2,080 $ 1,155,756.11 



3,142 $ 1,744,714.09 



Wage Assignments Filed During Period . 

Possession of Chattels Obtained by Licensee: 

(a) By Legal Process or Contract Right: 

(1) Household Goods 

(2) Automobiles 

(3) Other Chattels and Property 

(b) By Voluntary Surrender: 

(1) Household Goods 

(2) Automobiles . . 

(3) Other Chattels and Property 
Sale of Chattels by Licensee : 

(a) With Borrower's Consent 

(b) Without Borrower's Consent . 



98 $ 



52,776.25 









39 


$ 


42,996.27 








5 


$ 


2,114.02 








12 


$ 


10,017.94 








68 


$ 


74,217.31 








6 


$ 


2,557.86 


Number 
87 


$ 


Amount Due 
77,092.77 


$ 


Amount 
Collected 
25,740.67 


29 


$ 


34,231.49 


$ 


16,467.60 



12 



P.D. 95 



EXHIBIT G 

Consolidated Statement of Financial Condition, December 31, 1966 
(Total Loan and Finance Business) 



Assets 

Receivables : 

(a) Gross Amount ...... 

(b) Less; Unearned Charges .... 

(c) Less: Allowance for Bad Debts 

(d) Net Receivables ...... 

Cash in Office and in Banks ..... 

Real Estate (Less Allowance for Depreciation-Buildings) 

Furniture, Fixtures, Equipment (Less Allowance for 
Depreciation) ....... 

Deferred Charges or Prepaid Expense 

Other Assets : 

(a) Organization and Development Expense 

(b) Cost of Financing ..... 

(c) Investments ...... 

(d) Miscellaneous Notes and Accounts Receivable 

(e) Miscellaneous ...... 

Total Assets ........ 

Home Office Assets Allocated to Massachusetts Licensees 

Total 



51,129.97 

29,929.33 

1,240,740.95 

2,532,453.78 

95,080.16 



$232,205,362.07 

38,798,860.84 

5,316,765.87 

$188,089,735.36 

4,652,313.52 

550,356.36 

999,519.06 
341,410.83 



3,949,334.19 



$198,582,669.32 

8,449,295.46 



$207,031,964.78 



Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks $ 11,582,125.70 

(b) Due to Parent Company or Affiliate . . . 58,627,489.03 

(c) Other Short Term Notes and Accounts . . . 5,192,448.81 



Bonds 

Long Term Notes 

Investment Certificates . " . 

Other Liabilities : 

(a) Accrued Expenses 

(b) Other Expense Reserves 

Branch Office Capital 

Net Worth (If Individual or Partnership) 

Capital Stock (If Corporation) : 

(a) Preferred . . . . . 

(b) Common ..... 

Paid In Surplus ..... 
Appropriated Surplus or Capital Reserves 
Retained Earnings ..... 

Total Liabilities and Capital 



Compensating Balances Included in Cash 
Compensating Balances Included in Home Office Assets 
Allocated to Massachusetts Licensees . 

Total Compensating Balances Included in Assets 



679,521.74 

1,710,324.48 



2,642,924.37 
10,213,684.22 



$ 75,402,063.54 

3,262,977.91 
5,234,618.93 
1,710,179.96 



2,389,846.22 

75,670,476.63 
298,760.33 



12,856,608.59 

5,521,766.76 

482,755.49 

15,752,614.96 

$198,582,669.32 

$ 1,543,939.71 

3,748,584.78 

$ 5,292,524.49 



P.D. 95 



13 



EXHIBIT H 



Consolidated Statement of Income and Expense 

For the Year Ended December 31, 1966 

(Total Loan and Finance Business) 



Gross Income 
Charges Collected and/or Earned 
Delinquency Charges Collected .... 
Collections on Accounts Previously Charged Off 
Other Income : 

(a) Gain on Sale of Assets 

(b) Income from Investments 

(c) Miscellaneous ..... 

Total Gross Income ...... 

Expenses of Conducting Business 
Advertising ....... 

Auditing . . 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve .... 

Depreciation of Furniture, F'ixtures, and Equipment 

Recording and Acknowledging Fee5 

Insurance and Fidelity Bonds . 

Legal Fees and Disbursements 

Postage and Express 

Printing, Stationery and Supplies 

Rent ..... 

Salaries ..... 

Supervision and Administration 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income 

(b) License F'ees 
(e) All Other Taxes . 

Telephone and Telegraph . 

Travel 

Other Expenses of Conducting Business 

Total 

Total Home Office Expenses 
Interest on Borrowed Funds 

Total Expenses ..... 

Net Earnings Before Federal Income Taxes 

Federal Income Taxes .... 

Total Expenses After Income Taxes . 

Net Earnings After Income Taxes and Interest on 
Borrowed Funds ..... 



40,310,272.02 

1,186,344.70 

269,405.32 

44,800.23 
445,668.14 
134,0'38.75 



841,523.86 
3,486,881.71 



498,261.84 
132,141.73 
535,486.35 



$ 42,390,529.16 

$ 1,258,203.28 
136,077.34 

4,328,405.57 

286,949.73 

21,278.18 

189,882.21 

462,946.15 

273,778.30 

247,004.55 

1,271,180.01 

7,865,444.18 

503,599.00 



1,165,889.92 

912,531.43 

397,572.66 

1,288,621.36 

$ 20,609,363.87 
2,629,556.95 
8,477,081.90 

$ 31,716,002.72 

$ 10,674,526.44 

$ 5,206,431.91 

$ 36,922.434.63 

$ 5,468,094.53 



14 



P.D. 95 



EXHIBIT I 

Licensed Small Loan Agencies 
Following is a list of those engaged in the business of making small loans 
in the cities and towns in Massachusetts and licensed as of June 1, 1967: 



Lie. No. 



Name 



Address 



BOSTON 

53 Beatty, Charles S., Company 7 

217 Bell Finance Co. of Boston, Inc 38 

6-3 Belmont Finance Company 333 

22 Beneficial Finance Co. 77 

57 Beneficial Finance Co 80 

117 Beneficial Finance Co 5 

239 Beneficial Finance Co 8 

66 Beneficial Finance Co 570 

231 Beneficial Finance Co 1257 

204 Beneficial Finance Co 47 

2:35 Beneficial Finance Co 105 

238 Coleman Acceptance Trust 18 

89 Commercial Credit Plan Incorporated 150 

93 Dial Finance Company of Boston, Inc 15 

186 Dial Finance Company of Boston No. 1 Inc 20 

328 Dover Acceptance Corp 126 

92 Family Loan Corporation of Massachusetts 41 

149 Family Loan Corporation of Back Bay 161 

43 Family Loan Corporation of Dorchester 1457 

192 Firemen's F'inance Company, Inc 26 

29 First Finance Corp. of Mattapan 524 

278 Friendly Loan Corporation 21 

356 G. A C. Finance Coi-poration of Boston 330 

16 Household Finance Corporation 80 

49 Household F'inance Corporation 175 

82 Household Finance Corporation 294 

202 Household Finance Corporation 59 

223 Household Finance Corporation 47 

143 Household Finance Corporation 598 

208 Household Finance Corporation 679 

280 Kane Finance Company 226 

176 Local F'inance Company 12&a 

193 Local Finance Company of Boston 453 

320 Merit Finance Company, Inc 73 

5 Nestor-Hall Company 7 

15 Northeast Finance Corporation 1601 

247 Northeast Finance Corporation 1872 

354 Postal Finance Company, Inc 262 

111 Public Finance Company 145 

200 Public F'inance Company 308 

216 Public Finance Company 333 

306 Public Finance Company 501 

305 Public Finance Company 1492 

61 Public Finance Company 230 

184 Public Finance Company 1232 

218 Public Finance Company 4258 

241 Seaboard Finance Company 138 

20 Seaboard Finance Company 58 

145 State Loan Co 619 

347 Sumner Finance Company 262 

319 Universal C.I.T. Credit Company 330 



Water Street 
Chauncy Street 
Washington Street 
Summer Street 
Boylston Street 
Bromfield Street 
Winter Street 
Columbia Rd., Dorchester 
River St., Hyde Park 
Poplar Street, Roslindale 
Dorchester St., So. Boston 
Tremont Street 
Tremont Street 
School Street 
Columbus Avenue 
State Street 
Winter Street 
Massachusetts Avenue 
Dorchester Ave., Dorchester 
Huntington Avenue 
River St., Mattapan 
Porter St., East Boston 
Stuart Street 
Boylston Street 
Tremont Street 
Washington Street 
Temple Place 
Winter Street 
Columbia Rd., Dorchester 
Canterbury St., Roslindale 
Franklin Street 
Tremont Street 
Washington Street 
Tremont Street 
Water Street 
Blue Hill Ave., Mattapan 
Centre St., West Roxbury 
Washington Street 
Tremont Street 
Boylston Street 
Washington Street 
Washington Street 
Dorchester Ave., Dorchester 
Meridian St., East Boston 
River Street, Hyde Park 
Washington St., Roslindale 
Brighton Ave., Allston 
Winter Street 
Washington Street 
Washington Street 
Stuart Street 



P.D. 95 



15 



Lie. No. 



Name 



Address 



AGAWAM 

341 Universal C. I. T. Cxedit Company 324 Walnut Street 

AMESBURY 

345 Citizens Acceptance Corporation 41 Main Street 

ANDOVER 

98 Ajidover Finance Company Musgrove Bldg., Elm Square 

ARLINGTON 

326 American Finance Corporation of Middlesex County . . 457 Massachusetts Avenue 

297 Universal C. I. T. Credit Company 11 Mystic Street 

ATHOL 

162 Public Finance Company 516 Main Street 

ATTLEBORO 

48 Beneficial Finance Co 7 Parle Street 

252 Blackstone Finance, Inc. of Attleboro 25 Bank Street 

130 Public Finance Company 8 North Main Street 

182 Tri-Boro Finance Co., Inc. of Attleboro 98 Park Street 

BEVERLY 

387 American Finance Corporation of Beverly 269 Cabot Street 

181 Beneficial Finance Co 238 Cabot Street 

318 Finance Associates of Beverly, Inc 263 Cabot Street 

BRAINTREE 

240 South Shore Finance Company, Inc 250 Granite Street 

BROCKTON 

253 Bell Finance Co. of Brockton, Inc 726 Crescent Street 

133 Beneficial Finance Co 190 Main Street 

84 Com.morcial Credit Plan Incorporated 228 Main Street 

194 Household Finance Corporation 172 Main Street 

299 Liberty Loan Company of Brockton 231 Main Street 

87 Local Finance Company of Brockton 95 Main Street 

353 New Hampshire Finance, Inc Westgate Shopping Centei 

Store 12 

104 Public F'inance Company 142 Main Street 

289 Seaboard Finance Company 158 Main Street 

190 Time Finance Corporation of Brockton 105 Main Street 

350 Universal C. I. T. Credit Company 286 N. Main Street 

BROOKLINE 

160 Beneficial Finance Co 269 Harvard Street 

141 Household Finance Corporation 1330 Beacon Street 

47 Nev? Hampshire Finance, Inc 1300 Beacon Street 

BURLINGTON 

222 Bell F'inance Co. of Woburn, Inc 22<6 Cambridge Street 

CAMBRIDGE 

71 Beneficial Finance Co 519 Massachusetts Avenue 

134 Beneficial Finance Co 622 Massachusetts Avenue 

64 Household Finance Corporation 678 Massachusetts Avenue 

80 Household Finance Corporation of Cambridge 2i7 White Street 

296 Liberty Loan Company of Cambridge 684 Massachusetts Avenue 

159 Public Finance Company 2 Central Square 

242 Seaboard F'inance Company 552 Massachusetts Avenue 



16 



P.D. 95 



Lie. No. 



Name 



Address 



CANTON 

290 Time Finance Co. of Canton 612 Wasliington Street 

CHELSEA 

195 Beneficial Finance Co 279 Broadway 

309 Public Finance Company 438 Broadway 

CHICOPEE 

234 Beneficial Finance Co 272 Exchange Street 

129 Household Finance Corporation of Chicopee 10 Centre Street 

CLINTON 

109 Wachusett Finance Corp 70 High Street 

DANVERS 

132 American Finance Corporation of Essex County .... 2 High Street 

DEDHAM 

357 Time Finance Company of Dedham 515 Providence Highway 

EASTHAMPTON 

3 Local Finance Company of Easthampton 57 Union Street 

EVERETT 

197 Beneficial Finance Co 411 Broadway 

51 Everett Loan Co., Inc 427a Broadway 

310 Public Finance Company 164 School Street 

FAIRHAVEN 

351 Universal C. I. T. Credit Company 102 Huttleston Avenue 

FALL RIVER 

28 Beneficial Finance Co 33 Bedford Street 

166 Cascade Finance Company 391 South Main Street 

165 Commercial Credit Plan Incorporated 364 Central Street 

10 Fairway Finance Corporation of Fall River 124 South Main Street 

18 First Finance Corp. of Fall River 1451 South Main Street 

27 Household Finance Corporation 13 Borden Street 

12 Liberty Loan and Realty Co., Inc 204 Thomas Street 

209 Local Finance Company of Fall River 17 North Main Street 

45 M-A-C Loan Plan, Inc. of Fall River 314 South Main Street 

37 Public Finance Company 102 South Main Street 

39 Time Finance Corporation of Fall River 304 South Main Street 

FALMOUTH 

288 Beneficial Finance Co 181 Main Street 

FITCHBURG 

32 Beneficial Finance Co 347 Main Street 

85 Fitchburg Finance Corporation 765 Main Street 

52 Household Finance Corporation 455 Main Street 

74 M-A-C Finance Plan, Inc. of Fitchburg 558 Main Street 

273 Public Finance Company 516 Main Street 

FRAMINGHAM 

173 Beneficial Finance Co 106 Concord Street 

178 General Finance Corporation of Framingham 129A Concord Street 

260 Household Finance Corporation of Framingham .... 36 Concord Street 

254 Local Finance Company of F'ramingham 32 Union Avenue 

95 Public Finance Company 18 Union Avenue 



P.D. 95 



17 



Lie. No. 



Name 



Address 



FRANKLIN 

36 Franklin Loan Co., Inc 32 A Main Street 

GARDNER 

232 Beneficial Finance Co 47 Parker Street 

161 Public Finance Company 11 Pleasant Street 

GLOUCESTER 

59 Public Finance Company 82 Main Street 

GREAT BARRINGTON 

38 Community Credit Corporation 312 Main Street 

21 Pioneer Credit Corporation 337 Main Street 

GREENFIELD 

146 Beneficial Finance Co 239 Main Street 

153 Guaranty Loan Co. of Greenfield 209 Main Street 

283 Household Finance Corporation of Greenfield 158 Main Street 

HAVERHILL 

American Finance Corporation of Haverhill 11 Washington Square 

Beneficial Finance Co 135 Merrimack Street 

Haverhill Finance Corporation 191 Merrimack Street 

Household Finance Corporation of Haverhill 91 Merrimack Street 

Liberty Loan Company of Merrrimack 6 Main Street 

Public Finance Company 181 Merrimack Street 

HOLYOKE 

40 Beneficial F'inance Co 560 Dwight Street 

215 Dial Finance Co. of Holyoke, Inc 320 High Street 

245 Household Finance Corporation of Holyoke 353 High Street 

175 Public Finance Company 346 High Street 

291 Signal Finance Corporation 380 High Street 

HYANNIS 

76 Beneficial Finance Co 436 Main Street 

284 Household Corporation of Hyannis 396 Main Street 

33 8 Local F'inance Company of Hyannis 253 Main 'Street 

LAWRENCE 

118 American Finance Corporation of Lawrence 204 Essex Street 

147 Beneficial Finance Co 27 Amesbury Street 

277 Community Finance, Inc. of Lawrence 125 Amesbury Street 

262 Household Finance Corporation of Lawrence 380 Essex Street 

30 Local Loan & Finance Co., Inc 79 Common Street 

114 Public Finance Company 301 Essex Street 

189 Signal F'inance Corporation of Lawrence 48 Amesburj^ Street 

25 Signet Discount Co 414 Essex Street 

LEOMINSTER 

148 Beneficial Finance Co 51 Main Street 

155 Leominster Finance Corporation 10 Monument Square 

58 Wachusett Finance Corp 44 Main Street 

LOWELL 

101 Advance Finance Company 147 Central Street 

55 Beneficial Finance Co 76 Merrimack Street 

179 Beneficial Finance Co 97 Central Street 

279 Central F'inance Service, Inc 19 Palmer Street 

322 Commercial Credit Plan Incorporated 176 Church Street 

313 Fidelity Consumer Finance Corporation 40 Central Street 

312 First Finance Corp 813 Lakeview Avenue 

172 Household Finance Corporation 100 Merrimack Street 

301 Liberty Loan Company of Lowell 58 Central Street 

317 Lowell Finance Company, Inc 217 Appleton Street 

269 Merrimack Valley F'inance Company, Inc 1 Merrimack Street 

14 Public Finance Company 2 Kearney Square 



18 



P.D. 95 



Lie. No. 



Name 



Address 



LYNN 

314 American Finance Corporation of Lynn 14 Central Square 

122 Beneficial Finance Co 22 Market Street 

344 Budget Finance Plan 116 Market Street 

154 Household Finance Corporation 341 Union Street 

295 Liberty Loan Company 171A Union Street 

19 Public Finance Company 29 Central Square 

229 Seaboard Finance Company of Lynn, Inc 56 Central Square 

41 United Insurance Finance Corporation 14 Central Avenue 

352 Universal C. I. T. Credit Company 21 iState Street 

MALDEN 

321 Bell Finance Co. of Maiden, Inc 3 Pleasant Street 

103 Beneficial Finance Co 150 Pleasant Street 

107 Beneficial Finance Co 444 Main Street 

323 Commercial Credit Plan Incorporated 33 Dartmouth Street 

6 Household Finance Corporation 60 Pleasant Street 

152 National Finance Company, Inc 50 Pleasant Street 

72 Public Finance Company 5 Pleasant Street 

227 State Loan Co., Inc 482 Main Street 

MANSFIELD 

62 The Mansfield Finance Company, Inc 5 Old Colony Road 

MARLBOROUGH 

65 Beneficial Finance Co 186 Main Street 

171 Marlboro Finance Corp 217 Main Street 

MEDFORD 

199 Beneficial Finance Co 16 High Street 

188 Household Finance Corporation 11 Salem Street 

311 Public Finance Company 24 Riverside Avenue 

24 Public Finance Company 648 Fellsway Shopping Plaza 

MIDDLEBOROUGH 

250 Beneficial Finance Co 6 South Main Street 

MILFORD 

207 Beneficial Finance Co 145 Main Street 

140 Greenleaf Finance Incorporated 240 Main Street 

255 Local Finance Company of Milford 179 Main Street 

110 Milford Finance Corporation 204A Main Street 

NATICK 

236 M-A-C Loan Plan, Inc. of Natick 11a West Central Street 

NEW BEDFORD 

44 Beneficial Finance Co 758 Purchase Street 

219 Beneficial Finance Co 1349 Acushnet Avenue 

336 Bristol Acceptance Trust, Inc 292 Union Street 

46 Community Plan Incorporated 655 Pleasant Street 

77 Household Finance Corporation 852 Purchase Street 

26 Luzo Corporation of America 139 Rivet Street 

228 Personal Financing Plan, Inc 6'34 Pleasant Street 

90 Public F'inance Company 9l!5 Purchase Street 

100 Seaboard Finance Company 71 William iStreet 

7 Wamsutta Finance Co., Inc 222 Union Street 



P.D. 9n 



19 



Address 



NEWBURYPORT 

150 Beneficial Finance Co 80 State Street 

9 Fir?t Finance Corp. of Newburyport 19 Green Street 

NEWTON 

303 Associates Consumer Finance Company, Inc 210 Boylston Street 

201 Beneficial Finance Co 325 Walnut St., Newtonville 

348 Brainerd Finance Company 1279 Washington St., W. Newton 

NORTH ADAMS 

151 Beneficial Finance Co 59 Main Street 

298 Fairway Finance Corporation of North Adams 42 Main Street 

307 Liberty Loan Company of Adams 14 Ashland Street 

42 M-A-C Finance Plan, Inc. of North Adams 85 Main Street 

NORTH ATTLEBOROUGH 

54 Public Finance Company 31 North Washington Street 

121 Tri-Boro Finance Company, Inc 11 South Washington Street 

NORTHAMPTON 

264 Household Finance Corporation of Northampton .... 70 Main Street 

35 Local Finance Company of Northampton 159 Main Street 

113 il-A-C Finance Plan, Inc. of Northampton 142 Main Street 

NORWOOD 

196 Beneficial Finance Co 643 Washington Street 

282 Household Finance Corporation of Norwood 661 Washington Street 

158 Public Finance Company 705 Washington Street 

PALMER 

274 Guaranty Loan Co. of Palmer 366 Main Street 

PEABODY 

144 Household Finance Corporation of Peabody North Shore Shopping Ctr. 

324 Liberty Loan Company of Essex 2 Main Street 

256 Local Finance Company of Peabody 70 Main Street 

PITTSFIELD 

88 Beneficial Finance Co 74 North Street 

4 Budget Finance Plan 278 North Street 

230 Commercial Credit Plan Incorporated 63 Cheshire Road 

26'5 Household Finance Corporation of Pittsfield 86 North Street 

185 MA-C Finance Plan, Inc. of Pittsfield 23 North Street 

286 Pioneer Credit Corporation 415 North Street 

170 Public Finance Company 313 North Street 

206 Universal C. I. T. Credit Company - . 346 North Street 

PLYMOUTH 

203 B(-neficial Finance Co 25 Main Street 

333 Local Finance Company of Plymouth 20 Court Street 

QUINCY 

248 Ami-rican Finance Corporation of Quincy 1620 Hancock Street 

136 Beneficial Finance Co 113 Parkingway 

75 Family Loan Corporation of Quincy 10 Chestnut Street 

180 Household Finance Corporation 148 Parkingway 

304 Local Finance Company of Quincy 1388 Hancock Street 

116 Public Finance Company 67 Parkingway 

243 Seaboard Finance Company 1511 Hancock Street 

169 Time Finance Corporation of Quincy 1426 Hancock Street 



20 



P.D. 95 



Lie. No. 



Name 



Address 



RANDOLPH 

340 Bell Finance Co. of Randolph, Inc 322 North Main Street 

REVERE 

246 Paul Revere Loan Association, Inc 236 Broadway 

ROCKLAND 

257 Local Finance Company of Rockland 257 Union Street 



SALEM 

294 American F'inance Corporation of Essex County .... 16 New Derby Street 

137 Beneficial Finance Co 116 Washington Street 

183 Household Finance Corporation 75 Washington Street 

271 Public Finance Company 211 Essex Street 

56 State Loan Co., Inc 247 Essex Street 

SAUGUS 

198 Household Finance Corporation of Saugus 1307 Broadway 

SHREWSBURY 

23 Public Finance Company 3 84C Maple Ave. 

349 Universal C.I.T. Credit Company White City Shoppin;; Center 

SOMERSET 

225 Local Finance Company of Somerset 933 County Street 

SOMERVILLE 

33 Beneficial F'inance Co 258 Elm Street 

96 Family Loan Corporation of Somerville 7 Davis Square 

177 Household Finance Corporation 249 Elm Street 

329 People's Finance Company of Boston, Inc 490 Broadway 

272 Public Finance Company 409A Highland Avenue 

211 State Loan Co. of Somerville 128 Dover Street 

SOUTHBRIDGE 

191 Morrison Finance Corporation 1 Elm Street 

187 Public Finance Company 312 Main Street 

SPRINGFIELD 

332 American Finance Corporation of Springfield 1228 Main Street 

91 Associates Consumer Finance Company, Inc 19 Catharine Street 

50 Beneficial Finance Co 1277 Main Street 

73 Beneficial Finance Co 1618 Main Street 

167 Commercial Credit Plan Incorporated 297 Bridge Street 

220 Dial Finance Company of Springfield, Mass., Inc 1173 Main Street 

142 Fairway Finance Corporation 1570 Main Street 

139 Household F'inance Corporation 1431 Main Street 

125 Ideal Budget Plan, Inc 1421 Main Street 

86 Liberty Loan Company of Springfield 145 State Street 

343 M-A-0 Finance Plan, Inc. of Forest Park 390 Dickinson Street 

8 M-A-C Finance Plan, Inc. of Springfield 50 Vernon Street 

293 New Hampshire Finance, Inc 1355 Liberty Street 

60 New Method Finance Corporation 1688 Main Street 

163 Public Finance Company 1567 Main Street 

281 Savoy, J. R. F'inance Co., Inc 43 Pearl Street 

276 Seaboard Finance Company 1645 Main Street 

292 Signal Finance Corporation 163 State Street 

212 Time Finance Corporation of Springfield 1537 Main Street 



P.D. 95 



21 



Lie. No. 



Name 



Address 



STONEHAM 

266 Household Finance Corporation of Stoneham 83 Main Street 

STOUGHTON 

308 Local Finance Company of Stoughton 54 Porter Street 

TAUNTON 

81 Beneficial Finance Co 25 Main Street 

268 Blackstone Finance, Inc. of Taunton 6 Trescott Street 

70 Liberty Loan Company of Taunton 4 Cedar Street 

258 Local Finance Company of Taunton 3 Main Street 

67 Taunton Loan Co 28 Broadway 

WAKEFIELD 

237 Beneficial Finance Co 407 Main Street 

97 First Finance Corp. of Wakefield 43 Tuttle Street 

WALPOLE 

156 Fairway Finance Corporation of Walnole 940 Main Street 

WALTHAM 

135 Beneficial F'inance Co 371 Moody Street 

353 Capital Finance and Acceptance Corporation 353 Moody Street 

79 Household Finance Corporation 333 Moody Street 

302 Liberty Loan Company of Waltham 6 Cushing Street 

123 Public Finance Company 389 Moody Street 

244 Seaboard Finance Company 24 Crescent Street 

WARE 

17 Guaranty Loan Co. of Ware 5 Bank Street 

WAREHAM 

267 Wilson Finance Corporation of Wareham Shoppers' Plaza — Store 2 

WATERTOWN 

334 American Finance Corporation of Watertown 34 Mt. Auburn Street 

325 Better Budget, Ine 8 Bigelow Avenue 

138 Fairway Finance Corporation of Watertown 2A Mt. Auburn Street 

WEBSTER 

1 64 Beneficial Finance Co 224 Main Street 

168 People's Finance Company, Inc 112 Main Street 

WESTFIELD 

112 Beneficial Finance Co 26 Main Street 

108 Pioneer Loan & Finance Corporation 99 Elm Street 

285 Public Finance Company 53 Elm Street 

WEYMOUTH 

127 Household Finance Corporation of WejTnouth 435 Washington Street 

EAST WEYMOUTH 

355 Time Finance Company of E. Weymouth 882 Broad Street 



22 



P.D. 95 



Lie. No. 



Name 



Address 



WHITINSVILLE 

315 Bell Acceptance Corp 159 Church Street 

WILLIAMSTOWN 

300 Pioneer Credit Corporation Colonial Shopping Center 

WINTHROP 

342 Highland Enterprises, Inc 196 Hagman Road 

WOBURN 

128 American Finance Corporation of Middlesex County . . 446 Main Street 

205 Beneficial Finance Co 371 Main Street 

259 Local Finance Company of Woburn 341 Main Street 

WOLLASTON 

11 First Finance Corp. of Wollaston 43 Billings Road 

WORCESTER 

124 Associates Consumer Finance Company, Inc 9 Walnut Street 

115 Beneficial Finance Co 36 Franklin Street 

157 Beneficial Finance Co 2 F'oster Street 

270 Beneficial Finance Co 1125A Main Street 

174 Budget Finance Plan 421 Main Street 

331 City Finance, Inc 340' Main Street 

94 Commercial Credit Plan Incorporated 290 Main Street 

327 Consumers Financing Service, Inc 8 Norwich Street 

337 First Finance Corp. of Worcester 74 Franklin Street 

131 Household Finance Corporation 545G Lincoln Street 

224 Household Finance Corporation 390 Main Street 

316 Household Finance Corporation of Worcester 1073 Main Street 

34 Italian Finance Company of Worcester 157 Shrewsbury Street 

251 Liberty Loan Company of Massachusetts 414 Main Street 

119 M-A^C- Finance Plan, Inc. of Worcester 34 Mechanic Street 

221 M-A-C Loan Plan, Inc 332 Main Street 

31 New Hampshire Finance, Inc 500 Park Avenue 

210 New Method Finance Corporation 544 Main Street 

99 Parker Acceptance Corporation 283 Main Street 

13 Public Finance Company 390 Main Street 

69 Public Finance Company 507 Main Street 

68 Seaboard Finance Company 263 Park Avenue 

249 Seaboard Finance Company 405 Main Street 

213 Time Finance Corporation of Worcester 496 Park Avenue 



yr\iM'4 



l^mm::>::y-Vii^.y 



■iy" 



Public Document 



No. 95 




®l|p (!l0mm0ttui?altl| of Mu&mthnmtta 



DIVISION OF BANKS AND LOAN AGENCIES 




ANNUAL REPORT 

OF THE 

COMMISSIONER OF BANKS 

FOR THE 
Year Ending December 31 , 1967 



llttATINC TO 
LICENSED SMALL LOAN LENDERS 



K~ii/ 



®l|p (Eommortmfaltlt nf iHaBaarltuBptta 




DIVISION OF BANKS AND LOAN AGENCIES 

State Office Building, Government Center 
100 Cambridge Street, Boston 



Commissioner of Banks 
FREYDA P. KOPLOW 

Deputy Commissioner of Banks 
WILLIAM P. MORRISSEY 



Deputy Commissioner of Banks 

AND 

General Counsel 
ROBERT J. MAIETTA 



Acting Supervisor of Loan Agencies 
WILLIAM P. BROWNE 



Assistant Supervisor and Rate Analyst 
ROBERT S. LEADBETTER 



P.D. 95 



TABLE OF EXHIBITS 



Exhibit A. Legislation. 

Exhibit B. Composite Statement of Assets 

(Loan Business of $3,000 or Less) . 

Exhibit C. Composite Statement of Income and Expense 
(Loan Business of $3,000 or Less) . 

Exhibit D. Analysis of Loans by Size 
(Loans of $3,000 or Less) . 

Exhibit E. Analysis of Loans by Types of Security 
(Loans of $3,000 or Less) . 

Exhibit F. Analysis of Loans Made for Last Five Years 
(Loans of $3,000 or Less) . 

Exhibit G. Suits, Possession and Sale of Chattels 
(Loans of $3,000 or Less) . 

Exhibit H. Consolidated Statement of Financial Condition 
(Total Loan and Finance Business) . 

Exhibit I. Consolidated Statement of Income and Expense 
(Total Loan and Finance Business) . 

Exhibit J. List of Licensed Small Loan Agencies. 



P.D. 95 



iE\)t QlDntttt0nuipaltl|[ of ilaflsarl)«BPtts 



OFFICE OF THE COMMISSIONER OF BANKS 

State Office Building, Government Center 
1 00 Cambridge Street. Boston 



JUNE 26, 1968 

To THE Honorable Senate and 

House of Representatives of 

THE Commonwealth of Massachusetts: 

I have the honor of submitting to you herewith the 
annual report of the Commissioner of Banks relating to 
Licensed Small Loan Lenders, pursuant to the provisions 
of General Laws, Chapter 140, Section 98. 

The financial statements and miscellaneous data in- 
corporated herein pertaining to Licensed Small Loan Lend- 
ers are for the fiscal year ended December 31, 1967. 

Respectfully, 

Freyda p. Koplow 

Commissioner of Banks 



P.D. 95 



General Laws, Chapter 140, Section 98, requires that "The Commissioner 
shall make an annual report and shall forward therewith a copy of such returns 
or so much thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of 
adding together the individual reports filed by each licensee. These reports are 
executed on a form and in a manner prescribed by the Commissioner. The de- 
partment vouches for the process of addition, the process by which the addi- 
tions were arrived at following their filing — as the industry guarantees their 
accuracy and reliability as they were inserted in the individual reports. In 
some cases, as always, the reports were adjusted when not executed in ac- 
cordance with instructions. In all such cases the licensee was notified and ac- 
knowledged the changes. 

As of December 31, 1967, there were three hundred and forty-seven small 
loan licenses outstanding. 

During the calendar year, 1967, 257,202 loans of $3,000 or less amounting 
to $183,415,331.21, which is less unearned charges, were made. These figures 
represent a decrease of 26,305 in the number of loans made and a decrease of 
$4,400,201.13 in the net amount of loans made during the previous twelve 
month period. 

The average net loan made for the period was $713.12 as compared to 
$662.47 for the calendar year 1966. 

For purposes of comparison, the loans made for the calendar year 1966, 
have been adjusted to reflect the reports not used in the compilation of these 
figures due to unusual and extraordinary circumstances. 

On December 31, 1967, there were 284,618 regulated loans of $3,000 or 
less outstanding with a face value of $212,150,088.28 which includes unearned 
charges amounting to $38,018,522.46. These figures represent a decrease of 
17,096 in the number and an increase of $2,199,108.61 in the amount of net 
loans outstanding since the beginning of the calendar year. 

The average net loan outstanding on December 31, 1967 was $611.81 as 
compared with $569.85 on December 31, 1966. 

For the purposes of comparison the number and amount of regulated loans 
outstanding on December 31, 1966 have been adjusted to reflect the reports not 
used in the compilation of these figures due to unusual and extraordinary cir- 
cumstances. 

Total regulated loans of $3,000 or less charged off for the period amounted 
to $4,338,504.58. 

Gross income for the period totaled $38,203,932.95 of which $248,990.49 
represents recoveries on loans previously charged off and $192,150.52 represents 
other income. Operating expenses aggregating $17,704,518.33, include $2,676,- 
574.09 of home office expenses; charge-offs on bad debts amounting to $922,- 
955.52 and an addition of $3,131,859.01 to the valuation reserve combine to 
make a total expense of $21,759,332.86 which, deducted from gross income, 
leaves a balance of $16,444,600.09 representing net earnings before deductions 
of interest on borrowed funds and federal income taxes. A net earnings figure 
of $4,389,836.06 remains after deducting interest on borrowed funds amounting 
to $7,699,787.54 and federal income taxes amounting to $4,354,976.49. 

As of December 31, 1967, the book assets amounted to $187,198,853.78. 
The cash in office and in banks amounted to $2,781,430.07 which includes 
$713,537.80 in compensating balances. Home office assets allocated to Massa- 
chusetts licensees consist of cash of $6,127,677.87 and other assets of $7,432,- 
636.15 making a total of $13,560,314.02. Compensating balances included in 
the allocation amount to $4,336,207.18 which when totaled will produce com- 



P.D. 95 ^ 

pensating balances of $5,049,744.98. Total assets as shown in Exhibit B less 
compensating balances produce assets of $182,149,108.80. 

This department does not consider compensating balances to be assets. 
They are used here as deduction of the liability. 

The figures included in the following schedules are compiled from an- 
nual reports to the Commissioner of Banks as represented by all licensed 
lenders. 

All common asset and expense accounts are allocated on a formula estab- 
lished by this department. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
licensed small loan lenders is 214% per month on any part of the unpaid 
principal balance not exceeding $200; 2% per month on any part of the 
unpaid principal balance exceeding $200.00 but not exceeding $600; 13^% 
per month on that part of the unpaid principal balance exceeding $600 but 
not exceeding $1,000; 34 of 1% per month on any part of the unpaid principal 
balance exceeding $1,000. 

Such maximum interest charge shall not exceed 6% per annum after the 
termination of one year after maturity of the loan. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
unlicensed lenders is one percent per month on the unpaid principal balance 
which must include all fees and expenses of every name, nature and de- 
scription. 

However, the maximum interest charges permitted on loans of more than 
$1,500.00, secured wholly or partially by a mortgage on real estate, other than 
a first mortgage, having an assessed value of not over twenty-five thousand dol- 
lars and having thereon a dwelling house with accommodations for six or less 
separate households and occupied in whole or in part at the time of the loan 
is made as a home by the obligor on the mortgage debt or by any person 
granting or releasing any interest under said mortgage, is an amount equiva- 
lent to one and one half percent a month computed on the unpaid balance 
including all fees and expenses of every name, nature and description except 
actual recording fees and reasonable attorney's fees. 



SMALL LOAN CASES 

After nearly eleven months, or 225 trial days, a jury in the Suffolk Su- 
perior Court on June 10, 1968, returned verdicts of guilty of conspiring to 
bribe a public official against three finance companies and five employees or 
agents of the companies or wholly-owned subsidiary entities. 

The three defendants, Household Finance Corporation, Beneficial Finance 
Co., and Local Finance Company were each fined $3,000. The Court ordered 
a stay of execution of the sentences against the three defendant companies, 
as well as a stay of execution of the sentences levied against the five individual 
defendants found to be guilty by jury verdict pending appeal to the Supreme 
Judicial Court. 

The defendant corporations and the individuals referred to have filed 
claims of appeal to the Supreme Judicial Court. 



6 P.D. 95 

EXHIBIT A 

LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 

Acts and Resolves of 1967 

Chapter Amendment To: Description 

180 G. L., C. 93, s. 24. An Act Authorizing the Commissioner of 

Banks to estabhsh Regulations per- 
taining to the business of Collection 
Agencies. 

190 G. L., C. 140, s. 96. An Act further defining a Small Loan 

subject to the Supervision of the Com- 
missioner of Banks. 

196 G. L., C. 140, s. 110. An Act increasing the penalty for en- 

gaging in the business of Small Loans 
without a license. 

226 G. L., C. 265, s. 13c. An Act establishing a penalty for persons 

committing assault and battery in order 
to collect a loan. 

236 G. L., C. 266, s. 33. An Act providing that certain false state- 

ments in writing made to obtain credit 
from a retail seller of goods or services 
shall constitute larceny. 

256 G. L.,'C. 255C, s. 14. An Act relative to the charges of insur- 

ance finance agencies licensed by the 
Commissioner of Banks. 

370 G. L., C. 255C, s. 20. An Act further regulating extensions and 

deferral of payments in insurance pre- 
mium financing. 

416 G. L., C. 255D, s. 26. An Act limiting charges for certain in- 

surance policies issued in connection 
with Retail Installment Sales. 

464 G. L., C. 255B, An Act further regulating the Retail In- 

s. 1, 9, 20a. stallment Sales of Motor Vehicles. 

612 G. L., C. 255C, s. 11. An Act increasing the maximum amount 

of unpaid balances of premitxm fi- 
nance agreements which may be held 
by insurance premium finance agen- 
cies. 



P.D. 95 7 

EXHIBIT A 

LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 

Acts and Resolves of 1967 

Chapter Amendment To: Description 

673 G. L., C. I40A, An Act further regulating the disclosure 

s. 1, 5, 7. of finance charges in connection with 

certain credit transactions. 

775 G. L., C. 255D, An Act further regulating certain Retail 

s. 1, 9, 13, 17, Installment Sales and Services. 

21, 23, 27, 29. 

813 G. L., C. 255D, An Act providing protection for the con- 

s. 1, 2, 3, 4, 5 sumer against unfair practices. 

6, 7, 8. 

822 G. L., C. 255 An Act relative to the procedure for the 
New Section 13 I-J. repossession and disposition of con- 
sumer goods subject to certain security- 
interest where the debtor is in default. 

823 G. L., C. 255B, s. 10. An Act limiting the charges for certain 

insurance issued in connection with 
Retail Installment Sales of Motor Ve- 
hicles. 



REGULATIONS 

There are described below regulations of the Commissioner of Banks promul- 
gated during the calendar year 1967. 

December 28, 1967 Relative to the regulation of certain credit transactions 
pursuant to the provisions of C. 140A, G, L. 



P.D. 95 



ANNUAL REPORT OF THE COMMISSIONER OF BANKS 
For the Year Ended December 31, 1967 
(General Laws, Chapter 140, Section 98) 



EXHIBIT B 



Composite Statement of Assets^ December 31, 1967 
(Loan Business of $3,000 or Less) 



Licensed Agencies 
347 



Receivables: 

(a) Gross Amount ...... 

(b) Less: Unearned Charges .... 

(c) Less: Allowance for Bad Debts 

(d) Net Receivables ...... 

Cash in Office and in Banks ..... 

Real Estate (Less Allowance for Depreciation-Buildings) 

Furniture, Fixtures, Equipment (Less Allowance for De 
preciation ........ 

Deferred Charges or Prepaid Expense .... 



$212,150,088.28 

38,018,522.46 

5,849.433.19 

$168,282,132.63 

2,781,430.07 

181,823.37 

877,232.61 
322,362.72 



Other Assets: 

(a) Organization and Development Expense 

(b) Cost of Financing ....... 

(c) Investments . . . . . . ' . 

(d) Miscellaneous Notes and Accts. Receivable 

(e) Miscellaneous ........ 

Total Assets ......... 

Home Office Assets Allocated to Massachusetts Licensees 
Total 

Compensating Balances Included in Cash . . . . 

Compensating Balances Included in Home Office Assets Al- 
located to Massachusetts Licensees .... 

Total Compensating Balances Included in Assets 



40,457.07 

11,980.31 

572,608.12 

552,367.16 

17,145.70 



1,194,568.36 

$173,638,539.76 

13,560,314.02 

$187,198,853.78 



$ 713,537.80 



4,336,222.29 



$ 5,049,760.09 



P.D. 95 



EXHIBIT C 



Composite Statement of Income and Expense 

For the Year Ended December 31, 1967 

(Loan Business of $3,000 or Less) 



Gross Income 
Charges Collected and/or Earned 
Delinquency Charges Collected 
Collection on Accounts Previously Charged Off 

Other Income: 

(a) Gain on Sale of Assets 

(b) Income from Investments . 

(c) Miscellaneous ..... 

Total Gross Income ..... 



124,434.08 
50,764.70 
16,951.74 



36,643,775.41 

1,118,816.53 

248,990.49 



$ 38,203,932.95 



Expenses of Conductitig Business 
Advertising ....... 

Auditing ........ 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve .... 

Depreciation of Furniture, Fixtures and E<iuipment 

Recording and Acknowledging Fees 

Insurance and Fidelity Bonds 

Legal Fees and Disbursements 

Postage and Express .... 

Printing, Stationery and Supplies 

Rent 

Salaries ...... 

Supervision and Administration 

Taxes (Excluding Federal Taxes on Income) 

(a) State Income .... 

(b) License Fees .... 

(c) All Other Taxes 
Telephone and Telegraph 
Travel ...... 

Other Expenses of Conducting Business 

Total 

Total Home Office Expenses 
Cost of Borrowed Funds 

Total Expenses ..... 



922,955.52 
3,131,859.01 



432,927.95 
123,223.17 
484.071.27 



1,244,201.07 
94,484.00 



4,054,814.53 

216,177.37 

3,989.78 

117,714.38 

407,015.70 

253,789.80 

213,500.34 

1,193,458.12 

7,177,493.70 

781,183.50 



1,040,222.99 
867,247.00 
345,339.44 

1,076.578.44 

$ 19,087,209.56 
2,672,123.30 
7,699,787.54 

$ 29,459,120.40 



Net Earnings Before Federal Income Taxes .... 
Federal Income Taxes ........ 

Total Expenses After Income Taxes ..... 

Net Earnings After Income Taxes and Interest on Bor- 
rowed Funds ........ 



$ 8,744,812.55 



$ 4,354,976.49 



$ 33,814,096.89 



$ 4,389,836.06 



EXHIBIT D 



Analysis of Loans by Size 
(Loans of $3,000 or Less) 



P.D. 95 



Total Loan Balance Outstanding (Less Unearned Charges) 
at Beginning of Period . . . . . . . 

Loans Made During the Period: 



(a) 
(b) 
(c) 
(d) 
(e) 
(f) 
(g) 
(h) 
(i) 



Loans 
Loans 
Loans 
Loans 
Loans 
Loans 
Loans 



100.00 
100.01 
200.01 
300.01 
400.01 
500.01 
600.01 



Loans of $1,000.01 
Loans of $1,500.01 



Less 
$ 200.00 
$ 300.00 
$ 400.00 
$ 500.00 
$ 600.00 
$1,000.00 
$1,500.00 
$3,000.00 



Total Loans Made During the Period 

Loan Balances Purchased During the Period 

Loan Balance Sold During the Period 

Loan Balances Charged Off During the Period 

Collections During the Period 



Total Loan Balances Outstanding (Less Unearned Charges) 
at the End of the Period ...... 



Number Amount 

298,248 $170,092,876.34 



5,391 


363,991.23 


24,927 


3,500,235.11 


27,351 


6,639,001.88 


28,757 


9,792,298.00 


24,920 


11,067,642.46 


25,436 


13,776,510.62 


58,756 


45,338,378.70 


38,392 


46,411,626.06 


23,272 


46,525,647.15 


257,202 


$183,415,331.21 


14,671 


8,249,684.54 


10,257 


5,905,582.34 


9,866 


4,338,504.58 




177.382,239.35 



284,618 $174,131,565.82 



EXHIBIT E 



A.NALYsis OF Loans by Types of Security 

(Loans of $3,000 or Less) 



Loans Made During the Period Based in Whole or in Large 
Part on: 

(a) Chattel Mortgages on Household Goods 

(b) Automobiles .... 

(c) Real Estate .... 

(d) Other Chattels .... 

(e) Unsecured Notes 

(f) Endorsed and/or Co-Maker Notes 

(g) Wage Assignments 
(h) Other Considerations . 



Number 



Amount 



109,045 $103,851,257.27 



15,560 


14,154,139.44 


125 


176,121.17 


5,240 


5,625,672.51 


117,934 


53.994,023.12 


8,017 


4.879,287.29 


24 


17.660.60 


1,257 


717,169.81 



Total 



257,202 $183,415,331.21 



P.D. 95 1^ 

EXHIBIT F 

Analysis of Loans Made for Last Five Years 

(Loans of $3,000 or Less) 

1963 1964 1965 

Number 322,908 304,094 309,362 

Amount $182,054,527.06 $178,943,549.27 $192,815,300.98 



1966 1967 

Number 276,214 257,202 

Amount $181,029,088.42 $183,415,331.21 



EXHIBIT G 



SuiTs^ Possession and Sale of Chattels 
(Loans of $3,000 or Less) 



Number Amount Due 
Suits for Recovery: 

(a) Pending at Close of Previous Period . . . 3,163 $ 1,789,902.54 

(.b) Instituted During Period 2,900 1,942,344.92 



(c) Total 6,063 $ 3,732,247.46 



(d) Judgment Secured During Period .... 1,606 $ 1,014,478.01 

(e) Settled Before Judgment During the Period . . 684 408,004.32 



(f) Total 2,290 $ 1,422,482.33 



(g) Pending at Close of Current Period .... 3,773 $ 2,309,765.13 



Wage Assignments Filed During Period .... 79 $ 45,066.13 



Possession of Chattels Obtained by Licensee: 
(a) By Legal Process or Contract Right: 

(1) Household Goods 11 $ 9,947.57 



(2) Automobiles 79 $ 106,148.80 



(3) Other Chattels and Property .... 10 $ 11,571.06 



(b) By Voluntary Surrender: 

(1) Household Goods 7 $ 6,380.86 



(2) Automobiles 65 $ 63,318.80 



(3) Other Chattels and Property .... 18 $ 13,568.74 

Sale of Chattels by Licensee: 

Amount 
Number Amount Due Collected 

(a) With Borrower's Consent ... 89 $ 67,812.90 $ 30,285.19 



(b) Without Borrower's Consent ... 58 $ 73,755.34 $ 22,180.27 



12 



P.D. 95 



EXHIBIT H 

Consolidated Statement of Financial Condition^ December 31, 1967 
(Total Loan and Finance Business) 



Assets 

Receivables: 

(a) Gross Amount ...... 

(b) Less: Unearned Charges ..... 

(c) Less: Allowance for Bad Debts 

(d) Net Receivables ...... 

Cash in Office and in Banks ..... 

Real Estate (Less Allowance for Depreciation-Buildings) 
Furniture, Fixtures, Equipment (Less Allowance for 

Depreciation) ....... 

Deferred Charges or Prepaid Expense .... 

Other Assets: 

(a) Organization or Development Expense 

(b) Cost of Financing ...... 

(c) Investments ....... 

(d) Miscellaneous Notes and Accts. Receivable 

(e) Miscellaneous ....... 

Total Assets ........ 

Home Office Assets Allocated to Massachusetts Licensees 
Total 



47,448.78 

16,364.49 

1,330,454.77 

944,937.42 

23,113.08 



$241,412,016.86 

40,415,602.67 

7,407,813.26 

$193,588,600.93 

4,316,721.99 

574,631.20 

1,036,460.96 
424,022.02 



2,362,318.54 
$202,302,755.64 

17,281,881.95 
$219,584,637.59 



Liabilities and Capital 



Accounts and Notes Payable: 

(a) Banks ...... 

(b) Due to Parent Company or Affiliate 

(c) Other Short Term Notes and Accounts 



Bonds ....... 

Long Term Notes .... 

Investment Certificates 
Other Liabilities: 

(a) Accrued Expense 

(b) Other Expense Reserves 

Branch Office Capital .... 
Net Worth (If Individual or Partnership) 
Capital Stock (If Corporation): 

(a) Preferred ..... 

(b) Common 



Paid in Surplus ..... 
Appropriated Surplus or Capital Reserve 
Retained Earnings .... 

Total Liabilities and Capital . 

Compensating Balances Included in Cash 
Compensating Balances Included in Llome Office 
located to Massachusetts Licensees . 

Total Compensating Balances Included in Assets 



Assets Al 



$ 16,112,133.89 

63,449,555.44 

3,120,831.93 



505,680.71 
1,460,673.74 



$ 2,817,469.56 
11,107,475.18 



82,682,521.26 

3,673,848.87 
3,969,685.04 
1,678,943.95 



1,966,354.45 

76,260,332.31 
288,176.03 



13,924,944.74 

4,555,569.08 

1,692,310.49 

11,610,069.42 

$202,302,755.64 
$ 1,568,868.05 

4,927,098.66 
$ 6,495,966.71 



P.D. 95 



13 



EXHIBIT I 



Consolidated Statement of Income and Expense 

For the Year Ended December 31, 1967 

(Total Loan and Finance Business) 



Gross Income 



Charges Collected and/or Earned 
Delinquency Charges Collected 
Collections on Accounts Previously Charged Off 
Other Income: 

(a) Gain on Sale of Assets 

(b) Income from Investments 

(c) Miscellaneous ..... 

Total Gross Income ..... 



138,533.06 
132,386.72 
112,860.93 



$ 40,457,147.76 

1,235,740.62 

294,343.28 



383,780.71 



$ 42,371,012.37 



Expenses of Conducting Business 



Advertising ....... 

Auditing ........ 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve . . . . 

Depreciation of Furniture, Fixtures and Equip.Tient 

Recording and Acknowledging Fees 

Insurance and Fidelity Bonds 

Legal Fees and Disbursements 

Postage and Express ..... 

Printing, Stationery and Supplies 

Rent 

Salaries ....... 

Supervision and Administration 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income ..... 

(b) License Fees ..... 

(c) All Other Taxes .... 

Telephone and Telegraph .... 

Travel ....... 

Other Expenses of Conducting Business 



Total 

Total Home Office Expenses 
Cost of Borrowed Funds 



Total Expenses ..... 
Net Earnings Before Federal Income Taxes 
Federal Income Taxes 
Total Expenses After Income Taxes 



961,876.89 
3,572,286.53 



482,690.12 
161,350.55 
561,166.53 



Net Earnings After Income Taxes and Interest on Borrowed 
Funds .......... 



1,309,243.73 
140,951.91 



4,534,163.42 

262,630.68 

7,925.45 

154,577.58 

479,082.22 

296,808.21 

259,697.47 

1,362,864.43 

8,460,526.40 

1,036,145.43 



1,205,207.20 

998,249.45 

425,504.63 

1,329,798.65 

$ 22,263,376.86 
2,886,177.66 
9,051,012.18 

$ 34,200,566.70 

$ 8,170,445.67 

$ 4,566,068.80 

$ 38,766,635.50 



$ 3,604,376.87 



14 



P.D. 95 



EXHIBIT J 

Licensed Small Loan Agencies 
Following is a list of those engaged in the business of making small loans 
in the cities and towns in Massachusetts and licensed as of May 15, 1968: 



Lie. No. 



Name 



Address 



303 
53 
217 
63 
22 
57 
117 
239 
66 
231 
204 
235 
238 
89 
93 
186 
92 
149 
43 
192 
278 
356 
328 
29 
360 
16 
49 
82 
202 
223 
143 
208 
280 
176 
320 
5 
247 
354 
111 
200 
216 
306 
305 
61 
184 
218 
145 
347 
319 



Associates Consumer Finance Co. 
Beatty, Charles S., Company . . . . 
Bell Finance Co. of Boston, Inc. 

Belmont Finance Company 

Beneficial Finance Co • . . 

Beneficial Finance Co 

Beneficial Finance Co 

Beneficial Finance Co 

Beneficial Finance Co 



BOSTON 

Inc 



620 

7 

38 

453 
77 
80 



570 



Beneficial Finance Co 1257 

Beneficial Finance Co 47 

Beneficial Finance Co 105 

Coleman Acceptance Trust 18 

Commercial Credit Plan Incorporated 150 

Dial Finance Company of Boston, Inc 15 

Dial Finance Company of Boston No. 1 Inc 86 

Family Loan Corporation of Massachusetts 41 

Family Loan Corporation of Back Bay 161 

Family Loan Corporation of Dorchester 1457 

Firemen's Finance Company, Inc 25 

Friendly Loan Corporation 21 

G. A. C. Finance Corporation of Boston 330 

G. A. C. Finance Corp. of Boston No. 2 126 

G. A. C. Finance Corp. of Mattapan 524 

Globe Finance Co., Inc 677 

Household Finance Corporation 80 

Household Finance Corporation 175 

Household Finance Corporation 294 

Household Finance Corporation 59 

Household Finance Corporation 47 

Household Finance Corporation 598 

Household Finance Corporation 679 

Kane Finance Company 225 

Local Finance Company 128a 

Merit Finance Company, Inc . . 73 

Nestor-Hall Company 7 

Northeast Finance Corp 1872 

Postal Finance Company, Inc 262 

Public Finance Company 145 

Public Finance Company 308 



Public Finance Company 

Public Finance Company 

Public Finance Company 

Public Finance Company 



333 

501 

1492 

230 



Public Finance Company 1232 

Public Finance Company 4252 

State Loan Co 619 

Sumner Finance Company 262 

Universal C.I.T. Credit Company 176 



Centre St., Jamaica Plain 

Water Street 

Chauncy Street 

Washington Street 

Summer Street 

Boylston Street 

Bromfield Street 

Winter Street 

Columbia Rd., Dorchester 

River St., Hyde Park 

Poplar Street, Roslindale 

Dorchester St., So. Boston 

Tremont Street 

Tremont Street 

School Street 

Summer Street 

W'inter Street 

Massachusetts Avenue 

Dorchester Ave., Dorchester 

Huntington Avenue 

Porter Street, East Boston 

Stuart Street 

State Street 

River Street, Mattapan 

Beacon Street 

Boylston Street 

Tremont Street 

Washington Street 

Temple Place 

Winter Street 

Columbia Rd., Dorchester 

Canterbury St., Roslindale 

Franklin Street 

Tremont Street 

Tremont Street 

Water Street 

Centre Street, W. Roxbury 

Washington Street 

Tremont Street 

Boylston Street 

Washington Street 

Washington Street 

Dorchester Ave., Dorchester 

Meridian Street, E. Boston 

River Street, Hyde Park 

Washington St., Roslindale 

Washington Street 

Washington Street 

Mt. Vernon St., Dorchester 



P.D. 95 



15 



Lie. No. 



Address 



AGAWAM 



341 Universal C.I.T. Credit Company 



324 Walnut Street 



AMESBURY 

345 G.A.C. Finance Corporation of Amesbury 



41 Main Street 



ANDOVER 



98 Andover Finance Company 



Musgrove BIdg., Elm Sq. 



ARLINGTON 

326 American Finance Corporation of Middlesex County 
297 Universal C.I.T. Credit Company 



457 Massachusetts Avenue 
11 Mystic Street 



ATHOL 



162 Public Finance Company 



516 Main Street 



ATTLEBORO 

48 Beneficial Finance Co 7 Park Street 

252 Blackstone Finance, Inc. of Attleboro 25 Bank Street 

130 Public Finance Company 39 Park Street 

182 Tri-Boro Finance Co., Inc. of Attleboro 98 Park Street 



BEVERLY 



287 American Finance Corporation of Beverly 

181 Beneficial Finance Co 

318 Finance Associates of Beverly, Inc 



269 Cabot Street 
236 Cabot Street 
263 Cabot Street 



BRAINTREE 



240 South Shore Finance Company, Inc. 



250 Granite Street 



BROCKTON 



253 

133 

84 

353 

194 
299 
87 
104 
289 
190 
350 



Bell Finance Co. of Brockton, Inc. . 

Beneficial Finance Co 

Commercial Credit Plan Incorporated 
G. A. C. Finance Corporation, Inc. . 



Household Finance Corporation 

Liberty Loan Company of Brockton ... 
Local Finance Company of Brockton . . , 

Public Finance Company 

Seaboard Finance Company 

Time Finance Corporation of Brockton 
LTniversal C.I.T. Credit Company .... 



726 


Crescent Street 


190 


Main Street 


228 


Main Street 




Westgate Shopping Center 
Store 12 


172 


Main Street 


231 


Main Street 


95 


Main Street 


142 


Main Street 


158 


Main Street 


105 


Main Street 


286 


N. Main Street 



BROOKLINE 



1 60 Beneficial Finance Co 

47 G. A. C. Finance Corporation, Inc. 
141 Household Finance Corporation . . . 



269 Harvard Street 
1300 Beacon Street 
1330 Beacon Street 



BURLINGTON 



222 Bell Finance Co. of Woburn, Inc. 



226 Cambridge Street 



CAMBRIDGE 

71 Beneficial Finance Co 

1 34 Beneficial Finance Co 

64 Household Finance Corporation 

80 Household Finance Corporation of Cambridge 

296 Liberty Loan Company of Cambridge 

159 Public Finance Company 

242 Seaboard Finance Company 



519 Massachusetts Avenue 

622 Massachusetts Avenue 

678 Massachusetts Avenue 

27 White Street 

765 Massachusetts Avenue 

2 Central Square 

552 Massachusetts Avenue 



16 



P.D. 95 



Lie. No. 



Name 



Address 



CANTON 

290 Time Finance Co. of Canton 612 Washington Street 

CHELMSFORD 

358 G. A. C. Finance Corp. of Chelmsford 95 Chelmsford Street 

CHELSEA 

195 Beneficial Finance Co 279 Broadway 

309 Public Finance Company 438 Broadway 

CHICOPEE 

234 Beneficial Finance Co 272 Exchange Street 

129 Household Finance Corporation of Chicopee 10 Centre Street 

CLINTON 

106 Associates Consumer Finance Co 70 High Street 

DANVERS 

132 American Finance Corporation of Essex County 39 Maple Street 

DEDHAM 

357 Time Finance Company of Dedham 515 Providence Highway 

EASTHAMPTON 

3 Local Finance Company of Easthampton 57 Union Street 

EVERETT 

197 Beneficial Finance Co 411 Broadway 

51 Everett Loan Co., Inc 427a Broadway 

310 Public Finance Company 164 School Street 

FAIRHAVEN 

351 Universal C.I.T. Credit Company 102 Huttleston Avenue 

FALL RIVER 

28 Beneficial Finance Co 33 Bedford Street 

166 Cascade Finance Company 391 South Main Street 

165 Commercial Credit Plan Incorporated 435 Columbia Street 

10 Fairway Finance Corporation of Fall River 124 South Main Street 

18 G. A. C. Finance Corporation of Fall River 1451 South Main Street 

27 Household Finance Corporation 13 Borden Street 

12 Liberty Loan and Realty Co., Inc 204 Thomas Street 

209 Local Finance Company of Fall River 17 North Main Street 

45 M-A-C Loan Plan, Inc. of Fall River 314 South Main Street 

37 Public Finance Company 102 South Main Street 

367 Stanley Company, Inc., The 64 Main Street 

39 Time Finance Corporation of Fall River 304 South Main Street 

FALMOUTH 

288 Beneficial Finance Co 181 Main Street 

FITCHBURG 

32 Beneficial Finance Co 347 Main Street 

85 Fitchburg Finance Corporation 765 Main Street 

52 Household Finance Corporation 455 Main Street 

74 M-A-C Finance Plan, Inc. of Fitchburg 558 Main Street 

273 Public Finance Company 516 Main Street 

FRAMINGHAM 

173 Beneficial Finance Co 106 Concord Street 

178 General Finance Corporation of Framingham 129a Concord Street 

260 Household Finance Corporation of Framingham 36 Concord Street 

254 Local Finance Company of Framingham 32 Union Avenue 

95 Public Finance Company 18 Union Avenue 



P.D. 95 



17 



Lie. No. 



A ddress 



36 Franklin Loan Co., Inc. 



FRANKLIN 



32a Main Street 



2i2 Beneficial Finance Co. . . 
161 Public Finance Company 



GARDNER 



Parker Street 
Pleasant Street 



GLOUCESTER 



59 Public Finance Company 



82 Main Street 



GREAT BARRINGTON 



21 Pioneer Credit Corporation 



Zi7 Main Street 



GREENFIELD 

146 Beneficial Finance Co 

153 Guaranty Loan Co. of Greenfield 

283 Flousehold Finance Corporation of Greenfield 



239 Main Street 
209 Main Street 
158 Main Street 



HAVERHILL 

335 American Finance Corporation of Haverhill 

105 Beneficial Finance Co 

346 Haverhill Finance Corporation 

261 Household Finance Corporation of Haverhill 

263 Liberty Loan Company of Merrimack 

120 Public Finance Company' 



21 
135 
191 

91 

6 

181 



Washington Square 
Merrimack Street 
Merrimack Street 
Merrimack Street 
Main Street 
Merrimack Street 



HOLYOKE 



40 Beneficial Finance Co 

215 Dial Finance Co. of Holyoke, Inc 

245 Household Finance Corporation of Holyoke 

175 Public Finance Company 



291 Signal Finance Corporation 



560 
320 
353 
348 



Dwight Street 
High Street 
High Street 
High Street 



380 High Street 



HYANNIS 

76 Beneficial Finance Co 

226 Commercial Credit Plan, Incorporated 

284 Household Finance Corporation of Hyannis 

338 Local Finance Company of Hyannis 



436 


Main 


Street 


509 


Main 


Street 


396 


Main 


Street 


253 


Main 


Street 



INDIAN ORCHARD 



362 Thrift Plan, Inc. 



529 Main Street 



LAWRENCE 



118 American Finance Corporation of Lawrence . 

147 Beneficial Finance Co 

277 Community Finance, Inc. of Lawrence . . . . 

262 Household Finance Corporation of Lawrence 

30 Local Loan & Finance Co., Inc 

114 Public Finance Company 



204 

27 

125 

380 

79 

15 



Essex Street 
Amesbury Street 
Amesbury Street 
Essex Street 
Common Street 
Lawrence Street 



LEOMINSTER 



58 Associates Consumer Finance Co., Inc. 
148 Beneficial Finance Co 

155 Leominster Finance Corporation 



44 Main Street 
51 Main Street 
10 Monument Square 



18 



P.D. 95 



Lie. No. 



Name 



Address 



LOWELL 



101 Advance Finance Company 

SS Beneficial Finance Co 

179 Beneficial Finance Co 

279 Central Finance Service, Inc 

322 Commercial Credit Plan Incorporated . . 

313 Fidelity Consumer Finance Corporation . 

312 G. A. C. Finance Corporation of Lowell 

172 Household Finance Corporation 

369 Kels Investment Corporation 

301 Liberty Loan Company of Lowell 

317 Lowell Finance Company, Inc 

269 Merrimack Valley Finance Company, Inc. 

14 Public Finance Company 



147 Central Street 

76 Merrimack Street 

97 Central Street 

19 Palmer Street 

176 Church Street 

40 Central Street 

813 Lakeview Avenue 

100 Merrimack Street 

Corner School & Liberty St. 

58 Central Street 

217 Appleton Street 

1 Merrimack Street 

2 Kearney Square 



LYNN 



314 American Finance Corporation of Lynn . . . 

122 Beneficial Finance Co 

344 Homemakers Loan & Consumer Discount Co. 

154 Household Finance Corporation 

295 Liberty Loan Company 

19 Public Finance Company 

229 Seaboard Finance Company of Lynn, Inc. . 

41 United Insurance Finance Corporation .... 

352 Universal C.I.T. Credit Company 



14 Central Square 

22 Market Street 

319 Lynn way 

341 L'nion Street 

171a Union Streel 

29 Central Square 

56 Central Square 

14 Central Square 

21 State Street 



MALDEN 

321 Bell Finance Co. of Maiden, Inc 

1 03 Beneficial Finance Co 

107 Beneficial Finance Co 

323 Commercial Credit Plan, Incorporated 

6 Household Finance Corporation 

152 National Finance Company, Inc 

72 Public Finance Company 

227 State Loan Co., Inc 



3 

150 

444 

33 

60 

50 

5 

482 



Pleasant Street 
Pleasant Street 
Main Street 
Dartmouth Street 
Pleasant Street 
Pleasant Street 
Pleasant Street 
Main Street 



MANSFIELD 



62 The Mansfield Finance Company, Inc. 



5 Old Colony Road 



65 Beneficial Finance Co. . 
171 Marlboro Finance Corp. 



MARLBOROUGH 



186 
217 



Main Street 
Main Street 



MEDFORD 



199 Beneficial Finance Co 

188 Household Finance Corporation 

311 Public Finance Company 

24 Public Finance Company 



16 High Street 

11 Salem Street 

24 Riverside Avenue 

648 Fellsway Shopping Plaza 



250 Beneficial Finance Co. 



MIDDLEBOROUGH 



6 South Main Street 



207 Beneficial Finance Co 

140 Greenleaf Finance Incorporated . . . 

255 Local Finance Company of Milford 

110 Milford Finance Corporation 



MILFORD 



145 Main Street 

240 Main Street 

179 Main Street 

182 Main Street 



236 M-A-C Loan Plan, Inc. of Natick 



NATICK 



lla West Central Street 



P.D. 95 



19 



Lie. No. 



Name 



Address 



NEW BEDFORD 



Beneficial Finance Co 

Beneficial Finance Co 

Bristol Acceptance Trust, Inc. . 
Community Plan Incorporated . 
Household Finance Corporation 
Luzo Corporation of America 
Personal Financing Plan, Inc. . 

Public Finance Company 

Seaboard Finance Company . . . 
Wamsutta Finance Co.. Inc. . . 



758 
1349 
292 
558 
852 
139 
634 
915 
71 
222 



Purchase Street 
Acushnet Avenue 
Union Street 
Pleasant Street 
Purchase Street 
Rivet Street 
Pleasant Street 
Purchase Street 
William Street 
Union Street 



NEWBURYPORT 

Beneficial Finance Co 

G. A. C. Finance Corporation of Newburyport 



80 State Street 
19 Green Street 



NEWTON 

201 Beneficial Finance Co 325 

348 Brainerd Finance Company . 1279 



Walnut St., Newtonville 
Washington St., W. Newton 



NORTH ADAMS 

Beneficial Finance Co 

Fairway Finance Corporation of North Adams 

Liberty Loan Company of Adams , 

M-A-C Finance Plan, Inc. of North Adams 



59 Main Street 

42 Main Street 

14 Ashland Street 

85 Main Street 



NORTH ATTLEBOROUGH 



54 Public Finance Company 



31 South Washington Street 



NORTHAMPTON 

264 Household Finance Corporation of Northampton 70 Main Street 

35 Local Finance Company of Northampton 159 Main Street 

113 M-A-C Finance Plan, Inc. of Northampton 142 Main Street 



NORWOOD 



196 Beneficial Finance Co 

282 Household Finance Corporation of Norwood 
158 Public Finance Company 



643 
661 
705 



Washington Street 
Washington Street 
Washington Street 



274 Guaranty Loan Co. of Palmer 



PALMER 



366 Main Street 



PEABODY 

Household Finance Corporation of Peabody 

Local Finance Company of Peabody 



70 



N. Shore Shopping Center 
Main Street 



PITTSFIELD 



Beneficial Finance Co 

Budget Finance Plan . . 

Commercial Credit Plan Incorporated 

Greylock Finance, Inc 

Household Finance Corporation of Pittsfield 

M-A-C Finance Plan, Inc. of Pittsfield 

Pioneer Credit Corporation 

Public Finance Company 

Universal C.I.T. Credit Company 



74 


North 


Street 


278 


North 


Street 


63 


Cheshire Road 


631 


North 


Street 


86 


North 


Street 


23 


North 


Street 


415 


North 


Street 


316 


North 


Street 


346 


North 


Street 



PLYMOUTH 

Beneficial Finance Co 25 Main Street 

Local Finance Company of Plymouth 20 Court Street 



20 



P.D. 95 



Lie. No. 



Name 



Address 



QUINCY 



248 American Finance Corporation of Quincy . . 

136 Beneficial Finance Co 

75 Family Loan Corporation of Quincy 

180 Household Finance Corporation 

363 Homemakers Loan & Consumer Discount Co. 

304 Local Finance Company of Quincy 

116 Public Finance Company 

243 Seaboard Finance Company 

169 Time Finance Corporation of Quincy 



1620 

113 

10 

148 

1073 

1388 

1468 

ISll 

1426 



RANDOLPH 



340 Bell Finance Co. of Randolph, Inc. 



246 Paul Revere Loan Association, Inc. 



REVERE 



Hancock Street 
Parkingway 
Chestnut Street 
Parkingway 
Hancock Street 
Hancock Street 
Hancock Street 
Hancock Street 
Hancock Street 



322 North Main Street 



Broadway 



257 



294 
137 
183 
271 
56 



ROCKLAND 

Local Finance Company of Rockland 



SALEM 

American Finance Corporation of Essex County . 

Beneficial Finance Co 

Household Finance Corporation 

Public Finance Company 

State Loan Co., Inc 



SAUGUS 

198 Household Finance Corporation of Saugus 



SHREWSBURY 



23 Public Finance Company 

349 Universal C.I.T. Credit Company. 



SOMERSET 



225 Local Finance Company of Somerset 

SOMERVILLE 



33 Beneficial Finance Co 

96 Family Loan Corporation of Somerville . . 

1 77 Household Finance Corporation 

329 People's Finance Company of Boston, Inc. 

272 Public Finance Company 

211 State Loan Co. of Somerville 



257 Union Street 



16 New Derby Street 

116 Washington Street 

75 Washington Street 

211 Essex Street 

247 Essex Street 



1307 Broadway 



348c Maple Avenue 
50 Boston Turnpike 



933 County Street 



258 Elm Street 

7 Davis Square 
249 Elm Street 

59 Union Square 
409a Highland Avenue 
128 Dover Street 



SOUTHBRIDGE 



191 Morrison Finance Corporation 
187 Public Finance Company ..... 



332 

91 

50 

73 

167 

281 

220 

142 

293 

364 



SPRINGFIELD 

American Finance Corporation of Springfield 

Associates Consumer Finance Company, Inc 

Beneficial Finance Co 

Beneficial Finance Co 

Commercial Credit Plan Incorporated 

Continental Loan Co., Inc 

Dial Finance Company of Springfield, Mass., Inc. . . 

Fairway Finance Corporation 

G. A. C. Finance Corp., Inc 

Homemakers Loan & Consumer Finance Co., Inc. . . . 



1 


Elm 


Street 


312 


Main 


Street 


1228 


Main 


Street 


620 


State 


Street 


1277 


Main 


Street 


1618 


Main 


Street 


297 


Bridg( 


; Street 


43 


Pearl 


Street 


1173 


Main 


Street 


1570 


Main 


Street 


1355 


Liberty Street 


622 


State 


Street 



P.D. 95 



21 



Lie. No. 



Name 



Address 



Household Finance Corporation 1451 Main Street 

Ideal Budget Plan, Inc 1421 Main Street 

Liberty Loan Company of Springfield 145 State Street 

M-A-C Finance Plan, Inc. of Forest Park 390 Dickinson Street 

M-A-C Finance Plan, Inc. of Springfield 50 Vernon Street 

New Method Finance Corporation 1688 Main Street 

Public Finance Company 1567 Main Street 

Seaboard Finance Company 1645 Main Street 

Signal Finance Corporation 1537 Main Street 

Time Finance Corporation of Springfield 163 State Street 



STONEHAM 

266 Household Finance Corporation of Stoneham 



83 Main Street 



STOUGHTON 

308 Local Finance Company of Stoughton 



54 Porter Street 



TAUNTON 



81 Beneficial Finance Co 

268 Blackstone Finance, Inc. of Taunton 

70 Liberty Loan Company of Taunton . 

258 Local Finance Company of Taunton . 

67 Taunton Loan Co 



75 
6 
4 

3 



Main Street 
Trescott Street 
Cedar Street 
Main Street 
Broadway 



WAKEFIELD 



237 Beneficial Finance Co 

97 First Finance Corp. of Wakefield 



407 Main Street 
43 Tuttle Street 



WALPOLE 

156 Fairway Finance Corporation of Walpole 



940 Main Street 



WALTHAM 



135 Beneficial Finance Co 

79 Household Finance Corporation . . 

302 Liberty Loan Company of Waltham 

123 Public Finance Company 

244 Seaboard Finance Company 



371 

333 

6 

389 

24 



Moody Street 
Moody Street 
Cushing Street 
Moody Street 
Crescent Street 



17 Guaranty Loan Co. of Ware 



WARE 



5 Bank Street 



WAREHAM 

267 Wilson Finance Corporation of Wareham 



Shoppers' Plaza — -Store 4 



WATERTOWN 



334 American Finance Corporation of Watertown 

325 Better Budget, Inc 

138 Fairway Finance Corporation of Watertown . 



34 Mt. Auburn Street 
8 Bigelow Avenue 
2a Mt. Auburn Street 



WEBSTER 



164 Beneficial Finance Co 

168 People's Finance Company, Inc. 



224 Main Street 
112 Main Street 



WESTFIELD 

1 1 2 Beneficial Finance Co 26 Main Street 

108 Pioneer Loan & Finance Corporation 99 Elm Street 

285 Public Finance Company 53 Elm Street 



WEYMOUTH 

127 Household Finance Corporation of Weymouth 



435 Washington Street 



EAST WEYMOUTH 

355 Time Finance Company of E. Weymouth 



882 Broad Street 



22 



P.D. 95 



Lie. No. 



Name 



Address 



315 Bell Acceptance Corp. 



300 Pioneer Credit Corporation 



342 Highland Enterprises, Inc. 



124 
115 
157 
270 
174 
331 

94 
327 
210 

31 
337 
131 
224 
316 

34 
251 
119 
221 

99 
359 

13 

69 

68 
213 



WHITINSVILLE 

WILLIAMSTOWN 

WINTHROP 



WOBURN 

128 American Finance Corporation of Middlesex County 

205 Beneficial Finance Co 

259 Local Finance Company of Woburn 



WOLLASTON 

11 G. A. C. Finance Corp. of Wollaston 



WORCESTER 

Associates Consumer Finance Company, Inc 

Beneficial Finance Co 

Beneficial Finance Co 

Beneficial Finance Co 

Budget Finance Plan 

City Finance, Inc 

Commercial Credit Plan Incorporated 

Consumers Financing Service, Inc 

Dial Finance Corporation 

G. A. C. Finance Corporation, Inc 

G. A. C. Finance Corporation of Worcester ......... 

Household Finance Corporation 

Household Finance Corporation , 

Household Finance Corporation of Worcester 

Italian Finance Company of Worcester , 

Liberty Loan Company of Massachusetts 

M-A-C Finance Plan, Inc. of Worcester 

M-A-C Loan Plan, Inc 

Parker Acceptance Corporation 

Parker Acceptance Corp. d/b/a O'Coins Credit 

Public Finance Company 

Public Finance Company 

Seaboard Finance Company 

Time Finance Corporation of Worcester 



159 Church Street 



Colonial Shopping Center 



196 Hagman Road 



446 Main S'treet 
371 Main Street 
341 Main Street 



43 Billings Road 



9 
36 


Walnut Street 
Franklin Street 


2 


Foster Street 


1125a 


Main Street 


421 


Main Street 


340 


Main Street 


290 


Main Street 


8 


Norwich Street 


544 


Main Street 


SOO 


Park Avenue 


74 


Franklin Street 


54Ss 


Lincoln Street 


390 


Main Street 


1073 


Main Street 


157 


Shrewsbury Street 


405 


Main Street 


34 


Mechanic Street 


332 


Main Street 


283 


Main Street 


239a 


Mill Street 


390 


Main Street 


507 


Main Street 


263 


Park Avenue 


496 


Park Avenue 



??•. 



Pocument 



No. 95 




Sft|f (HommonrntBltii of MuBmc\:inBittB 



DIVISION OF BANKS AND LOAN AGENCIES 




ANNUAL REPORT 



OF THE 



COMMISSIONER OF BANKS 



FOR THE 



YEAR ENDING DECEMBER 31, 1968 



RELATING TO 
LICENSED SMALL LOAN LENDERS 



Publication of This Document Approved by Alfred C. Holland. State Purdiaaing Agent 
045366 Estimated Cost Per Copy: $0.9 i J 



.'-' ':..'^ " ""■';•■ V*'-'»*'*- ■■'■^"^^"i^* '■"'>' i- V'-^ ''"^-^^i^^^^Ai.^^ 




N/*^'-v-T>l' 








QIllP Olnmmnttuipaltly nf iHasaarljuHrttB 




DIVISION OF BANKS AND LOAN AGENCIES 

Leverett SaEtonstall Building, Government Center 
100 Cambridge Street, Boston 



Commissioner of Banks 
FREYDA P. KOPLOW 



Deputy Commissioner of Banks 
WILLIAM P. MORRISSEY 



Deputy Commissioner of Banks 

and 

General Counsel 

ROBERT J. MAIETTA 



Supervisor of Loan Agencies 
ROBERT S. LEADBETTER 



P.D. 95 



TABLE OF EXHIBITS 



Exhibit A. Legislation. 

Exhibit B. Composite Statement of Assets 

(Loan Business of $3,000 or Less) . 

Exhibit C. Composite Statement of Income and Expense 
(Loan Business of |3,000 or Less) . 

Exhibit D. Analysis of Loans by Size 
(Loans of |3,000 or Less) . 

Exhibit E. Analysis of Loans by Types of Security 
(Loans of $3,000 or Less) . 

Exhibit F. Analysis of Loans Made for Last Five Years 
(Loans of $3,000 or Less) . 

Exhibit G. Suits, Possession and Sale of Chattels 
(Loans of $3,000 or Less) . 

Exhibit H. Consolidated Statement of Financial Condition 
(Total Loan and Finance Business) . 

Exhibit I. Consolidated Statement of Income and Expense 
(Total Loan and Finance Business) . 

Exhibit J. List of Licensed Small Loan Agencies. 



P.D. 95 



®l?e (HommonmFaltlj nf MnsButl^nasttB 



OFFICE OF THE COMMISSIONER OF BANKS 

Leverett Saltonstall Building, Government Center 
1 00 Cambridge Street, Boston 



July 8, 1969 

To THE Honorable Senate and 

House of Representatives of 

THE Commonwealth of Massachusetts: 

I have the honor of submitting to you herewith the 
annual report of the Commissioner of Banks relating to 
Licensed Small Loan Lenders, pursuant to the provisions of 
General Laws, Chapter 140, Section 98. 

The financial statements and miscellaneous data in- 
corporated herein pertaining to Licensed Small Loan Lend- 
ers are for the fiscal year ended December 31, 1968. 

Respectfully, 

Freyda p. Koplow 
Commissioner of Banks 



wanatsttm 



P.D. 



General Laws, Chapter 140, Section 98, requires that "The Commissioner 
shall make an annual report and shall forward therewith a copy of such returns 
or so much thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of 
adding together the individual reports filed by each licensee. These reports are 
executed on a form and in a manner prescribed by the Commissioner. The 
department vouches for the process of addition, the process by which the addi- 
tions were arrived at following their filing — as the industry guarantees their 
accuracy and reliability as they were inserted in the individual reports. In some 
cases, as always, the reports were adjusted when not executed in accordance with 
instructions. In all such cases the licensee was notified and acknowledged the 
changes. 

As of December 31, 1968, there were three hundred and forty-nine small 
loan licenses outstanding. 

During the calendar year, 1968, 257,034 loans of $3,000 or less amounting 
to $200,322,562.68, which is less unearned charges, were made. These figures 
represent a decrease of 168 in the number of loans made and an increase of 
$16,907,231.47 in the net amount of loans made during the previous twelve 
month period. 

The average net loan made for the period was $779.36 as compared to 
$713.12 for the calendar year 1967. 

On December 31, 1968, there were 271,122 regulated loans of $3,000 or 
less outstanding with a face value of $225,157,767.94 which includes unearned 
charges amounting to $41,375,562.70. These figures represent a decrease of 
13,496 in the number and an increase of $9,650,639.42 in the amount of net 
loans outstanding since the beginning of the calendar year. 

The average net loan outstanding on December 31, 1968 was $677.86 as 
compared with $611.81 on December 31, 1967. 

Total regulated loans of $3,000 or less charged off for the period amounted 
to $4,913,639.02. 

Gross income for the period totaled $40,906,750.81 of which $367,180.13 
represents recoveries on loans previously charged off and $283,873.52 represents 
other income. Operating expenses aggregating $17,624,057.91 include $2,745,- 
424.26 of home office expenses; charge-offs on bad debts amounting to $905,- 
339.10 and an addition of $3,987,636.22 to the valuation reserve combine to 
make a total expense of $22,517,033.23 which, deduct.ed from gross income, 
leaves a balance of $18,389,717.58 representing net earnings before deductions 
of interest on borrowed funds and federal income taxes. A net earnings figure 
of $4,602,615.88 remains after deducting interest on borrowed funds amounting 
to $8,426,412.81 and federal income taxes amounting to $5,360,688.89. 

As of December 31, 1968, the book assets amounted to $198,204,121.37. The 
cash in office and in banks amounted to $2,786,930.30 which includes $555,622.95 
in compensating balances. Home Office assets allocated to Massachusetts Li- 
censees consist of cash of $5,835,994.80 and other assets of $8,049,871.20 making 
a total of $13,885,866.00. Compensating balances included in the allocation 
amount to $3,634,836.88 which when totaled will produce compensating balances 
of $4,190,459.83. Total assets as shown in Exhibit B less compensating balances 
produce assets of $194,013,661.54. 

This department does not consider compensating balances to be assets. They 
are used here as a deduction of the liability. 

The figures included in the following schedules are compiled from annual 
reports to the Commissioner of Banks as represented by all licensed lenders. 



P.D. 95 



All common asset and expense accounts are allocated on a formula estab- 
lished by this department. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
licensed small loan lenders is 214% per month on any part of the unpaid prin- 
cipal balance not exceeding $200; 2% per month on any part of the unpaid 
principal balance exceeding $200.00 but not exceeding $600; 1%% per month 
on that part of the unpaid balance exceeding $600 but not exceeding $1,000; 
34 of 1% per month on any part of the unpaid principal balance exceeding 
$1,000. 

Such maximum interest charge shall not exceed 6% per annum after the 
termination of one year after maturity of the loan. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
unlicensed lenders is one percent per month on the unpaid principal balance 
which must include all fees and expenses of every name, nature and description. 

However, the maximum interest charge permitted on loans of more than 
$1,500.00, secured wholly or partially by a mortgage on real estate, other than 
a first mortgage, having an assessed value of not over twenty-five thousand dol- 
lars and having thereon a dwelling house with accommodations for six or less 
separate households and occupied in whole or in part at the time of the loan 
is made as a home by the obligor on the mortgage debt or by any person grant- 
ing or releasing any interest under said mortgage, is an amount equivalent to 
one and one half percent a month computed on the unpaid balance including 
all fees and expenses of every name, nature and description except actual re- 
cording fees and reasonable attorney's fees. 



P.D. 95 



EXHIBIT A 

LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 

Acts and Resolves of 1968 



Chapter Amendment To: 



Description 



164 G. L., C. 140, 

new s. lOOA 



An Act Limiting the Charges for Insuring 
the Life or Health of Certain Borrow- 



216 



G. L., C. 255B, s. 10 



An Act Limiting the Charges for Certair 
Insurance Issued in Connection with 
Retail Instalment Sales of Motor Ve- 
hicles. 



354 G. L., C. 140A, s. 1 

G. L., C. 255B, s. 1 
G. L., C. 255C, s. 1 
G. L., C. 255D, s. 1 



An Act Further Defining the Annual 
Finance Charge Formula in the Truth 
in Lending Law. 



394 G. L., C. 255, An Act Limiting the Liability of the 

new s. 12e Owner of a Credit Card or other Like 

Credit Device. 

543 G. L., C. 255D, An Act Making Certain Clarifying 

new 32 Changes in the Law Relating to Retail 

Installment Sales and Services. 



615 G. L., C. 255D, An Act Relative to Loan Transactions 

new s. 22A Made in Avoidance of the Laws Per- 

taining to Retail Instalment Sales. 



P.D. 95 

©Ijr (Hommnnm^altlj of MuBButl^nBtttn 

ANNUAL REPORT OF THE COMMISSIONER OF BANKS 
For the Year Ended December 31, 1968 
(General Laws, Chapter 140, Section 98) 

EXHIBIT B 

Composite Statement of Assets, December 31, 1968 
(Loan Business of $3,000 or Less) 

Licensed Agencies 
349 



Receivables : 

(a) Gross Amount $225,157,767.94 

(b) Less: Unearned Charges 41,375,562.70 

(c) Less: Allowance for Bad Debts ..... 5,225,145.01 



(d) Net Receivables $178,557,060.23 

Cash in Office and in Banks 2,786,930.30 

Real Estate (Less Allowance for Depreciation-Buildings) . 163,800.71 
Furniture, Fixtures, Equipment (Less Allowance for Depre- 
ciation 874,641.72 

Deferred Charges or Prepaid Expense 432,340.72 

Other Assets: (Itemize) 

(a) Organization and Development Expense . . . $ 124,293.92 

(b) Cost of Financing 8,752.06 

(c) Investments 465,523.10 

(d) Missellaneous Notes and Accounts Receivable . . 621,700^35 

(e) Miscellaneous 283,212.26 1,503,481.69 



Total Assets $184,318,255.37 



Home Office Assets Allocated to Massachusetts Licensees . 13,885,866.00 



Total $198,204,121.37 



Compensating Balances Included in Cash ..... $ 555,622.95 
Compensating Balances Included in Home Office Assets Allo- 
cated to Massachusetts Licensees 3,634,836.88 



Total Compensating Balances Included in Assets ... $ 4,190,459.83 



EXHIBIT C 



Composite Statement of Income and Expense 

For the Year Ended December 31, 1968 

(Loan Business of $3,000 or Less) 



P.D. 95 



Gross Income 
Charges Collected and/or Earned ....... 

Delinquency Charges Collected 

Collection on Accounts Previously Charged Off .... 

Other Income: 

(a) Gain on Sale of Assets $ 4,669.54 

(b) Income from Investments ...... 35,718.44 

(c) Miscellaneous 243,485.54 

Total Gross Income ......... 

Expenses of Conducting Business 
Advertising ........... 

Auditing ............ 

Bad Debts: 

(a) Charged Off $ 905,339.10 

(b) Addition to Reserve 3,987,636.22 

Depreciation of Furniture, Fixtures and Equipment . 
Recording and Acknovirledging Fees ...... 

Insurance and Fidelity Bonds 

Legal Fees and Disbursements ....... 

Postage and Express ......... 

Printing, Stationery and Supplies 

Rent 

Salaries ............ 

Supervision and Administration 

Taxes (Excluding Federal Taxes on Income) 

(a) State Income $ 405,718.87 

(b) License Fees 130,728.32 

(c) All Other Taxes 498,396.58 

Telephone and Telegraph 

Travel 

Other Expenses of Conducting Business ..... 

Total 

Total Home Office Expenses ........ 

Cost of Borrowed Funds ....... 

Total Expenses .......... 

Net Earnings Before Federal Income Taxes .... 

Federal Income Taxes ......... 

Total Expenses After Income Taxes ...... 

Net Earnings After Income Taxes and Interest, on Borrowed 
Funds 



$39,027,982.93 

1,227,714.23 

367,180.13 



283,873.52 



$40,906,750.81 



1,272,008.31 
78,922.47 



4,892,975.32 

196,628.98 

2,650.36 

77,446.91 

465,504.38 

293,103.86 

197,469.48 

1,280,608.37 

7,220,044.59 

550,730.31 



1,034,843.77 

855.039.81 

334.746.91 

1,018,885.14 

$19,771,608.97 
2,745,424.26 
8,425,412.81 

$30,943,446.04 



$ 9,963,304.77 



$ 5,360,688.89 



$36,304,134.93 



$ 4,602,615.88 



P.D. 95 



EXHIBIT D 



Analysis of Loans by Size 
(Loans of |3.000 or Less) 



Total Loan Balances Outstanding (Less Uneai'ned Charges) 
at Beginning of Period .... 
(a) Loans of % 100.00 or Less 



(b) 


Loans of 


$ 100.01 


to $ 200.00 


(c) 


Loans of 


$ 200.01 


to $ 300.00 


(d) 


Loans of 


$ 300.01 


to $ 400.00 


(e) 


Loans of 


$ 400.01 


to $ 500.00 


(f) 


Loans of 


$ 500.01 


to $ 600.00 


(g) 


Loans of 


$ 600.01 


to $1,000.00 


(h) 


Loans of 


$1,000.01 


to $1,500.00 


(i) 


Loans of 


$1,500.01 


to $3,000.00 



Total Loans Made During the Period . 
Loan Balances Purchased During the Period 
Loan Balances Sold During the Period 
Loan Balances Charged Off During the Period 
Collections During the Period 



Total Loan Balances Outstanding (Less Unearned Charges) 
at the End of the Period 



Number 


Amount 


282,623 


$173,256,029.30 


4.982 


331,618.28 


22.228 


3,143,090.04 


25,646 


6.203.022.36 


26,987 


9,127,882.64 


22,930 


10,183,475.75 


24,652 


13,358,604.82 


57,707 


44.488,035.59 


40.487 


49,000,129.59 


31,415 


64,486,703.61 


257,034 


$200,322,562.68 


12,231 


7,339,887.41 


9,679 


5,970,929.59 


10,588 


4,913,639.02 




186,251,705.54 


271,122 


$183,782,205.24 



EXHIBIT E 



Analysis of Loans by Types of Security 

1 

(Loans of $3,000 or Less) 



Loans Made During the Period Based in Whole or in Large 
Part on: 

(a) Chattel Mortgages on Household Goods .... 

(b) Automobiles ......... 

(c) Real Estate 

(d) Other Chattels 

(e) Unsecured Notes ........ 

(f) Endorsed and/or Co-Maker Notes .... 

(g) Wage Assignments 

(h) Other Considerations ...... 

Total 



Number 



Amouvt 



111.010 $115,778,179.87 



15,866 


15,514,810.15 


100 


142,050.86 


6,367 


6,115,145.92 


114,165 


55,614,531.62 


7,722 


5,025,101.13 


13 


9.833.19 


1,791 


2,122,910.44 


257,034 


$200,322,562.68 



10 



P.D. 95 



EXHIBIT F 



Analysis of Loans Made for Last Five Years 
(Loans of $3,000 or Less) 



Number 


1964 
304,094 


1963 
309,362 


1966 
276,214 


1967 
257,202 


1968 
257,034 


Amount 


$178,943,549.27 


$192,815,300.98 


$181,029,088.42 


$183,415,331.21 


$200,322,562.68 





EXHIBIT G 



Suits, Possession and Sale of Chattels 
(Loans of $3,000 or Less) 



Suits for Recovery: 

(a) Pending at Close of Previous Period 

(b) Instituted During Period . 



(c) Total 



(d) Judgment Secured During Period . 

(e) Settled Before Judgment During the Period 



(f) Total 

(g) Pending at Close of Current Period 

Wage Assignments Filed During Period 

Possession of Chattels Obtained by Licensee: 
(a) By Legal Process or Contract Right: 
(1) Household Goods 



(2) Automobiles . . . . 

(3) Other Chattels and Property 

(b) By Voluntary Surrender: 
(1) Household Goods 



(2) Automobiles ... 

(3) Other Chattels and Property 
Sales of Chattels by Licensees: 

(a) With Borrower's Consent 

(b) Without Borrower's Consent . 



Number 
91 



Number Amount Due 

3,65« $ 2,278,014.19 
2,275 1,605,961.42 



5,933 $ 3,883.975.61 



1.316 $ 895,284.69 
1,506 943,481.95 



2,822 $ 1,838,766.64 



3,111 $ 2,045,208.97 



$ 54,567.89 



433 $ 202,246.94 



70 $ 79,524.87 



454 $ 221,023.66 



11 $ 7,662.87 



85 $ 118,588.84 



22 $ 17,581.45 



Amount 
Amount Due Collected 

i 119,585.25 $ 31,026.72 



59,566.71 $ 25,693.17 



P.D. 95 



11 



EXHIBIT H 

Consolidated Statement of Financial Condition, December 31, 1968 
(Total Loan and Finance Business) 



Assets 

Receivables : 

(a) Gross Amount ......... 

(b) Less: Unearned Charges ....... 

(c) Less: Allowance for Bad Debts . . 

(d) Net Receivables ........ 

Cash in Office and in Banks ........ 

Real Estate (Less Allowance for Depreciation-Buildings) 
Furniture, Fixtures, Equipment (Less Allowance for 

Depreciation) . 

Deferred Charges or Prepaid Expense ...... 

Other Assets: 

(a) Organization or Development Expense .... $ 237,354.11 

(b) Cost of Financing 12,323.33 

(c) Investments 6.038,400.28 

(d) Miscellaneous Notes and Accounts Receivable . . 993,784.95 

(e) Miscellaneous ......... 453,856.32 

Total Assets ........... 

Home Office Assets Allocated to Massachusetts Licensees 
Total 

Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks $ 15,960,760.03 

(b) Due to Parent Company or Affiliate . . . 63,438,081.45 

(c) Other Short Term Notes and Accounts .... 3,519,365.68 

Bonds ............ 

Long Term Notes .......... 

Investment Certificates ......... 

Other Liabilities : 

(a) Accrued Expense $ 387,159.51 

(b) Other Expense Reserves 2,349,042.26 

Branch Office Capital 

Net Worth (If Individual or Partnership) 

Capital Stock (If Corporation) : 

(a) Preferred $ 2,254,708.58 

(b) Common 11,676,786.64 



Paid in Surplus ......•••• 

Appropriated Surplus or Capital Reserve 

Retained Earnings ......... 

Total Liabilities and Capital 

Compensating Balances Included in Cash . . . . • 
Compensating Balances Included in Home Office Assets Allo- 
cated to Massachusetts Licensees ...... 

Total Compensating Balances Included in Assets 



$252,746,825.03 

43,626,784.45 

6,169,815.30 

$202,950,225.28 

3,899,238.74 

885,509.60 

1,035,075.56 
524,699.67 



7,735,718.99 



$217,030,467.84 



16,099,024.21 



$233,129,492.05 



$ 82,918,207.16 

3,273,812.91 
3,749,421.16 
1,924,500.68 



2,736,201.77 



90.487,788.57 
265,105.76 



13,931.495.22 

6,561,785.88 

9,730.00 

11,172,418.73 

$217,030,467.84 

$ 1,103,401.21 

4,061,095.39 

$ 5.164.496.60 



12 



P.D. 95 



EXHIBIT I 



Consolidated Statement of Income and Expense 

For the Year Ended December 31, 1968 

(Total Loans and Finance Business) 



Gross Income 

Charges Collected and/or Earned ...... 

Delinquency Charges Collected ....... 

Collections on Accounts Previously Charged Off 
Other Income: 

(a) Gain on Sale of Assets $ 31,137.89 

(b) Income from Investments ...... 108,420.17 

(c) Miscellaneous 368,423.12 

Total Gross Inconie .......... 

Expenses of Conducting Business 

Advertising ........... 

Auditing . 

Bad Debts: 

(a) Charged Off $ 918,440.26 

(b) Addition to Reserve 4,643,981.80 

Depreciation of Furniture, Fixtures and Equipment 
Recording and Acknowledging Fees ...... 

Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements ....... 

Postage and Express ......... 

Printing, Stationery and Supplies ..... 

Rent 

Salaries 

Supervision and Administration ....... 

Taxes (Excluding Federal Taxes on Income) 

(a) State Income $ 452,875.44 

(b) License Fees 188,379.93 

(c) All Other Taxes 581,135.06 

Telephone and Telegraph ......... 

Travel 

Other Expenses of Conducting Business ..... 

Total 

Total Home Office Expenses ....... 

Cost of Borrowed Funds 

Total Expenses .......... 

Net Earnings Before Federal Income Taxes .... 

Federal Income Taxes ......... 

Total Expenses After Income Taxes ...... 

Net Earnings After Income Taxes and Interest on Borrowed 
Funds 



$42,484,621.47 

1,337,132.64 

493,487.68 



507,981.18 



$44,823,222.97 



1,346,704.51 
112,237.80 



5,562,422.06 

240,217.13 

7,042.71 

102,331.84 

558,299.84 

335,932.19 

233,355.85 

1,452,732.08 

8,375,353.10 

652,974.74 



1,222,390.43 

969,459.02 

398,929.24 

1,472,423.98 

$23,042,806.52 
2,949.410.60 
9,674,748.04 

$35,666,965.16 

$ 9,156,257.81 

$ 5,661,116.62 

$41,228,081.78 



$ 3,595,141.19 



P.D. 95 



13 



EXHIBIT J 

Licensed Small Loan Agencies 
Following is a list of those engaged in the business of making small loans 
in the cities and towns in Massachusetts and licensed as of June 1, 1969. 



Lie. No. 



Name 



Address 



BOSTON 

Associates Consumer Finance Company, Inc 620 

Beatty, Charles S., Company 7 

Belmont Finance Company 453 

Beneficial Finance Co 77 

Beneficial Finance Co 80 

Beneficial Finance Co 5 

Beneficial Finance Co 8 

Beneficial Finance Co 570 

Beneficial Finance Co 1257 

Beneficial Finance Co 4640 

Beneficial Finance Co 105 

Coleman Acceptance Trust 18 

Commercial Credit Plan Incorporated 150 

Dial Finance Company of Boston, Inc 15 

Dial Finance Company of Boston No. 2, Inc 38 

Dial Finance Company of Boston No. 1, Inc 87 

Family Loan Corporation of Massachusetts 41 

Family Loan Corporation of Brighton 359 

Family Loan Corporation of Dorchester 1457 

Firemen's Finance Company, Inc 25 

Friendly Loan Corporation 21 

G. A. C. Finance Corporation of Mattapan 524 

G. A. C. Finance Corporation of Boston 373 

G. A. C. Finance Corporation of Boston, No. 2 126 

Globe Finance Company, Inc 677 

Household Finance Corporation 80 

Household Finance Corporation 175 

Household Finance Corporation 294 

Household Finance Corporation 59 

Household Finance Corporation 47 

Household Finance Corporation 598 

Household Finance Corporation . . . .\ 679 

Kane Finance Company 225 

Local Finance Company 128a 

Merit Finance Company, Inc 73 

Nestor-Hall Company 7 

Northeast Finance Corporation 1872 

Postal Finance Company, Inc 262 

Postal Finance Company of Boston, Inc 58 

Public Finance Company 145 

Public Finance Company 31 

Public Finance Company 333 

Public Finance Company 501 

Public Finance Company 1492 

Public Finance Company 230 

Public Finance Company 1232 

Public Finance Company 4252 

State Loan Co 619 

Sumner Finance Company 262 

Universal C.I.T. Credit Company 176 



Centre St., Jamaica Plain 
Water Street 
Washington Street 
Summer Street 
Boylston Street 
Bromfield Street 
Winter Street 
Columbia Rd., Dorchester 
River St., Hyde Park 
Washington St., Roslindale 
Dorchester St., So. Boston 
Tremont Street 
Tremont Street 
School Street 
Chauncy Street 
Summer Street 
Winter Street 
Washington St., Brighton 
Dorchester Ave., Dor. 
Huntington Ave. 
Porter St., East Boston 
River St., Mattapan 
Washington Street 
State Street 
Beacon Street 
Boylston Street 
Tremont Street 
Washington Street 
Temple Place 
Winter Street 
Columbia Rd., Dorchester 
Canterbury St., Roslindale 
Franklin Street 
Tremont Street 
Tremont Street 
Water Street 
Centre St., West Roxbury 
Washington Street 
Winter Street 
Tremont Street 
St. James Avenue 
Washington Street 
Washington Street 
Dorchester Ave., Dor. 
Meridian St., East Boston 
River Street, Hyde Park 
Washington St., Roslindale 
Washington Street 
Washington Street 
Mt. Vernon St., Dorchester 



14 



P.D. 95 



Lie. No. 



Name 



Address 



AGAWAM 

341 Universal C.I.T. Credit Company 

AMESBURY 

345 G. A. C. Finance Corporation of Amesbury 

ANDOVER 

98 Andover Finance Company 



324 Walnut Street 



41 Main Street 



Musgrove Bldg., Elm Sq. 



ARLINGTON 

326 American Finance Corporation of Middlesex County . . 457 Massachusetts Avenue 

297 Universal C.I.T. Credit Company 11 Mystic Street 

ATHOL 

162 Public Finance Company 516 Main Street 

ATTLEBORO 

48 Beneficial Finance Co 7 Park Street 

252 Blackstone Finance, Inc. of Attleboro 25 Bank Street 

130 Public Finance Company 39 Park Street 

BEVERLY 

58 American Finance Corporation of Lynn 269 Cabot Street 

214 Associates Consumer Finance Company, Inc 263 Cabot Street 

181 Beneficial Finance Co 236 Cabot Street 

BRAINTREE 

240 Credithrift of America Inc., No. 2 250 Granite Street 

BROCKTON 

133 Beneficial Finance Co 190 Main Street 

84 Commercial Credit Plan Incorporated 228 Main Street 

253 Dial Finance Company of Brockton, Inc 726 Crescent Street 

353 G. A. C. Finance Corporation, Inc Store 31 B, 

Westgate Shopping Center 

194 Household Finance Corporation 172 Main Street 

299 Liberty Loan Company of Brockton 231 Main Street 

87 Local Finance Company of Brockton 95 Main Street 

104 Public Finance Company 142 Main Street 

289 Seaboard Finance Company 158 Main Street 

190 Time Finance Company of Brockton 105 Main Street 

350 Universal C.I.T. Credit Company 286 No. Main Street 

BROOKLINE 

160 Beneficial Finance Co 269 Harvard Street 

47 G. A. C. Finance Corporation, Inc 1300 Beacon Street 

141 Household Finance Corporation 1330 Beacon Street 

BURLINGTON 

222 Dial Finance Company of Burlington, Mass., Inc 226 Cambridge Street 



P.D. 95 



15 



Lie. No. 



Name 



Address 



CAMBRIDGE 

Beneficial Finance Co 519 Massachusetts Ave. 

Beneficial Finance Co 622 Massachusetts Ave. 

Household Finance Corporation 678 Massachusetts Ave. 

Household Finance Corporation 27 White Street 

Liberty Loan Company of Cambridge 765 Massachusetts Ave. 

Postal Finance Company of Cambridge, Inc 552 Massachusetts Ave. 

Public Finance Company 495 Massachusetts Ave. 

CANTON 

290 Time Finance Company of Canton 612 Washington Street 

CHELMSFORD 

358 G. A. C. Finance Corporation of Chelmsford 95 Chelmsford Street 

CHELSEA 

195 Beneficial Finance Co 279 Broadway 

309 Public Finance Company 438 Broadway 

CHICOPEE 

234 Beneficial Finance Co 272 Exchange Street 

129 Household Finance Corporation of Chicopee 10 Center Street 

CLINTON 

106 Associates Consumer Finance Co., Inc 70 High Street 

DEDHAM 

357 Time Finance Company of Dedham 515 Providence Highway 

EASTHAMPTON 

3 Local Finance Company of Easthampton 62 Main Street 

EVERETT 

197 Beneficial Finance Co 411 Broadway 

51 Everett Loan Co. Inc 427a Broadway 

310 Public Finance Company 164 School Street 

FAIRHAVEN 

351 Universal C.I.T. Credit Company 102 Huttleston Ave. 

FALL RIVER 

28 Beneficial Finance Co 33 Bedford Street 

166 Cascade Finance Company 391 So. Main Street 

165 Commercial Credit Plan Incorporated 435 Columbia Street 

10 Dial Finance Company of Fall River, Inc 259 So. Main Street 

18 G. A. C. Finance Corp. of Fall River 1467 So. Main Street 

27 Household Finance Corporation 13 Borden Street 

12 Liberty Loan and Realty Co. Inc 204 Thomas Street 

209 Local Finance Company of Fall River 17 No. Main Street 

45 M-A-C Loan Plan, Inc. of Fall River 314 So. Main Street 

37 Public Finance Company 114 So. Main Street 

367 Stanley Company, Inc., The 64 No. Main Street 

39 Time Finance Company of Fall River 304 So. Main Street 



16 



P.D. 9^ 



Lie. No. 



Name 



Address 



FALMOUTH 

288 Beneficial Finance Co 181 Main Street 

FITCHBURG 

375 Associates Consumer Finance Company, Inc 765 Main Street 

32 Beneficial Finance Co 347 Main Street 

52 Household Finance Corporation 457 Main Street 

74 M-A-C Finance Plan, Inc. of Fitchburg 558 Main Street 

273 Public Finance Company 516 Main Street 

FRAMINGHAM 

173 Beneficial Finance Co 106 Concord Street 

178 General Finance Corp. of Framingham 129A Concord Street 

260 Household Finance Corporation of Framingham .... 36 Concord Street 
254 Local Finance Company of Framingham 32 Union Avenue 

95 Public Finance Company 18 Union Avenue 

GARDNER 

232 Beneficial Finance Co 49 Parker Street 

161 Public Finance Company 11 Pleasant Street 

GLOUCESTER 

59 Public Finance Company 82 Main Street 

GREAT BARRINGTON 

21 Pioneer Credit Corporation 337 Main Street 

GREENFIELD 

146 Beneficial Finance Co 239 Main Street 

153 Guaranty Loan Co. of Greenfield 209 Main Street 

283 Household Finance Corp. of Greenfield 158 Main Street 

HAVERHILL 

233 American Finance Corporation of Watertown 21 Washington Square 

105 Beneficial Finance Co 143 Merrimack Street 

346 Haverhill Finance Corporation 191 Merrimack Street 

261 Household Finance Corporation of Haverhill 91 Men-imack Street 

263 Liberty Loan Company of Merrimack 6 Main Street 

120 Public Finance Company 181 Merrimack Street 

HOLYOKE 

40 Beneficial Finance Co 560 Dwight Street 

215 Dial Finance Company of Holyoke, Inc 320 High Street 

245 Household Finance Corporation of Holyoke 353 High Street 

175 Public Finance Company 348 High Street 

291 Signal Finance Corporation 392 High Street 

HYANNIS 

76 Beneficial Finance Co 436 Main Street 

226 Commercial Credit Plan, Incorporated 509 Main Street 

284 Household Finance Corporation of Hyannis 396 Main Street 

338 Local Finance Company of Hyannis 29 North Street 



P.D. 95 



17 



Lie. No. 



Name 



Address 



INDIAN ORCHARD 

241 The New Method Finance Corporation 529 Main Street 

LAWRENCE 

American Finance Corp. of Middlesex County 204 Essex Street 

Beneficial Finance Co 27 Amesbui-y Street 

Community Finance, Inc. of Lawrence 125 Amesbui-y Street 

Household Finance Corporation of Lawrence 380 Essex Street 

Local Loan & Finance Co. Inc 79 Common Street 

Public Finance Company 15 Lawrence Street 

LEOMINSTER 

83 Associates Consumer Finance Company, Inc 44 Main Street 

148 Beneficial Finance Co 51 Main Street 

155 Leominster Finance Corporation 10 Monument Square 

LOWELL 

Advance Finance Company 147 Central Street 

Beneficial Finance Co 76 Merrimack Street 

Beneficial Finance Co 97 Central Street 

Central Finance Service, Inc 19 Palmer Street 

Commercial Credit Plan. Incorporated 176 Church Street 

Fidelity Consumer Finance Corporation 40 Central Street 

G. A. C. Finance Corporation of Lowell 813 Lakeview Avenue 

Household Finance Corporation 100 Merrimack Street 

Kels Investment Corporation 331 Westford Street 

Liberty Loan Company of Lowell 58 Central Street 

Lowell Finance Company, Inc 217 Appleton Street 

Merrimack Valley Finance Co. Inc 1 Merrimack Street 

Public Finance Company 2 Kearney Square 

LYNN 

314 American Finance Corporation of Lynn 14 Central Square 

122 Beneficial Finance Co 22 Market Street 

371 Dial Finance Company of Lynn, Inc 116 Market Street 

365 Homemakers Loan & Consumer Discount Co 319 Lynnway 

154 Household Finance Corporation 341 Union Street 

295 Liberty Loan Company 171A Union Street 

19 Public Finance Company 29 Central Square 

229 Seaboard Finance Company of Lynn, Inc 56 Central Square 

41 United Insurance Finance Corporation 14 Central Avenue 

352 Universal C.I.T. Credit Company 21 State Street 

MALDEN 

Beneficial Finance Co 150 Pleasant Street 

Beneficial Finance Co 444 Pleasant Street 

Commercial Credit Plan Incorporated 33 Dartmouth Street 

Dial Finance Company of Maiden, Inc 3 Pleasant Street 

Household Finance Corporation 60 Pleasant Street 

National Finance Company, Inc 50 Pleasant Street 

Public Finance Company 5 Pleasant Street 

State Loan Co. Inc 482 Main Street 

MANSFIELD 

62 The Mansfield Finance Company, Inc 5 Old Colony Road 



18 



P.D. 95 



Lie. No. 



Name 



Address 



MARLBOROUGH 

65 Beneficial Finance Co 214 Main Street 

171 Marlboro Finance Corp 217 Main Street 

109 Parker Acceptance Corporation 132 Main Street 

MEDFORD 

199 Beneficial Finance Co 16 High Street 

188 Household Finance Corporation 11 Salem Street 

311 Public Finance Company 24 Riverside Avenue 

24 Public Finance Company 648 Fellsway 

MIDDLEBOROUGH 

250 Beneficial Finance Co 6 So. Main Street 

MILFORD 

207 Beneficial Finance Co 145 Main Street 

140 Greenleaf Finance Incorporated 240 Main Street 

373 Ideal Finance, Inc 197 Main Street 

255 Local Finance Company of Milford 179 Main Street 

110 Milford Finance Corporation 182 Main Street 

NATICK 

236 MAC Loan Plan, Inc. of Natick 11a West Central Street 

NEW BEDFORD 

44 Beneficial Finance Co 758 Purchase Street 

219 Beneficial Finance Co 1349 Acushnet Avenue 

336 Bristol Acceptance Trust, Inc 292 Union Street 

46 Community Plan Incorporated 558 Pleasant Street 

193 Credithrift of America, Inc. No. 2 634 Pleasant Street 

77 Household Finance Corporation , 852 Purchase Street 

26 Luzo Corporation of America 139 Rivet Street 

90 Public Finance Company 915 Purchase Street 

100 Seaboard Finance Company 71 William Street 

7 Wamsutta Finance Co. Inc 222 Union Street 

NEWBURYPORT 

150 Beneficial Finance Co 80 State Street 

9 G. A. C. Finance Corp. of Newburyport 19 Green Street 

NEWTON 

25 Avco National Corporation 995 Watertovyn St., W. Newton 

201 Beneficial Finance Co 325 Walnut St., Newtonville 

348 Brainerd Finance Company 1279 Washington St., W.Newton 

NORTH ADAMS 

151 Beneficial Finance Co 59 Main Street 

298 Dial Finance Company of North Adams 42 Main Street 

307 Liberty Loan Company of Adams 14 Ashland Street 

42 M-A-C Finance Plan, Inc. of North Adams 85 Main Street 

NORTH ATTLEBOROUGH 

54 Public Finance Company 11 So. Washington St. 



P.D. 95 



19 



Lie. No. 



Name 



Address 



NORTHAMPTON 

264 Household Finance Corp. of Northampton 70 Main Street 

35 Local Finance Company of Northampton 159 Main Street 

113 M-A-C Finance Plan, Inc. of Northampton 142 Main Street 

NORWOOD 

196 Beneficial Finance Co 643 Washington Street 

282 Household Finance Corp. of Norwood 661 Washington Street 

158 Public Finance Company 705 Washington Street 

PALMER 

274 Guaranty Loan Co. of Palmer 366 Main Street 

PEABODY 

144 Household Finance Corporation of Peabody N. Shore Shopping Centei- 

266 Local Finance Company of Peabody 70 Main Street 

PITTSFIELD 

88 Beneficial Finance Co 361 North Street 

Budget Finance Plan 278 North Street 

Commercial Credit Plan Incorporated 63 Cheshire Road 

Greylock Finance, Ine 631 North Street 

Household Finance Corporation of Pittsfield 86 North Street 

M-A-C Finance Plan, Inc. of Pittsfield 23 North Street 

Pioneer Credit Corporation 415 North Street 

Public Finance Company 313 North Street 

206 Universal C.I.T. Credit Company 346 North Street 

PLYMOUTH 

203 Beneficial Finance Co 25 Main Street 

333 Local Finance Company of Plymouth 20 Court Street 

QUINCY 

American Finance Corporation of Quincy 1620 Hancock Street 

Beneficial Finance Co 113 Parkingway 

Family Loan Corporation of Quincy 10 Chestnut Street 

Homemakers Loan & Consumer Discount Co 1073 Hancock Street 

Household Finance Corporation 148 Parkingway 

Local Finance Company of Quincy 1388 Hancock Street 

Public Finance Company 1468 Hancock Street 

Seaboard Finance Company 1466 Hancock Street 

Time Finance Company of Quincy 1426 Hancock Street 

RANDOLPH 

340 Dial Finance Company of Randolph, Inc 322 Main Street 

READING 

97 G. A. C. Finance Corporation of Wakefield 580 Main Street 

REVERE 

246 Paul Revere Loan Association, Inc 206 Broadway 



20 



P.D. 95 



Lie. No. 



Name 



Address 



ROCKLAND 

257 Local Finance Company of Rockland 257 Union Street 

SALEM 

189 American Finance Corp. of Quincy 16 New Derby Street 

137 Beneficial Finance Co 116 Washington Street 

183 Household Finance Corporation 75 Washington Street 

271 Public Finance Company 211 Essex Street 

56 State Loan Co. Inc 247 Essex Street 

SAUGUS 

198 Household Finance Corporation of Saugus 1307 Broadway 

SHREWSBURY 

23 Public Finance Company 384-C Maple Avenue 

349 Universal C.I.T. Credit Company 50 Boston Turnpike 

SOMERSET 

226 Local Finance Company of Somerset 933 County Street 

SOMERVILLE 

33 Beneficial Finance Co 258 Elm Street 

96 Family Loan Corporation of Somervilie 415 Highland Avenue 

177 Household Finance Corporation 249 Elm Street 

329 People's Finance Company of Boston, Inc 59 Union Square 

272 Public Finance Company 409A Highland Avenue 

211 State Loan Co. of Somervilie 128 Dover Street 

SOUTHBRIDGE 

191 Morrison Finance Corporation 1 Elm Street 

187 Public Finance Company 312 Main Street 

SPRINGFIELD 

210 American Finance Corp. of Watertown 1228 Main Street 

91 Associates Consumer Finance Company, Inj 620 State Street 

50 Beneficial Finance Co 1277 Main Street 

73 Beneficial Finance Co 1618 Main Street 

167 Commercial Credit Plan Incorporated 297 Bridge Street 

102 Credithrift of America, Inc. No. 2 43 Pearl Street 

142 Dial Finance Co. of Springfield, Mass., No. 1, Inc. . . 1570 Main Street 

220 Dial Finance Company of Springfield, Mass., Inc. . 1173 Main Street 

293 G. A. C. Finance Corporation, Inc 1355 Liberty Street 

364 Homemakers Loan & Consumer Discount Co 622 State Street 

139 Household Finance Corporation 1431 Main Street 

125 Ideal Budget Plan, Inc 1421 Main Street 

86 Liberty Loan Company of Springfield 145 State Street 

343 M-A-C Finance Plan, Inc. of Forest Park 390 Dickinson Street 

8 M-A-C Finance Plan, Inc. of Springfield 1211 Boston Road 

60 New Method Finance Corporation 1688 Main Street 

163 Public Finance Company 1567 Main Street 

276 Seaboard Finance Company 1645 Main Street 

292 Signal Finance Corporation 163 State Street 

212 Time Finance Company of Springfield 1537 Main Street 



P.D. 95 



21 



Lie. No. 



Name 



Address 



STONEHAM 

266 Household Finance Corp. of Stoneham 

STOUGHTON 

308 Local Finance Company of Stoughton 

TAUNTON 

Beneficial Finance Co 

Blackstone Finance, Inc. of Taunton 

Liberty Loan Company of Taunton 

Local Finance Company of Taunton 

Taunton Loan Co 

WAKEFIELD 

237 Beneficial Finance Co 

376 Ford Motor Credit Company 

WALPOLE 

156 Dial Finance Company of Walpole, Inc 

WALTHAM 

Beneficial Finance Co 

Household Finance Corporation 

Liberty Loan Company of Waltham 

Public Finance Company 

Seaboard Finance Company 

WARE 

17 Guaranty Loan Co. of Ware 

WAREHAM 

368 Wilson Finance Corporation 

WATERTOWN 

334 American Finance Corporation of Watertown 

325 Better Budget, Inc 

138 Dial Finance Company of Watertown, Inc 

WEBSTER 

164 Beneficial Finance Co 

168 People's Finance Company, Inc 

WESTFIELD 

112 Beneficial Finance Co 

108 Pioneer Loan & Finance Corporation 

285 Public Finance Company 

WEYMOUTH 

372 Commercial Credit Plan Incorporated 

127 Household Finance Corporation of Weymouth 

355 Time Finance Company of Weymouth 



83 Main Street 



54 Porter Street 



75 Main Street 
6 Trescott Street 
4 Cedar Street 
3 Main Street 

28 Broadway 



407 Main Street 
599 North Avenue 



940 Main Street 



371 Moody Street 
333 Moody Street 

6 Gushing Street 
389 Moody Street 
24 Crescent Street 



5 Bank Street 



Store #4, Shoppers' Plaza 



34 Mt. Auburn Street 

8 Bigelow Avenue 
2A Mt. Auburn Street 



224 Main Street 
112 Main Street 



26 Main Street 
99 Elm Street 
53 Elm Street 



809 Washington St., E. Wey. 

116 Main Street 

882 Broad St., E. Weymouth 



22 



P.D. 95 



Lie. No. 



Name 



Address 



WHITINSVILLE 

315 Dial Finance Company of Whitinsville, Inc 185 Church Street 

WILLIAMSTOWN 

300 Pioneer Credit Corporation Colonial Shopping Center 

WINTHROP 

342 Highland Enterprises, Inc 196 Hagman Road 

WOBURN 

128 American Finance Corp. of Middlesex County 446 Main Street 

205 Beneficial Finance Co 371 Main Street 

259 Local Finance Company of Wobum 341 Main Street 

WOLLASTON 

11 G. A. C. Finance Corporation of Wollaston 43 Billings Road 

WORCESTER 

124 Associates Consumer Finance Company, Inc 9 Walnut Street 

115 Beneficial Finance Co 36 Franklin Street 

157 Beneficial Finance Co 2 Foster Street 

270 Beneficial Finance Co 1086 Main Street 

174 Budget Finance Plan 421 Main Street 

331 City Finance. Inc 289 Main Street 

94 Commercial Credit Plan Incorporated 945 Grafton Street 

327 Consumers Financing Service, Inc 8 Norwich Street 

126 Dial Finance Company of Worcester, Inc 544 Main Street 

31 G. A. C. Finance Corporation, Inc 500 Park Avenue 

337 G. A. C. Finance Corporation of Worcester 74 Franklin Street 

131 Household Finance Corporation 545G Lincoln Street 

224 Household Finance Corporation 390 Main Street 

316 Household Finance Corporation of Worcester 1073 Main Street 

34 Italian Finance Company of Worcester 157 Shrewsbury Street 

251 Liberty Loan Company of Massachusetts 405 Main Street 

119 M-A-C Finance Plan, Inc. of Worcester 34 Mechanic Street 

221 M-A-C Loan Plan, Inc 46 Myrtle Street 

99 Parker Acceptance Corporation 283 Main Street 

359 Parker Acceptance Corp'n d/b/a O'Coins Credit ... 239A Mill Street 

13 Public Finance Company 390 Main Street 

69 Public Finance Company 507 Main Street 

68 Seaboard Finance Company 285 Park Ave. 

213 Time Finance Company of Worcester 496 Park Ave. 



'm^ 



Public Document 



No. $5 




(2It;p (Hamnuitimpalttf of DlaBiiarl^iuarttfi 
DIVISION OF BANKS AND LOAN ACiNCIES 




FRANCIS W. SARGENT 

Governor 

ANNUAL REPORT 

OF THE 

COMMISSIONER OF BANKS 

FOR THE 
YEAR ENDING DECEMBER 31, 1969 



RELATING TO 
LICENSED SMALL LOAN LENDERS 



jM-4 71 04'* ' 



Estimated Cost Per Copy: $0 7i 



-j'v':'^;'^''il'';V'f-ij;ft;'';^'f^ 









im 









<]■ .^: 



'^M 



allye dlnmmxinmFaltly of M^B^uti^nattU 




DIVISION OF BANKS AND LOAN AGENCIES 

Leverett Saltonstall Building, Government Center 
100 Cambridge Street, Boston 



Commissioner of Banks 
FREYDA P. KOPLOW 



Deputy Commissioner of Banks 
WILLIAM P. MORRISSEY 



Deputy Commissioner of Banks 

and 

General Counsel 

ROBERT J. MAIETTA 



Supervisor of Loan Agencies 
ROBERT S. LEADBETTER 



P.D. 95 



®ljp Olflmmnnmfaltli of iHaaHarliUHfttH 



OFFICE OF THE COMMISSIONER OF BANKS 

Leverett Saltonstall Building, Government Center 
100 Cambridge Street, Boston 



June 10, 1970 



To THE Honorable Senate and 

House of Representatives of 

THE Commonwealth of Massachusetts: 



I have the honor of submitting to you herewith the 
annual report of the Commissioner of Banks relating to 
Licensed Small Loan Lenders, pursuant to the provisions of 
General Laws, Chapter 140, Section 98. 

The financial statements and miscellaneous data in- 
corporated herein pertaining to Licensed Small Loan Lenders 
are for the fiscal vear ended December 31, 1969. 

Resfjectfully, 

Freyda p. Koplow 

Commissioner of Banks 



P.D. 95 



TABLE OF EXHIBITS 



Exhibit A. Legislation. 

Exhibit B. Composite Statement of Assets 

(Loan Business of $3,000 or Less). 

Exhibit C Composite Statement of Income and Expense 
(Loan Business of $3,000 or Less). 

Exhibit D. Analysis of Loans by Size 
CLoans of $3,000 or Less). 

Exhibit E. Analysis of Loans by Types of Security 
(Loans of $3,000 or Less). 

Exhibit F. Analysis of Loans Made for Last Five Years 
(Loans of $3,000 or Less). 

Exhibit G. Suits, Possession and Sale of Chattels 
(Loans of $3,000 or Less). 

Exhibit H. Consolidated Statement of Financial Condition 
(Total Loan and Finance Business). 

Exhibit L Consolidated Statement of Income and Expense 
(Total Loan and Finance Business). 

Exhibit J. List of Licensed Small Loan Agencies. 



P.D. 95 



General Laws, Chapter 140, Section 98, requires that "The Cbmmissioner shall 
make an annual report and shall forward therewith a copy of such returns or so much 
thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of adding 
together the individual reports filed by each licensee. These reports are executed on a 
form and in a manner prescribed by the Commissioner. The department \'ouches for 
the process of addition, the process by which the additions were arrived at follov\dng 
their filing— as the industry guarantees their accuracy and reliability as they were 
inserted in the individual reports. In some cases, as always, the reports were adjusted 
when not executed in accordance with instructions. In all such cases the licensee was 
notified and acknowledged the changes. 

As of December 31, 1969, there were three hundred and forty-one small loan 
hcenses outstanding. 

During the calendar year, 1969, 226,091 loans of $3,000 or less amounting to 
$189,160,506.90, which is less unearned charges, were made. These figures represent 
a decrease of 30,943 in the number of loans made and a decrease of $11,162,055.78 in 
the net amount of loans made during the previous twelve month period. 

The average net loan made for the period was $833.67 as compared to $779.36 for 
the calendar year 1968. 

On December 31, 1969, there were 258,749 regulated loans of $3,000 or less out- 
standing vdth a face value of $228,239,959.22 which includes unearned charges 
amounting to $41,612,464.31. These figures represent a decrease of 12,373 in the 
number and an increase of $2,845,289.67 in the amount of net loans outstanding since 
the beginning of the calendar year. 

The average net loan outstanding on December 31, 1969 was $721.27 as com- 
pared with $677.86 on December 31, 1968. 

Total regulated loans of $3,000 or less charged off for the period amounted to 
$5,556,008.05. 

Gross income for the period totaled $40,828,164.06 of which $360,882.03 
represents recoveries on loans previously charged off and $364,248.62 represents other 
income. Operating expenses aggregating $17,867,935.96 include $2,759,836.81 of 
home office expenses; charge-offs on bad debts amounting to $832,579.35 and an addi- 
tion of $4,816,370.79 to the valuation reserve combine to make a total expense of 
$23,516,886.10 which, deducted from gross income leaves a balance of $17,311,277.96 
representing net earnings before deductions of interest on borrowed funds and federal 
income taxes. A net earnings figvire of $3,423,151.74 remains after deducting interest 
on borrowed funds amounting to $9,647,956.21 and federal income taxes amounting 
to $4,240,170.01. 

As of December 31, 1969, the book assets amounted to $200,911,048.80. The 
cash in office and in banks amounted to $2,576,722.77 which includes $518,579.81 in 
compensating balances. Home Office assets allocated to Massachusetts Licensees consist 
of cash of $5,199,804.42 and other assets of $9,327,461.30 making a total of 
$14,527,265.72. Compensating balances included in the allocation amount to $3,427,- 
198.54 which when totaled will produce compensating balances of $3,945,778.35. 
Total assets as shown in Exhibit B less compensating balances produce assets of 
$196,965,270.45. 

This department does not consider compensating balances to be assets . They are 
used here as a deduction of the liability. 

The figures included in the following schedules are compiled from annual reports 
to the Commissioner of Banks as represented by all licensed lenders. 



P.D. 95 



All common asset and expense accounts are allocated on a formula established by 
this department. 

The maximum interest charges permitted on loans of $3000.00 or less for licensed 
small loan lenders is 2^2% per month on any part of the unpaid principal balance not 
exceeding $200; 2% per month on any part of the unpaid principal balance exceeding 
$200.00 but not exceeding $600; VA% per month on that part of the unpaid balance 
exxceeding $600 but not exceeding $1,000; ^/4 of 1% per month on any part of the un- 
paid principal balance exceeding $1,000. 

Such maximum interest charge shall not exceed 6% per annum after the termina- 
tion of one year after maturity of the loan. 

The maximum interest charges permitted on loans of $3,000.00 or less for un- 
licensed lenders is one percent per month on the unpaid principal balance which must 
include all fees and expenses of every name, nature and description. 

However, the maximum interest charge permitted on loans of more than $1,500.00, 
secured wholly or partially by a mortgage on real estate, other than a first mortgage, 
having an assessed value of not over twenty-five thousand dollars and having thereon 
a dwelling house with accommodations for six or less separate households and occupied 
in whole or in part at the time the loan is made as a home by the obligor on the 
mortgage debt or by any person granting or releasing any interest under said mortgage, 
is an amount equivalent to one and one half percent a month computed on the unpaid 
balance including all fees and expenses of everv name, nature and description except 
actual recording fees and reasonable attorney's fees. 



P.D. 95 



EXHIBIT A 

LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 

Acts and Resolves of 1969 



Chapter Amendment To : 

51 G. L., C. 266, s. 37A 

168 G. L., C. 140, s. 114A 

221 G. L., C. 140, s. 105 



248 


G. L., 
P. 1 


, C. 


175, s. 193E 




G. L., 


, c. 


175, s. 193E 




P. 


2 




378 


G. L., 


C. 


225D, s. 13 


405 


G. L, 


, c. 


90 new s. 2C 



421 G. L., C. 221, C180 



423 G. L., C. 184, s. 17B 



442 G. L., C. 93, s. 44, 45, 

46, 47 

469 G. L., C. 140A, C. 255B, 

C. 255C, C. 255D 



517 G. L., new C. HOC, 

C225B, 255C, 255D 
Repealed 140A 

690 G.L.,C. 93A,s.new9, 10 



Description 

An Act Providing a Penalty for the Manufac- 
ture, Sale, Transfer or Purchase of a 
Forged Credit Card. 

An Act Making a Corrective Change in the 
Law Relative to Certain Credit Insurance 
Charges under the Small Loans Law. 

An Act Repealing the Requirements of a 
Bond for a Licensee to Engage in the 
Business of Making Small Loans. 

An Act Providing That No Fee May Be 
Charged for the Substitution of Insurance 
Policies on Property Securing a Loan of 
Money. 

An Act Relative to Certain Contracts of 
Retail Installment Sales and Services. 

An Act Authorizing Minors to Enter into 
Legal Contracts in the Matter of the Pur- 
chase and Sale of Motor Vehicles, Parts 
and Accessories Therefor. 

An Act Providing for the Establishment of 
Credit Counseling Service Corporations 
and Providing that such Service Shall Not 
be Deemed to Constitute the Practice of 
Law. 

An Act Further Regulating the Procedure 
Relative to the Hiring of Attorneys in Cer- 
tain Mortgage Transactions. 

An Act Regulating the Trade Practices of 
Credit Bureaus and Subscribers thereto. 

An Act Temporarily Suspending Certain 
Provisions of Law Relative to Disclosure 
in Consumer Credit Transactions. 

An Act Revising the Laws Relative to the 
Disclosure of Consumer Credit Costs and 
Terms. 

An Act Providing Civil Remedies to a 
Person Injured by Any Act or Practice 
Declared tJnfair or Deceptive by the Con- 
sumer Protection Act. 



788 G. L., 25 5D, s. 27 An Act Providing that No Finance Charge 
new subsection F May Be Assessed or Collected from Buyers 

on Revolving Credit Agreements Until 
Nine Days After a Statement of Account 
has been Mailed or Delivered to the Buyer. 

789 G. L., C. 93, s. 24A, 240 An Act Relative to Reimbiorsement to the 

Commonwealth of the Cost of the Supervi- 
sion of Collection Agencies by the Com- 
missioner of Banks and Increasing License 
Fees. 

790 G. L., C. 140, s. 97, 102 An Act Relative to Reimbursement to the 

Commonwealth of the Cost of the Supervi- 
sion of Small Loan Companies by the 
Commissioner of Banks and Increasing 
License Fees. 

792 G. L. C. 255B, s. 2, 3 An Act Relative- to Reimbursement to the 

Commonwealth of the Cost of the Supervi- 
sion of Motor Vehicle Sales Finance Com- 
panies by the Commissioner of Banks and 
Increasing License Fees. 

793 G. L., C. 255C, s. 3, 6, 11 An Act Relative to Reimbursement to the 

Commonwealth of the Cost of the Supervi- 
sion of Insurance Premium Finance Agen- 
cies by the Commissioner of Banks and 
Establishing License Fees. 

794 G. L., C. 255D, s. 2, 3 An Act Relative to Reimbursement to the 

Commonwealth of the Cost of the Supervi- 
sion of Retail Instalment Sales and Service 
Finance Companies by the Commissioner 
of Banks and Increasing License Fees. 

814 G. L., C. 93 A, s. 1, 3, 4, An Act Amending the Consumer Protection 

5, 6, 7, 8 Act and Providing Restitution to a Con- 

sumer Who has Suffered Loss Due to a 
Deceptive Act or Practice. 

832 G. L., C. 266, s. 37A An Act Providing Certain Criminal Penalties 

new 37B and 37C for the Misuse of Credit Cards 



P.D. 95 



REGULATIONS 

There are described below regulations of the Cbmmissioner of Banks promulgated 
during the calendar year 1969. 



May 19, 1969; 

July 17, 1969; 

July 17, 1969; 

July 17, 1969; 

July 17, 1969; 

October 15, 1969; 
October 15, 1969; 

October 15, 1969; 
October 15. 1969; 



Relative to the Conduct of the Business of Collection 
Agencies. 

Relative to Consumer Credit Cost Disclosure. 
(Emergency Regulations) 

Relative to the Business of the Retail Installment Sales 
of Motor Vehicles. (Emergency Resulations) 

Relative to Insurance Premium Finance Agencies. 
(Emergency Regulations) 

Relative to the Business of Retail Installment Sales and 
Services. (Emergency Regulations) 

Relative to Consumer Credit Cost Disclosure. 

Relative to the Business of the Retail Installment Sales 
of Motor Vehicles. 

Relative to Insurance Premium Finance Agencies. 

Relative to the Business of Retail Installment Sales and 
Services. 



P.D. 95 

a[l|p Olommottmraltti of MuBBntl^ttsitttB 

ANNUAL REPORT OF THE COMMISSIONER OF BANKS 
For the Year Ended December 31, 1969 
(General Laws, Chapter 140, Section 98) 

EXHIBIT B 

Composite Statement of Assets, December 31, 1969 

(Loan Business of $3,000 or Less) 

Licensed Agencies 
341 



Receivables: 

(a) Gross Amount $228,239,959.22 

Cb) Less: Unearned Charges 41,612,464.31 

(c) Less: AUowance for Bad Debts 5,750,120.61 



(d) Net Receivables $180,877,374.30 

Cash in Office and in Banks 2,576,722.77 

Real Estate (Less Allowance for Depreciation-Buildings) 234,383.25 

Furniture, Fixtures and Equipment (Less Allowance for 

Depreciation 1,077,708.34 

Deferred Charges or Prepaid Expense 420,514.94 

Other Assets: (Itemize) 

(a) Organization and Development Expense $ 13,117.79 

(b) Cost of Financing 347.30 

(c) Investments 344,898.97 

(d) Miscellaneous Notes and Accounts Receivable 596,693.81 

(e) Miscellaneous 242,021.61 1,197,079.48 



Total Assets $186,383,783.08 



Home Office Assets Allocated to Massachusetts Licensees .... 14,527,265.72 



Total $200,911,048.80 



Compensating Balances Included in Cash $ 518,579.81 

Compensating Balances Included in Home Office Assets 

Allocated to Massachusetts Licensees 3,427,198.54 



Total Compensating Balances Included in Assets $ 3,945,778.35 



10 P.D. 95 

EXHIBIT C 

Composite Statement of Income and Expense 

For the Year Ended December 31, 1969 

(Loan Business of $3,000 or Less) 



Gross Income 

Charges CoUected and/or Earned $ 38,781,794.19 

Delinquency Charges Collected 1,321,239.22 

Collection on Accounts Previously Charged Off 360,882.03 

Other Income : 

(a) Gain on Sale of Assets $ 9,559.36 

(b) Income from Investments 343,319.81 

(c) Miscellaneous 11,369.45 364,248.62 



Total Gross Income $ 40,828,164.06 



Expenses of Conducting Business 

Advertising $ 1,163,099.07 

Auditing 80,322.78 

Bad Debts: 

(a) Charged Off $ 832,579.35 

(b) Addition to Reserve 4,816,370.79 5,648,950.14 

Depreciation of Furniture, Fixtures and Equipment 228,766.47 

Recording and Adcnowledging Fees 5,152.33 

Insurance and Fidelity Bonds 77,279.02 

Legal Fees and Disbursements 365,319.73 

Postage and Express 291,737.01 

Printing, Stationery and Supplies 228,856.35 

Rent 1,336,307.75 

Salaries 7,480,768.44 

Supervision and Administration 504,280.59 

Taxes (Excluding Federal Taxes on Income) 

(a) State Income $ 342,981.11 

(b) License Fees 119,191.70 

Co) All Other Taxes 641,421.22 1,103,594.03 



Telephone and Telegraph 869,295.47 

Travel 300,625.20 

Other Expenses of Conducting Business 1,072,694.91 



Total $ 20,757,049.29 

Total Home Office Expenses 2,759,836.81 

Cost of Borrowed Funds 9,647,956.21 



Total Expenses $ 33,164,842.31 



Net Earnings Before Federal Income Taxes $ 7,663,321.75 



Federal Income Taxes $ 4,240,170.01 



Total Expenses After Income Taxes $ 37,405,012.32 



Net Earnings After Income Taxes and Interest 

on Borrovired Funds $ 3,423,151.74 



P.D. 95 



11 



EXHIBIT D 



Analysis of Loans by Size 
(Loans of $3,000 or Less) 



Total Loan Balances Outstanding (Less Unearned Charges) 
at Beginning of Period 

(a) Loans of $ 100.00 or Less 

(b) Loans of $ 100.01 to $ 200.00 

(c) Loans of $ 200.01 to $ 300.00 

Cd) Loans of $ 300.01 to $ 400.00 

(a) Loans of $ 400.01 to $ 500.00 

Cf) Loans of $ 500.01 to $ 600.00 

(g) Loans of $ 600.01 to $1,000.00 

(h) Loans of $1,000.01 to $1,500.00 

Ci) Loans of $1,501.00 to $3,000.00 

Total Loans Made During the Period 

Loan Balances Purchased During the Period 

Loan Balances Sold During the Period 

Loan Balances Charged Off During the Period 

Collections During the Period 

Total Loan Balances Outstanding (Less Unearned Charges) 
at the End of the Period 



Numher 


Amount 


269,820 


$183,126,883.88 


3,838 


257,045.92 


17,337 


2,482,465.69 


20,385 


4,969,154.74 


22,788 


7,744,908.40 


19,643 


8,738,208.27 


21,012 


11,403,249.71 


50,475 


39,140,687.75 


37,605 


45,735,947.87 


33,008 


68,688,838.55 


226,091 


$189,160,506.90 


10,564 


6,219,999.18 


7,461 


4,784,771.45 


11,072 


5,556,008.05 




181,539,115.55 


258,749 


$186,627,494.91 





EXHIBIT E 



Analysis of Loans by Types of Security 
(Loans of $3,000 or Less) 



Loans Made During the Period Based in Whole or 

in Large Part on: 

(a) Chattel Mortgages on Household Goods .. 

(b) Automobiles 

(c) Real Estate 

(d) Other Chattels 

(e) Unsecured Notes 

(f) Endorsed and/or Co-Maker Notes 

(g) Wage Assignments 

(h) Other Considerations 

Total 



TSmiiber 


Amount 


97,287 


$107,585,600.56 


15,059 


15,885,467.45 


176 


231,382.74 


5,608 


6,008,939.21 


99,310 


52,626,007.04 


6,900 


4,646,060.42 


24 


16,264.72 


1,727 


2,160,784.76 


226,091 


$189,160,506.90 





12 



P.D. 95 



EXHIBIT F 



Analysis of Loans Made for Last Five Years 
(Loans of $3,000 or Less) 



1965 
Number 309,362 


1966 

276,214 


1967 

257,202 


1968 

257,034 


1969 
226,091 


Amount $192,815,300.98 


$181,029,088.42 


$183,415,331.21 


$200,322,562.68 


$189,160,506.90 




EXHIBIT G 











Suits, Possession and Sale of Chattels 
(Loans of $3,000 or Less) 



Tsunther 
Suits for Recover)': 

(a) Pending at Close of Previous Period 3,101 

Cb) Instituted During Period 2,073 

(c) Total 5,174 

Cd) Judgment Secured During Period 1,420 

(e) Settled Before Judgment During the Period 973 

Cf) Total 2,393 

Cg) Pending at Close of Current Period 2,781 

Wage Assignments Filed During the Period 158 

Possession of Chattels Obtained by Licensee: 

(a) By Legal Process or Contract Right: 

(1) Household Goods 3 

(2) Automobiles 85 

(3) Other Chattels and Property 6 

(b) By Voluntary Surrender: 

(1) Household Goods 21 

(2) Automobiles 72 

C3) Other Chattels and Property 

Sales of Chattels bv Licensees: 

Number Amount Due 

(a) With Borrower's Consent 91 $ 104,316.99 

(b) Without Borrower's Consent 52 $ 63,954.59 



Amount 

$ 2,038,589.38 
1,534,948.36 

$ 3,573,537.74 

$ 1,008,798.50 
696,660.25 

$ 1,705,458.75 

$ 1,868,078.99 



90,871.81 



3,360.98 



85,243.30 
5,670.96 



23,918.96 



$ 100,230.70 



Amount 
Collected 
40,830.48 

26,075.25 



P.D. 95 13 

EXHIBIT H 

Consolidated Statement of Financial Condition, December 31, 1969 
(Total Loan and Finance Business) 



Assets 

Receivables: 

(a) Gross Amoiitit $255,385,447.19 

Cb) Less: Unearned Charges 44,198,527.63 

Cc) Less: Allowance for Bad Debts 6,475,450.73 

(d) Net Receivables $204,711,468.83 

Cash in Office and in Banks 3,609,682.07 

Real Estate (Less Allowance for Depreciation-Buildings) 1,198,561.34 

Furniture, Fixtures, Equipment (Less Allowance for 

Depreciation) 1,231,811.63 

Deferred Charges or Prepaid Expenses 531,618.93 

Other Assets: 

(a) Organization or Development Expense $ 16,897.19 

(b) Cost of Financing 355.80 

(c) Investments 812,179.87 

(d) Miscellaneous Notes and Accounts Receivable 1,029,327.43 

(e) Miscellaneous 286,487.81 2,145,248.10 

Total Assets $213,428,390.90 

Home Office Assets Allocated to Massachusetts Licensees .... 15,770,526.84 

Total $229,198,917.74 



Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks $ 31,013,676.92 

(b) Due to Parent Company or Affiliate 46,993,051.79 

(c) Other Short Term Notes and Accounts 3,736,862.43 81,743,591.14 

Bonds 2,544,882.37 

Long Term Notes 3,400,774.33 

Investment Certificates 1,786,013.34 

Other Liabilities: 

(a) Accrued Expense $ 575,453.40 

(b) Other Expense Reserves 1,179,998.05 1,755,451.45 

Branch Office Capital 91,960,245.76 

Net Worth (If Individual or Partnership) 176,784.28 

Capital Stock (If Corporation): 

(a) Preferred $ 2,173,692.65 

(b) Common 8,939,867.85 11,113,560.50 

Paid In Surpluss 8,648,599.67 

Appropriate Surplus or Capital Reserve 537,338.57 

Retained Earnings 9,761,149.49 

Total Liabilities and Capital $213,428,390.90 

Compensating Balances Included in Cash $ 944,353.26 

Compensating Balances Included in Home Office Assets 

Allocated to Massachusetts Licensees 3,765,368.10 

Total Compensating Balances Included in Assets $ 4,709,721.36 



14 



P.D. 95 



EXHIBIT I 



Consolidated Statement of Income and Expense 

For the Year Ended December 31, 1969 

(Total Loans and Finance Business) 



Gross Income 

Charges Collected and/or Earned $ 42,399,684.83 

Delinquency Charges Collected 1,399,766.32 

Collections on Accounts Previously Charged Off 404,404.34 

Other Income: 

(a) Gain on Sale oi- Assets $ 31,882.99 

Cb) Income from Investments 516,907.36 

Cc) Miscellaneous 94,469.13 643,259.48 

Total Gross Income $ 44,847,114.97 

Expenses of Conducting Business 

Advertising $ 1,230,829.55 

Auditing 116,764.12 

Bad Debts: 

(a) Charged Off $ 854,739.56 

(b) Addition to Reserve $ 5,473,551.81 6,328,291.37 

Depreciation of Furniture, Fixtures and Equipment 277,673.81 

Recording and Acknowledging Fees 10,087.66 

Insurance and Fidelity Bonds 111,080.64 

Legal Fees and Disbursements 423,812.22 

Postage and Express 331,304.30 

Printing, Stationery and Supplies 267,451.00 

Rent 1,509,510.86 

Salaries 8,592,035.58 

Supervision and Administration ,574,777.10 

Taxes (Excluding Federal Taxes on Income) 

Ca) State Income $ 397,989.32 

Cb) License Fees 164,121.00 

(c) All Other Taxes 754,248.20 1,316,358.52 

Telephone and Telegraph $ 977,339.37 

Travel 352,511.62 

Other Expenses of Conducting Business 1,327,489.09 

Total $ 23,747,316.81 

Total Home Office Expenses 2,985,392.77 

Cost of Borrowed Funds 10,821,230.24 

Total Expenses $ 37,553,939.82 

Net Earnings Before Federal Income Taxes $ 7,293,175.15 

Federal Income Taxes $ 4,483,059.87 

Total Expenses Alter Income Taxes $ 42,036,999.69 

Net Earnings After Income Taxes and Interest on Borrowed 

Funds $ 2,810,115.28 



P.D. 95 15 

EXHIBIT ] 

Licensed Small Loan Agencies 
Following is a list of those engaged in the business of making small loans in the 
cities and towns in Massachusetts and licensed as of June 1, 1970. 

Lie. No. Name Address 

BOSTON 

303 Associates Financial Services Co. of Mass., Inc 620 Centre St., Jamacia Plain 

53 Beatty, Charles S., Company 7 Water Street 

63 Belmont Finance Company 453 Washington Street 

22 Beneficial Finance Co 77 Summer Street 

57 Beneficial Finance Co 80 Boylston Street 

117 Beneficial Finance Co 5 Bromfield Street 

239 Beneficial Finance Co 8 Winter Street 

66 Beneficial Finance Co 570 Columbia Rd., Dorchester 

231 Beneficial Finance Co 1257 River St., Hyde Park 

204 Beneficial Finance Co 4640 Washington St., Roslindale 

235 Beneficial Finance Co 105. Dorchester St., So. Boston 

238 Coleman Acceptance Trust 18 Tremont Street 

89 Commercial Credit Plan Incorporated 150 Tremont Street 

93 Dial Finance Company of Boston, Inc 15 School Street 

217 Dial Finance Company of Boston No. 2, Inc 38 Chauncy Street 

186 Dial Finance Company of Boston No. 1, Inc 31 St. James Ave. 

92 Family Loan Corporation of Massachusetts 41 Winter Street 

149 Family Loan Corporation of Brighton 359 Washington St., Brighton 

43 Family Loan Corporation of Dorchester 1457 Dorchester Ave., Dorchester 

192 Firemen's Finance Company, Inc 25 Huntington Avenue 

278 Friendly Loan Corporation 21 Porter St., East Boston 

356 G.A.C. Finance Corporation of Boston 373 Washington Street 

360 Globe Finance Company, Inc 677 Beacon Street 

16 Household Finance Corporation 80 Boylston Street 

49 Household Finance Corporation 175 Tremont Street 

82 Household Finance Corporation 294 Washington Street 

202 Household Finance Corporation 59 Temple^ Place 

223 Household Finance Corporation 47 Winter Street 

143 Household Finance Corporation 598 Columbia Rd., Dorchester 

208 Household Finance Corporation 679 Canterbury St., Roslindale 

280 Kane Finance Company 225 Franklin Street 

176 Local Finance Company 128a Tremont Street 

320 Merit Finance Company, Inc 73 Tremont Street 

5 Nestor-Hall Company 7 Water Street 

354 Postal Finance Company, Inc 262 Washington Street 

374 Postal Finance Company of Boston, Inc 58 Winter Street 

111 Public Finance Company 145 Tremont Street 

200 Public Finance Company 31 St. James Avenue 

216 PubUc Finance Company 333 Washington Street 

306 Public Finance Company 501 Washington Street 

305 Public Finance Company 1492 Dorchester Ave., Dorchester 

61 Public Finance Company 230 Meridian St., E. Boston 

184 Public Finance Company 1232 River Street, Hyde Park 

218 Public Finance Company 4252 Washington St., Roslindale 

145 State Loan Co 619 Washington Street 

347 Sumner Finance Company 262 Washington Street 

319 Universal C.I.T. Credit Company 176 Mt. Vernon St., Dorchester 

AGAWAM 

341 Universal C.I.T. Credit Company 324 Walnut Street 

AMESBURY 

345 G.A.C Finance Corporation of Amesbury 41 Main Street 



16 



P.D. 95 



Lie. No. 



Name 



Address 



ANDOVER 



98 Andover Finance Company 



Musgrove Bldg., Elm Sqnm 



ARLINGTON 

326 American Finance Corporation of Middlesex County , 
297 Universal C.I.T. Credit Company 



457 Massachusetts Avenue 
11 Mystic Street 



ATHOL 

162 Public Finance Company 516 Main Street 

ATTLEBORO 

48 Beneficial Finance Co 7 Park Street 

252 Blackstone Finance, Inc. of Attleboro 25 Bank Street 

130 Public Finance Company 39 Park Street 

BEVERLY 

58 American Finance Corporation of Lynn 269 Cabot Street 

214 Associates Financial Services Co. of Mass., Inc 263 Cabot Street 

181 Beneficial Finance Co 236 Cabot Street 



BRAINTREE 

240 Credithrift of America Inc., No. 2 250 Granite Street 

BROCKTON 

133 Beneficial Finance Co 190 Main Street 

84 Commercial Credit Plan Incorporated 228 Main Street 

253 Dial Finance Company of Brockton, Inc 726 Crescent Street 

353 G.A.C. Finance Corporation, Inc Store 3 IB, W'gate Shopping Ctt. 

194 Household Finance Corporation 136 Main Street 

299 Liberty Loan Company of Brockton 231 Main Street 

87 Local Finance Company of Brockton 95 Main Street 

104 Public Finance Company 139 Main Street 

289 Seaboard Finance Company 250 Main Street 

190 Signal Finance Company of Brockton 57 Legion Parkway 

350 Universal C.I.T. Credit Company 286 No. Main Street 

BROOKLINE 

160 Beneficial Finance Co 269 Harvard Street 

47 G.A.C. Finance Corporation, Inc 1300 Beacon Street 

141 Household Finance Corporation 1330 Beacon Street 

BURLINGTON 

222 Dial Finance Company of Burlington, Mass., Inc 226 Cambridge Street 

CAMBRIDGE 

71 Beneficial Finance Co 519 Massachusetts Ave. 

134 Beneficial Finance Co 622 Massachusetts Ave. 

64 Household Finance Corporation 678 Massachusetts Ave. 

80 Household Finance Corporation of Cambridge 27 White Street 

296 Liberty Loan Company of Cambridge 765 Massachusetts Ave. 

36 Postal Finance Company of Cambridge, Inc 552 Massachusetts Ave. 

159 Public Finance Company 495 Massachusetts Ave. 



P.D. 95 17 

Lie. No. Name Address 

CHELSEA 

195 }?eneficial Finance Co 279 Broadway 

309 Public Finance Company 438 Broadway 

CHICOPEE 

234 Beneficial Finance Co ^ 272 Exchange Street 

129 Household Finance Corporation of Chicopee 10 Center Street 

CLINTON 

106 Associates Financial Services Co. of Mass., Inc 70 High Street 

DEDHAM 

357 Signal Finance Company of Dedham 515 Providence Highway 

EASTHAMPTON 

3 Local Finance Company of Easthampton 62 Main Street 

EVERETT 

197 Beneficial Finance Co 449a Broadway 

51 Everett Loan Co., Inc 427a Broadway 

310 Public Finance Company 164 School Street 

FAIRHAVEN 

351 Universal C.I.T. Credit Company 102 Huttleston Avenue 

FALL RIVER 

28 Beneficial Finance Co 33 Bedford Street 

166 Cascade Finance Company 100 Purchase Street 

165 Commercial Credit Plan Incorporated 435 Columbia Street 

10 Dial Finance Company of Fall River, Inc 259 So. Main Street 

18 G.A.C. Finance Corporation of Fall River 1467 So. Main Street 

27 Household Finance Corporation 13 Borden Street 

12 Liberty Loan aad Realty Co., Inc 204 Thomas Street 

209 Local Finance Company of Fall River 17 No. Main Street 

379 Pacific Finance Loans 314 So. Main Street 

37 Public Finance Company 114 So. Main Street 

39 Signal Finance Company of Fall River 304 So. Main Street 

367 Stanley Company, Inc., The 64 No. Main Street 

FALMOUTH 

288 Beneficial Finance Co 181 Main Street 

FITCHBURG 

375 Associates Financial Services Co. of Mass., Inc 765 Main Street 

32 Beneficial Finance Co 347 Main Street 

52 Household Finance Corporation 457 Main Street 

380 Pacific Finance Loans 558 Main Street 

273 Public Finance Company 516 Main Street 



18 



P.D. 95 



Lie. No. 



Name 



Address 



FRAMINGHAM 

173 Beneficial Finance Co 106 Concord Street 

178 General Finance Corporation of Framingham 129A Concord Street 

260 Household Finance Corporation of Framingham 36 Concord Street 

254 Local Finance Company of Framingham 32 Union Avenue 

95 PubHc Finance Company 18 Union Avenue 

GARDNER 



232 Beneficial Finance Co. ... 
161 Public Finance Company 



49 Parker Street 
1 1 Pleasant Street 



GLOUCESTER 

59 Public Finance Company 82 Main Street 

GREAT HARRINGTON 

21 Pioneer Credit Corporation 337 Main Street 

GREENFIELD 

146 Beneficial Finance Co 239 Main Street 

153 Guaranty Loan Co. of Greenfield 209 Main Street 

283 Household Finance Corporation of Greenfield 158 Main Street 

HAVERHILL 

233 American Finance Corporation of Watertown 21 Washington Square 

105 Beneficial Finance Co 143 Merrimack Street 

346 Haverhill Finance Corporation 191 Merrimack Street 

261 Household Finance Corporation of Haverhill 91 Merrimack Street 

120 Public Finance Company 181 Merrimack Street 

HOLYOKE 

40 Beneficial Finance Co 560 Dwight Street 

215 Dial Finance Company of Holyoke, Inc 320 High Street 

245 Household Finance Corporation of Holyoke 35 3 High Street 

175 Public Finance Company 348 High Street 

291 Signal Finance Company of Holyoke 392 High Street 

HYANNIS 

76 Beneficial Finance Co 436 Main Street 

226 Commercial Credit Plan, Incorporated 509 Main Street 

284 Household Finance Corporation of Hyannis 396 Main Street 

338 Local Finance Company of Hyannis 29 North Street 



LAWRENCE 

370 American Finance Corporation of Middlesex County 204 Essex Street 

147 Beneficial Finance Co 27 Amesbur)' Street 

227 Community Finance, Inc. of Lawrence 125 Amesbury Street 

262 Household Finance Corporation of Lawrence 380 Essex Street 

30 Local Loan & Finance Co., Inc 79 Common Street 

114 Public Finance Company 15 Lawrence Street 



P.D. 95 



19 



Lie. No. 



Name 



Address 



LEOMINSTER 



83 Associates Financial Services Co. of Mass., Inc. 

148 Beneficial Finance Co 

155 Leominster Finance Corporation 



44 Main Street 
51 Main Street 
10 Monument Square 



LOWELL 

101 Advance Finance Company 147 Central Street 

55 Beneficial Finance Co 76 Merrimack Street 

179 Beneficial Finance Co 97 Central Street 

279 Central Finance Service, Inc 19 Palmer Street 

322 Commercial Credit Plan Incorporated 176 Church Street 

313 Fidelity Consumer Finance Corporation 40 Central Street 

312 G.A.C. Finance Corporation of Lowell 813 Lakeview Avenue 

172 Household Finance Corporation 100 Merrimack Street 

369 Kels Investment Corporation 331 Westford Street 

301 Liberty Loan Company of Lowell 58 Central Street 

317 Lowell Finance Company, Inc 217 Appleton Street 

269 Merrimack Valley Finance Co., Inc 1 Merrimack Street 

14 Public Finance Company 2 Kearney Square 

LYNN 

387 Aetna Finance Company, Inc 30 Market Street 

314 American Finance Corporation of Lynn 26 State Street 

122 Beneficial Finance Co 22 Market Street 

371 Dial Finance Company of Lynn, Inc 116 Market Street 

365 Homemakers Loan & Consumer Discount Company 319 Lynnway 

154 Household Finance Corporation 341 Union Street 

295 Liberty Loan Company 171A Union Street 

19 PubUc Finance Company 29 Central Square 

229 Seaboard Finance Company of Lynn, Inc 56 Central Square 

41 United Insurance Finance Corporation 14 Centra] Avenue 

352 Universal C.I.T. Credit Company 21 State Street 

MALDEN 

388 Aetna Finance Company, Inc 366 Main Street 

103 Beneficial Finance Co 150 Pleasant Street 

107 Beneficial Finance Co 444 Pleasant Street 

323 Commercial Credit Plan Incorporated 33 Dartmouth Street 

321 Dial Finance Company of Maiden, Inc 3 Pleasant Street 

6 Household Finance Corporation 60 Pleasant Street 

152 National Finance Company, Inc 50 Pleasant Street 

72 Public Finance Company 15 Pleasant Street 

227 State Loan Co., Inc 482 Main Street 



MANSFIELD 

62 Tlie Mansfield Finance Company, Inc 5 Old Colony Roail 

MARLBOROUGH 

65 Beneficial Finance Co 214 Main Street 

171 Marlboro Finance Corp 217 Main Street 

109 Parker Acceptance Corporation 132 Main Street 

MEDFORD 

199 Beneficial Finance Co 16 Hi<;h Street 

188 Household Finance Coporation 11 Salem Street 

311 PubUc Finance Company 24 Riverside Avenue 

24 PubUc Finance Company 24 Riverside Avenue 



20 



P.D. 95 



Lie. No. 



Name 



Address 



MIDDLEBOROUGH 

250 Beneficial Finance Co 6 So. Main Street 

MILFORD 

207 Beneficial Finance Co 145 Main Street 

140 Greenleaf Finance Incorporated 230 Main Street 

373 Ideal Finance, Inc 197 Main Street 

255 Local Finance Company of Milford 179 Main Street 

110 Milford Finance Corporation 182 Main Street 

NATICK 

385 Pacific Finance Loans Ha West Central Street 

NEW BEDFORD 

44 Beneficial Finance Co 758 Purchase Street 

219 Beneficial Finance Co 1349 Acushnet Avenue 

336 Bristol Acceptance Trust, Inc 292 Union Street 

46 Community Plan Incorporated 558 Pleasant Street 

193 Credithrift of America, Inc. No. 2 634 Pleasant Street 

77 Household Finance Corporation 852 Purchase Street 

26 Luzo Corporation of America 139 Rivet Street 

90 Public Finance Company 915 Purchase Street 

100 Seaboard Finance Company 71 William Street 

7 Wamsutta Finance Co., Inc 222 Union Street 

NEWBURYPORT 

150 Beneficial Finance Co 80 State Street 

9 G.A.C. Finance Corp. of Nevvburyport 19 Green Street 

NEWTON 

25 Avco Financial Services, Inc. No. 200 995 Watertoun St., W. Newton 

201 Beneficial Finance Co 325 Walnut St., NewtonviUe 

348 Brainerd Finance Company 1279 Washington St., W. Newton 

NORTH ADAMS 

151 Beneficial Finance Co 59 Main Street 

307 Liberty Loan Company of Adams 14 Ashland Street 

378 Pacific Finance Loans 85 Main Street 

NORTH ATTLEBOROUGH 

54 Public Finance Companv 11 So. Washington Street 

NORTHAMPTON 

264 Household Finance Corp. of Northampton 70 Main Street 

35 Local Finance Company of Northampton 159 Main Street 

381 Pacific Finance Loans 142 Main Street 

NORWOOD 

196 Beneficial Finance Co 643 Washington Street 

282 Household Finance Corp. of Norwood 661 Washington Street 

158 Public Finance Company 705 Washington Street 

PALMER 

274 Guaranty Loan Co. of Palmer 366 Main Street 



P.D. 95 



21 



Lie. No. 



Natne 



Address 



PEABODY 



144 Hoxisehold Finance Corporation ot Peabody 
256 Local Finance Company of Peabody 



No. Shore Shopping Center 
70 Main Street 



PITTSFIELD 

88 Beneficial Finance Co 361 North Street 

4 Budget Finance Plan 278 North Street 

230 Commercial Credit Plan Incorporated 63 Cheshire Road 

366 Greylock Finance, Inc 631 North Street 

265 Household Finance Corporation of Pittsfield 86 North Street 

383 Pacific Finance Loans 23 North Street 

286 Pioneer Credit Corporation 415 North Street 

170 Public Finance Company 313 North Street 

206 Universal C.I.T. Credit Company 346 North Street 



PLYMOUTH 



203 Beneficial Finance Co 

333 Local Finance Company of Plymouth 



25 Main Street 
20 Court Street 



QUINCY 

248 American Finance Corporation of Quincy 1620 Flancock Street 

136 Beneficial Finance Co 113 Parkingway 

75 Family Loan Corporation of Quincy 10 Chestnut Street 

363 Homemakers Loan & Consumer Discount Company 1073 Hancock Street 

180 Household Finance Corporation 148 Parkingway 

304 Local Finance Company of Quincy 1388 Hancock Street 

116 Public Finance Company 1468 Hancock Street 

243 Seaboard Finance Company 1466 Hancock Street 

169 Signal Finance Company of Quincy 1426 Hancock Street— 



RANDOLPH 



340 Dial Finance Company of Randolph, Inc. 



322 Main Street 



READING 

97 G.A.C. Finance Corporation of Wakefield 580 Main Street 

REVERE 

246 Paul Revere Loan Association, Iiic 206 Broadway 



ROCKLAND 

257 Local Finance Company of Rockland 



257 Union Street 



SALEM 

189 Ajnerican Finance Corp. of Quincy 16 New Derby Street 

137 Beneficial Finance Co 116 Washington Street 

183 Household Finance Corporation 75 Washington Street 

271 Pubhc Finance Company 211 Essex Street 

56 State Loan Co., Inc 6 Lynde Street 



SAUGUS 

198 Household Finance Corporation of Saugus 



1307 Broadway 



22 



P.D. 95 



Lie. No. 



Name 



Address 



SHREWSBURY 

23 Public Finance Company 384-C Maple Avenue 

349 Universal C.I.T. Credit Company 50 Boston Turnpike 

SOMERSET 

225 Local Finance Company of Somerset 933 County Street 

SOMERVILLE 

33 Beneficial Finance Co 263 Elm Street 

96 Family Loan Corporation of Somerville 415 Highland Avenue 

177 Household Finance Corporation 249 Elm Street 

329 People's Finance Company of Boston, Inc , 59 Union Squjife 

272 Public Finance Company 409A Highland Avenue 

211 State Loan Co. of Somerville 55 Davis Square 

SOUTHBRIDGE 



191 

187 



Morrison Finance Corporation 
Public Finance Company 



1 Elm Street 
312 Main Street 



SPRINGFIELD 

210 American Finance Corp. of Watertown 1228 Main Street 

91 Associates Financial Services Co. of Mass., Inc 620 State Street 

50 Beneficial Finance Co 526 Sumner Avenue 

73 Beneficial Finance Co 1618 Main Street 

167 Commercial Credit Plan Incorporated 297 Bridge Street 

102 Credithrift of America, Inc. No. 2 43 Pearl Street 

142 Dial Finance Company of Springfield, Mass. No. 1 Inc. 1570 Main Street 

220 Dial Finance Company of Springfield, Mass., Inc 1173 Main Street 

293 G.A.C. Finance Corporation, Inc 1355 Liberty Street 

364 Homemakers Loan & Consumer Discount Co 622 State Street 

139 Household Finance Corporation 1431 Main Street 

125 Ideal Budget Plan, Inc 1421 Main Street 

86 Liberty Loan Company of Springfield 145 State Street 

386 Pacific Finance Loans 390 Dickinson Street 

377 Pacific Finance Loans 1211 Boston Road 

163 Public Finance Company 1567 Main Street 

276 Seaboard Finance Company 1645 Main Street 

212 Signal Finance Company of Springfield 653 Boston Road 



STONEHAM 

266 Household Finance Corporation of Stoneham 

STOUGHTON 

308 Local Finance Companv of Stoughton 



83 Main Street 



54 Porter Street 



TAUNTON 

81 Beneficial Finance Co 75 Main Street 

268 Blackstone Finance, Inc. of Taunton 6 Trescott Street 

70 Liberty Loan Company of Taunton 4 Cedar Street 

258 Local Finance Company of Taunton 3 Main Street 

67 Taunton Loan Co 28 Broadway 



P.D. 95 23 

Lie. No. Name Address 

WAKEFIELD 

237 Beneficial Finance Co 407 Main Street 

376 Ford Motor Credit Company 43 Tuttle Street 

WALPOLE 

156 Dial Finance Company of Walpole, Inc 940 Main Street 

WALTHAM 

389 Aetna Finance Company, Inc 877 Main Street 

135 Beneficial Finance Co 355 Moody Street 

79 Household Finance Corporation 333 Moody Street 

302 Liberty Loan Company of Waltham 6 Cushing Street 

123 Public Finance Company 389 Moody Street 

244 Seaboard Finance Company 24 Crescent Street 

WARE 

17 Guaranty Loan Co. of Ware 5 Bank Street 

WAREHAM 

368 Wilson Finance Corporation Store #4, Shoppers' Plaza 

WATERTOWN 

334 American liiiunce Corporation of Watertown 34 Mt. Auburn Street 

20 Associates Financial Services Co. of Mass., Inc 8 Bigelow Avenue 

138 Dial Finance Company of Watertown of Watertown, Inc. 2 A Mt. Auburn Street 

WEBSTER 

164 Beneficial Finance Co 224 Main Street 

168 People's Finance Company, Inc 127 Main Street 

WESTFIELD 

112 Beneficial Finance Co 2(> Main Street 

108 Pioneer Loan & Finance Corporation 99 Elm Street 

285 Public Finance Company 53 Elm Street 

WEYMOUTH 

372 Commercial Credit Plan Incorporated 809 Wash. St., E. Weymouth 

127 Household Finance Corporation of Weymouth 116 Main Street 

WHITINSVILLE 

315 Dial Finance Company of Whitinsville, Inc 185 Church Street 

WILBRAHAM 

78 Associates Financial Services Co. of Mass., Inc 6 Stoneyhill Road 

WINTHROP 

342 Highland Enterprises, Inc 196 Hagman Hoad 



24 



P.D. 95 



Lie. No. 



Name 



Address 



WOBURN 



128 American Finance Corporation of Middlesex County .... 446 Main Street 

205 Beneficial Finance Co 371 Main Street 

259 Local Finance Company of Wobum 341 Main Street 



WORCESTER 



124 Associates Financial Services Co. of Mass., Inc 9 Walnut Street 

115 Beneficial Finance Co 36 Franklin Street 

157 Beneficial Finance Co 2 Foster Street 

270 Beneficial Finance Co 1086 Main Street 

174 Budget Finance Plan 421 Main Street 

331 City Finance, Inc 289 Main Street 

94 Commercial Credit Plan Incorporated 945 Grafton Street 

327 Consumers Financing Services, Inc 8 Norwich Street 

126 Dial Finance Company of Worcester, Inc 544 Main Street 

31 G.A.C. Finance Corporation, Inc 500 Park Avenue 

337 G.A.C. Finance Corporation of Worcester 74 Franklin Street 

131 Household Finance Corporation 545G Lincoln Street 

224 Household Finance Corporation 390 Main Street 

316 Household Finance Corporation of Worcester 1073 Main Street 

34 Italian Finance Company of Worcester 157 Shrewsbury Street 

251 Liberty Loan Company of Massachusetts 405 Main Street 

382 Pacific Finance Loans 34 Mechanic Street 

384 Pacific Finance Loans 46 Myrtle Street 

99 Parker Acceptance Corporation 283 Main Street 

359 Parker Acceptance Corp. d/b/a O'Coin's Credit 239A Mill Street 

13 Public Finance Company 390 Main Street 

69 Public Finance Company 507 Main Street 

68 Seaboard Finance Company 285 Park Avenue 

213 Signal Finance Company of Worcester 496 Park Avenue 



No. 95 



®Ii^ Qlnmmnnm^altlj nf MmButl^nB^ttB 



DIVISION OF BANKS AND LOAN AGENCIES 




MASS. 
DOCS. 
COLL, 




FjRANCIS W. SARGENT 

Governor 



\ ^"^v 



.<V'-" 



ANNUAL REPORT 



OF THE 

COMMISSIONER OF BANKS 

FOR THE 
YEAR ENDING DECEMBER 31, 1970 



RELATING TO 
LICENSED SMALL LOAN LENDERS 



PUBLICATION OF THIS DOCUMENT APPROVED BY ALFRED C. HOLLAND, STATE PURCHASING AGENT 
1M 12 71 050917 Estimated Cost Per Copy ; $.68 



P.D. 95 



®tj? OInmmonujpaUlj of MnBunt^n^tttB 



OFFICE OF THE COMMISSIONER OF BANKS 

Leverett Saltonstall Building, Government Center 
100 Cambridge Street, Boston 

October 21, 1971 



TO THE HONORABLE SENATE AND 
HOUSE OF REPRESENTATIVES OF 
THE COMMONWEALTH OF 
MASSACHUSETTS: 



I have the honor of submitting to you 
herewith the annual report of the Commissioner of 
Banks relating to Licensed Small Loan Lenders, 
pursuant to the provisions of General Laws, 
Chapter 140, Section 98. 



The financial statements and miscellaneous 
data incorporated herein pertaining to Licensed 
Small Loan Lenders are for the fiscal year ended 
December 31, 1970. 



Respectfully, 



FREYDA P. KOPLOW 

Commissioner of Banks 



P.D.95 



TABLE OF EXHIBITS 



EXHIBIT A. Legislation. 

EXHIBIT B. Composite Statement of Assets 

(Loan Business of $3,000 or Less). 

EXHIBIT C. Composite Statement of Income and Expense 

(Loan Business of $3,000 or Less). 

EXHIBIT D. Analysis of Loans by Size 

(Loans of $3,000 or Less). 

EXHIBIT E. Analysis of Loans by Types of Security 

(Loans of $3,000 or Less). 

EXHIBIT F. Analysis of Loans Made for Last Five Years 

(Loans of $3,000 or Less). 

EXHIBIT G. Suits, Possession and Sale of Chattels 

(Loans of $3,000 or Less). 

EXHIBIT H. Consolidated Statement of Financial Condition 

(Total Loan and Finance Business). 

EXHIBIT I. Consolidated Statement of Income and Expense 

(Total Loan and Finance Business). 

EXHIBIT J. List of Licensed Small Loan Agencies. 



P.D. 95 

General Laws, Chapter 140, Section 98, requires that "The Commissioner shall 
make an annual report and shall forward therewith a copy of such returns or so 
much thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of adding 
together the individual reports filed by each licensee. These reports are executed 
on a form and in a manner prescribed by the Commissioner. The department 
vouches for the process of addition, the process by which the additions were 
arrived at following their filing - as the industry guarantees their accuracy and 
reliability as they were inserted in the individual reports. In some cases, as always, 
the reports were adjusted when not executed in accordance with instructions. In all 
such cases the licensee was notified and acknowledged the changes. 

As of December 31, 1970, there were three hundred and twenty-five small loan 
licenses outstanding. 

During the calendar year, 1970, 203,730 loans of $3,000 or less amounting to 
$182,453,641.71 which is less unearned charges, were made. These figures 
represent a decrease of 22,361 in the number of loans made and a decrease of 
$6,706,865.19 in the net amount of loans made during the previous twelve month 
period. 

The average net loan made for the period was $895.57 as compared to $833.67 
for the calendar year 1969. 

On December 31, 1970, there were 245,870 regulated loans of $3,000 or less 
outstanding with a face value of $228,506,589.14 which includes unearned charges 
amounting to $40,942,219.90. These figures represent a decrease of 12,879 in the 
number and an increase of $936,874.33 in the amount of net loans outstanding since 
the beginning of the calendar year. 

The average net loan outstanding on December 31, 1970 was $726.86 as 
compared with $721.27 on December 31, 1969. 

Total regulated loans of $3,000 or less charged off for the period amounted to 
$5,100,146.62. 

Gross income for the period totaled $40,914,730.30 of which $331,808.58 
represents recoveries on loans previously charged off and $215,746.75 represents 
other income. Operating expenses aggregating $17,768,703.27 include 
$2,873,469.55 of home office expenses; charge-offs on bad debts amounting to 
$947,702.66 and an addition of $3,800,574.90 to the valuation reserve combine to 
make a total expense of $22,516,980.83 which, deducted from gross income, leaves 
a balance of $18,397,749.47 representing net earnings before deductions of interest 
on borrowed funds and federal income taxes. A net earnings figure of $3,774,500.46 
remains after deducting interest on borrowed funds amounting to $11,083,325.06 
and federal income taxes amounting to $3,539,923.95. 

As of December 31, 1970, the book assets amounted to $205,516,660.79. The 
cash in office and in banks amounted to $2,586,285.91 which includes $317,271.21 
in compensating balances. Home Office assets allocated to Massachusetts 
Licensees consist of cash of $5,573,462.82 and other assets of $9,730,445.23 making 
a total of $15,303,908.05. Compensating balances included in the allocation amount 
to ,$4,375,457.52 which when totaled will produce compensating balances of 
$4,692,728.73. Total assets as shown in Exhibit B less compensating balances 
produce assets of $200,823,932.06. 



P.D. 95 



This department does not consider compensating balances to be assets. They 
are used here as a deduction of the UabiUty. 

The figures included in the following schedules are compiled from annual 
reports to the Commissioner of Banks as represented by all licensed lenders. 

All common asset and expense accounts are allocated on a formula established 
by this department. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
licensed small loan lenders is IVi percent per month on any part of the unpaid 
principal balance not exceeding $200; 2 percent per month on any part of the 
unpaid principal balance exceeding $200.00 but not exceeding $600; IVa percent 
per month on that part of the unpaid balance exceeding $600 but not exceeding 
$1,000; Va of 1 percent per month on any part of the unpaid principal balance 
exceeding $1,000. 

Such maximum interest charge shall not exceed 6 percent per annum after the 
termination of one year after maturity of the loan. 

The maximum interest charges permitted on loans of $3,000.00 or less for 
unlicensed lenders is one percent per month on the unpaid principal balance which 
must include all fees and expenses of every name, nature and description. 

However, the maximum interest charge permitted on loans of more than 
$1,500.00, secured wholly or partially by a mortgage on real estate, other than a 
first mortgage, having an assessed value of not over twenty-five thousand dollars 
and having thereon a dwelling house with accommodations for six or less separate 
households and occupied in whole or in part at the time of the loan is made as a 
home by the obligor on the mortgage debt or by any person granting or releasing 
any interest under said mortgage, is an amount equivalent to one and one half 
percent a month computed on the unpaid balance including all fees and expenses 
of every name, nature and description except actual recording fees and reasonable 
attorney's fees. 



P.D. 95 



EXHIBIT A 

LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 
Acts and Resolves of 1970 



CHAPTER 
91 

96 
163 

171 



187 



202 



215 



272 



316 



457 



DESCRIPTION 

An Act Further Defining Retail In- 
stallment Sale Agreement. 

An Act Making Corrective Changes in the 
Law Relative to the Retail Installment 
Sales of Motor Vehicles. 

An Act Further Prescribing the Form of 
Retail Instalment Sale Agreement 
under the Law Relative to Retail In- 
stalment Sales and Services. 

An Act Placing A Limitation upon the 
Time Within which Credit Slips may be 
Redeemed. 

An Act Further Defining the Term "Retail 
Buyer" or "Buyer" under the Retail 
Instalment Sales of Motor Vehicle 
Law. 

An Act Providing That the Holder of a 
Retail Instalment Sales Agreement 
Shall Be Subject To All Defenses 
which the Instalment Buyer May Have 
Against the Instalment Seller. 



G.L.C. 4, s. 7 An Act Designating the Second and Fourth 

G.L.C. 6, s 12V and 12A Mondays of October as Legal 

Hobdays. 



AMENDMENT TO: 
G.L.C. 255D, s. 1 

G.L.C. 255B, s.l 



G.L.C. 255D, s. 9 
subsection B 



G.L.C. 93, s. 14 



G.L.C. 255B, s.l 



G.L.C. 255D, new s. 25A 



G.L.C. 93, new s. 48 



G.L.C. 140, s. 107 



G.L.C. 255, new s. 12F 



An Act Providing a Right of Cancellation 
for Certain Contracts Consummated at 
a Place Other Than the Sellers Place of 
Business. 

An Act Making Certain Provisions of the 
Small Loan Law Conform to the 
Uniform Commercial Code. 

An Act Subjecting Creditors in Consumer 
Transactions to the Defenses of the 
Borrower. 



P.D. 95 



660 



G.L.C. 93, s. 48, 
subsection B 



An Act Making A Corrective Change in 
the Law Providing A right of Can- 
cellation For Certain Contracts 
Consummated at a Place Other Than 
the Seller's Place of Business. 



665 



G.L.C. 255, s. 12E 



An Act Further Limiting the LiabiHty of 
the Owner of a Credit Card or Other 
Like Credit Service. 



736 



G.L.C. 93A 

P. 1 and new P. 5 of S. 9 



An Act Making Certain Corrective 
Changes in the Consumer Protection 
Law. 



794 



G.L.C. 93, new s. 46A 



An Act Making Credit Bureaus Liable for 
Gross Negligence in Furnishing 
Erroneous or Prohibited Information 
to Certain Persons. 



822 



G.L.C. 255D, Subsections 
A, CD - all of s. 27 



An Act Relating to the Imposition of 
Finance Charges in Certain Revolving 
Credit Agreements Under the Retail 
Instalment Sales and Service Law. 



824 


G.L.C. 


184, s. 17B 




G.L.C. 


HOC, s.d 


826 


G.L.C. 


271, new s. 4< 


883 


G.L.C. 


93, new s. 28 




and s. 


49 



An Act Requiring Certain Disclosures in 
Certain Residential Real Estate 
Transactions. 

An Act ReestabHshing the Crime of Usury. 

An Act Prohibiting Certain Collection 
Practices. 



^ P.D. 95 

U^ljp Olammanuiealth of jUaefiarl^UHPttH 

ANNUAL REPORT OF THE COMMISSIONER OF BANKS 

FOR THE YEAR ENDED DECEMBER 31, 1970 

(General Laws, Chapter 140, Section 98) 

EXHIBIT B 

COMPOSITE STATEMENT OF ASSETS, DECEMBER 31, 1970 
(Loan Business of $3,000 or Less) 

Licensed Agencies 

325 

Receivables: 

(a) Gross Amount $ 228,506,589.14 

(b) Less: Unearned Charges 40,942,219.90 

(c) Less: Allowance for Bad Debts 5,849,583.15 

(d) Net Receivables $ 181,714,786.09 

Cash in Office and in Banks 2,586,285.91 

Real Estate (Less Allowance for Depreciation-Buildings) . . 
Furniture, Fixtures and Equipment (Less Allowance for 

Depreciation) 201,018.32 

Deferred Charges or Prepaid Expense 1,040,332.32 

Other Assets: (Itemize) 332,937.30 

(a) Organization and Development Expense $ 12,821.69 

(b) Cost of Financing 

(c) Investments 3,357,977.02 

(d) Miscellaneous Notes and Accounts Receivable . . . 788,918.05 

(e) Miscellaneous 187,676.04 4,347,392.80 

Total Assets $ 190,212,752.74 



Home Office Assets Allocated to Massachusetts 

Licensees 15,303,908.05 



Total $ 205,516,660.79 



Compensating Balances Included in Cash $ 317,271.21 

Compensating Balances Included in Home Office 

Assets Allocated to Massachusetts Licensees 4,375,457.52 



Total Compensating Balances Included in Assets $ 4,692,728.73 



P.D.95 
EXHIBIT C 



COMPOSTE STATEMENT OF INCOME AND EXPENSE 

FOR THE YEAR ENDED DECEMBER 31, 1970 

(Loan Business of $3,000 or Less) 



GROSS INCOME 

Charges Collected and / or Earned $ 38,998,255.76 

Delinquency Charges Collected 1,368,919.21 

Collection on Accounts Previously Charged Off 331 ,808.58 

Other Income: 

(a) Gain on Sale of Assets $ 34,903.68 

(b) Income from Investments 103,070.06 

(c) Miscellaneous 77,773.01 215,746.75 



Total Gross Income $ 40,914,730.30 



EXPENSES OF CONDUCTING BUSINESS 

Advertising $ 979,901.16 

Auditing 114,732.57 

Bad Debts: 

(a) Charged Off $ 947,702.66 

(b) Addition to Reserve 3.800,574.90 4,748,277.56 

Depreciation of Furniture, Fixtures and 

Equipment 260,926.22 

Recording and Acknowledging Fees 3,702.04 

Insurance and Fidelity Bonds 89,768.34 

Legal Fees and Disbursements 330,837.17 

Postage and Express 279,353.35 

Printing, Stationery and SuppHes 208,141.82 

Rent 1,379,049.79 

Salaries 7,495,125.62 

Supervision and Administration 595,297.45 

Taxes (Excluding Federal Taxes on Income) 

(a) State Income $ 248.097.35 

(b) License Fees 89,228.08 

(c) All Other Taxes 596.253.06 933,578.49 

Telephone and Telegraph 870,021.64 

Travel 277,468.75 

Other Expenses of Conducting Business 1,077,329.31 

Total $ 19,643,511.28 

Total Home Office Expenses 2,873,469.55 

Cost of Borrowed Funds 1 1,083,325.06 

Total Expenses 

Net Earnings Before Federal Income Taxes 

Federal Income Taxes 

Total Expenses After Income Taxes 

Net Earnings After Income Taxes and Interest on 
Borrowed Funds 



$ 


33,600,305.89 


$ 


7,314,424.41 


$ 


3,539,923.95 


$ 


37,140,229.84 


$ 


3,774,500.46 



10 



P.D.95 



EXHIBIT D 



ANALYSIS OF LOANS BY SIZE 
(Loans of $3,000 or Less) 



Total Loan Balances Outstanding (Less Unearned Charges) 

at Beginning of Period 

Loans Made During the Period 

(a) Loans of $ 100.00 or Less 

(b) Loans of $ 100.01 to $200.00 

(c) Loans of $ 200.01 to $300.00 

(d) Loans of $ 300.01 to $400.00 

(e) Loans of $ 400.01 to $500.00 

(f) Loans of $ 500.01 to $600.00 

(g) Loans of $ 600.01 to $1 ,000.00 

(h) Loans of $1,000.01 to $1,500.00 

(i) Loans of $1,501.00 to $3,000.00 

Total Loans Made During the Period 

Loan Balances Purchased During the Period 

Loan Balances Sold During the Period 

Loan Balances Charged Off During the Period 

Collections During the Period 

Total Loan Balances Outstanding (Less Unearned Charges) 
at the end of the Period 



Number 


Amount 


258,562 


$186,475,935.46 


2,625 


177,550.16 


12,953 


1,863,951.93 


16,573 


4,012,867.00 


19,585 


6,630,919.57 


16,587 


7,384,850.12 


19,434 


10,512,967.19 


45,192 


35,083,490.45 


35,384 


42,839,390.20 


35,397 


73,947,655.09 


203,730 


$182,453,641.71 


8,920 


6,563,760.69 


5,991 


4,835,801.61 


10,229 


5,100,146.62 




177,993.020.39 


245,870 


$187,564,369.24 



EXHIBIT E 



ANALYSIS OF LOANS BY TYPES OF SECURITY 
(Loans of $3,000 or Less) 



Loans Made During the Period Based in Whole or 
in Large Part on: 

(a) Chattel Mortgages on Household Goods . 

(b) Automobiles 

(c) Real Estate 

(d) Other Chattels 

(e) Unsecured Notes 

(f ) Endorsed and / or Co-Maker Notes 

(g) Wage Assignments 

(h) Other Considerations 

Total 



Number 



Amount 



90,731 


$105,684,049.43 


14.383 


16,217.382.93 


127 


194,620.10 


5,398 


5.662,633.63 


87,396 


50.128.663.52 


4,405 


3,200,221.57 


40 


37,582.01 


1,250 


1.328.488.52 


203,730 


$182,453,641.71 



P.D.95 



11 



EXHIBIT F 



ANALYSIS OF LOANS MADE FOR LAST FIVE YEARS 
(Loans of $3,000 or Less) 



1966 
276,214 



1967 



1968 
257,034 



1969 
226,091 



1970 



Number 276,214 257,202 257,034 226,091 203,730 

Amount $181,029,088.42 $183,415,331.21 $200,322,562.68 $189,160,506.90 $182,453,641.71 



EXHIBIT G 

SUITS, POSSESSION AND SALE OF CHATTELS 

(Loans of $3,000 or Less) 

Number Amount 

Suits for Recovery: 

(a) Pending at Close of Previous Period 2,754 $ 1,822,199.28 

(b) Instituted During Period 2.325 1.821,367.57 

(c) Total 5.079 $ 3,643,566.85 

(d) Judgment Secured During Period 1,200 $ 897,257.22 

(e) Settled Before Judgment During the Period 566 383,915.04 

(f) Total 1.766 $ 1.281.172.26 

(g) Pending at Close of Current Period 3,313 $ 2,362.394.59 

Wage Assignments Filed During the Period 40 $ 23,900.88 

Possession of Chattels Obtained by Licensee: 

(a) By Legal Process or Contract Right: 

(1) Household Goods 4_ $ 3.891.92 

(2) Automobiles 59 $ 80,819.83 

(3) Other Chattels and Property 9 $ 9,070.85 

(b) By Voluntary Surrender 

(1) Household Goods 17 $ 14.979.33 

(2) Automobiles 88 $ 129,840.43 

(3) Other Chattels and Property 4 $ 5,749.52 

Sales of Chattels by Licensees: 

Number Amount Due Amount Collected 

(a) With Borrower's Consent 107 $144.361.87 $46.209.87 

(b) Without Borrower's Consent .32 $ 35,489.67 $11,962.66 



12 



P.D. 95 



EXHIBIT H 

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION, DECEMBER 31, 1970 
(Total Loan and Finance Business) 



ASSETS 

Receivables: 

(a) Gross Amount 

(b) Less: Unearned Charges 

(c) Less: Allowance for Bad Debts 

(d) Net Receivables 

Cash in Office and in Banks 

Real Estate (Less Allowance for Depreciation - Buildings) 
Furniture, Fixtures, Equipment (Less Allowance for 

Depreciation) 

Deferred Charges or Prepaid Expenses 
Other Assets: 

(a) Organization or Development Expense 

(b) Cost of Financing 

(c) Investments 

(d) Miscellaneous Notes and Accounts Receivable . . . 

(e) Miscellaneous 

Total Assets 

Home Office Assets Allocated to Massachusetts Licenses . 

Total 

LIABILITIES AND CAPITAL 

Accounts and Notes Payable: 

(a) Banks 

(b) Due to Parent Company or Affiliate 

(c) Other Short Term Notes and Accounts 

Bonds 

Long Term Notes 

Investment Certificates 

Other Liabilities: 

(a) Accrued Expense 

(b) Other Expense Reserves 

Branch Office Capital 

Net Worth (If Individual or Paetnership) 

Capital Stock (If Corporation) 

(a) Preferred 

(b) Common 

Paid in Surplus 

Appropriate Surplus or Capital Reserve 

Retained Earnings 

Total LiabiHties and Capital 

Compensating Balances Included in Cash 

Compensating Balances Included in Home Office Assets 
Allocated to Massachusetts Licenses 

Total Compensating Balances Included in Assets 



$ 16,641.67 

3,962,533.74 

1,344,046.83 

239,151.40 



$14,627,221.24 

66,876,734.51 

3,370,960.92 



$ 620,529.18 
1,472,880.69 



$ 2,419,049.67 
9,495,703.11 



$255,043,845.05 

43,211,226.84 

6,553,522.09 

$205,279,096.12 

3,612,336.47 
1,046,847.60 

1,199,125.42 
423,779.00 



5,562,373.64 

$217,123,558.25 

16,399,155.01 

$233,522,713.26 



$ 84,874,916.67 
2,168,189.87 
2,934,016.88 
2,094,776.02 



2,093,409.87 

85,523,315.93 

183,773.96 



11,914,752.78 

8,775,114.72 

522,463.39 

16,038,828.16 

$217.123,558.25 

$ 451,071.07 

4.752,320.63 

$ 5.203,391.70 



P.D. 95 



13 



EXHIBIT I 



CONSOLIDATED SATEMENT OF INCOME AND EXPENSE 

FOR THE YEAR ENDED DECEMBER 31, 1970 
(Total Loans and Finance Business) 

GROSS INCOME 



Charges Collected and / or Earned $42,794,012.40 

Delinquency Charges Collected 1,453,820.03 

Collections on Accounts Previously Charged Off 364,055.28 

Other Income: 

(a) Gain on Sale of Assets $ 131,693.69 

(b) Income from Investments 356,285.95 

(c) Miscellaneous 163,821.65 651,801.29 

Total Gross Income $45,263,689.00 

EXPENSES OF CONDUCTING BUSINESS 

Advertising $ 1,064,168.77 

Auditing 159,430.25 

Bad Debts: 

(a) Charged Off $ 983,748.33 

(b) Addition to Reserve 4,245,578.44 5,229,326.77 

Depreciation of Furniture, Fixtures and 

Equipment 326,202.06 

Recording and Acknowledging Fees 6,131.50 

Insurance and Fidelity Bonds 125,356.46 

Legal Fees and Disbursements 394,078.38 

Postage and Express 316,153.39 

Printing, Stationery and Supplies 246,027.47 

Rent 1,556,819.85 

Salaries 8,655,638.07 

Supervision and Administration 677,664.40 

Taxes (Excluding Federal Taxes on Income) 

(a) State Income $ 311 ,233.49 

(b) License Fees 145,326.01 

(c) All Other Taxes 723,482.75 1,180,042.25 

Telephone and Telegraph 983,132.29 

Travel 321,372.82 

Other Expenses of Conducting Business 1,362,691.26 

Total $22,604,235.99 

Total Home Office Expenses 3,180,708.89 

Cost of Borrowed Funds 12,355,392.72 

Total Expenses $38,140,337.60 

Net Earnings Before Federal Income Taxes $ 7,123,351.40 

Federal Income Taxes $ 3,782,630.00 

Total Expenses After Income Taxes $41,922,967.60 

Net Earnings After Income Taxes and Interest on 

Borrowed Funds $ 3,340,721.40 



14 



P.D. 95 



EXHIBIT J 



LICENSED SMALL LOAN AGENCIES 



Following is a list of those engaged in the business of making small loans in the 
cities and towns in Massachusetts and licensed as of September 1, 1971. 



Lie. No. 



Name 



Address 



BOSTON 



53 Beatty, Charles S. Company 

63 Belmont Finance Company 

22 Beneficial Finance Co 

57 Beneficial Finance Co 

1 17 Beneficial Finance Co 

239 Beneficial Finance Co 

66 Beneficial Finance Co 

231 Beneficial Finance Co 

204 Beneficial Finance Co 

235 Beneficial Finance Co 

238 Coleman Acceptance Trust 

89 Commercial Credit Plan Incorporated . . 

93 Dial Finance Company of Boston 

217 Dial Finance Company of Boston No. 2 . 
186 Dial Finance Company of Boston No. 1 . 
149 Family Loan Corporation of Brighton .. 

43 Family Loan Corporation of Dorchester 

356 G. A. C. Finance Corporation of Boston . 

360 Globe Finance Company, Inc 

16 Household Finance Corporation 

49 Household Finance Corporation 

82 Household Finance Corporation 

202 Household Finance Corporation 

143 Household Finance Corporation 

208 Household Finance Corporation 

320 Merit Finance Company, Inc 

5 Nester Hall Company 

354 Postal Finance Company 

374 Postal Finance Company 

1 1 1 Public Finance Company 

200 Public Finance Company 

216 Public Finance Company 

306 Public Finance Company 

305 Public Finance Company 

61 Public Finance Company 

184 Public Finance Company 

218 Public Finance Company 

145 State Loan Co 

347 Sumner Finance Company 



7 Water Street 

453 Washington Street 
77 Summer Street 
80 Boylston Street 
5 Bromfield Street 

8 Winter Street 

570 Columbia Rd., Dorchester 
1257 River Street, Hyde Park 
4640 Washington St., Roslindale 
105 Dorchester St., South Boston 

18 Tremont Street 
150 Tremont Street 

15 School Street 

38 Chauncy Street 

31 St. James Avenue 
359 Washington St., Brighton 
1457 Dorchester Ave., Dorchester 
373 Washington Street 
677 Beacon Street 

80 Boylston Street 
175 Tremont Street 
294 Washington Street 

59 Temple Place 
598 Columbia Rd., Dorchester 
679 Canterbury St., Roslindale 

73 Tremont Street 
7 Water Street 
262 Washington Street 

58 Winter Street 
145 Tremont Street 

31 St. James Ave. 
333 Washington Street 
145 Tremont Street (temp.) 
1492 Dorchester Ave., Dorchester 
230 Meridian Street, E. Boston 
1232 River Street, Hyde Park 
4252 Washington St., Roslindale 
120 Boylston Street 
262 Washington Street 



341 C.I.T. Financial Services, Inc. 



AGAWAM 



324 Walnut Street 



AMHERST 



343 Amherst Finance Corporation 



100 Triangle Street 



P.D. 95 



Lie. No. 



15 



Name 



Address 



ANDOVER 

98 Andover Finance Company 

ARLINGTON 

326 American Finance Corporation 

297 C.I.T. Financial Services, Inc 

ATHOL 

162 Public Finance Company 

ATTLEBORO 

48 Beneficial Finance Co 

252 Blackstone Finance, Inc. of Attleboro 

130 Public Finance Company 

BEVERLY 

58 American Finance Corp'n of Lynn 

214 Associates Financial Services Co. of Mass 

181 Beneficial Finance Co 

BRAINTREE 

240 Credithrift of America Inc., No. 2 

BROCKTON 

289 Avco Financial Services Trust, The 

133 Beneficial Finance Co 

350 C.I.T. Financial Services, Inc 

84 Commercial Credit Plan Incorporated 

253 Dial Finance Company of Brockton 

353 G.A.C. Finance Corporation, Inc 

194 Household Finance Corporation 

299 Liberty Loan Company of Brockton 

87 Local Finance Company of Brockton 

104 Public Finance Company 

190 Signal Finance Company of Brockton 

BROOKLINE 

160 Beneficial Finance Co 

141 Household Finance Corporation 

BURLINGTON 

222 Dial Finance Company of Burlington, Mass 

CAMBRIDGE 

71 Beneficial Finance Co 

64 Household Finance Corporation 

80 Household Finance Corporation 

296 Liberty Loan Company of Cambridge 

36 Postal Finance Company 

1 59 Public Finance Company 



Musgrove Bldg., Elm Square 



457 Massachusetts Avenue 
11 Mystic Street 



516 Main Street 



7 Park Street 
25 Bank Street 
39 Park Street 



269 Cabot Street 
263 Cabot Street 
236 Cabot Street 



250 Granite Street 



250 Main Street 
190 Main Street 
286 North Main Street 
228 Main Street 
726 Crescent Street 
Store 31B, Westgate Shopping Center 
136 Main Street 
231 Main Street 

95 Main Street 
139 Main Street 

57 Legion Parkway 



269 Harvard Street 
1330 Beacon Street 



226 Cambridge Street 



519 Massachusetts Avenue 
678 Massachusetts Avenue 

27 White Street 
765 Massachusetts Avenue 
552 Massachusetts Avenue 
495 Massachusetts Avenue 



16 



P.D. 95 



Lie. No. 



Name 



Address 



CHELSEA 



Beneficial Finance Co. . . 
Public Finance Company 



CHICOPEE 



Beneficial Finance Co 

Household Finance Corp. of Chicopee 



279 Broadway 
438 Broadway 



272 Exchange Street 
10 Center Street 



CLINTON 

Associates Financial Services Co. of Mass., Inc. 



70 High Street 



DEDHAM 

Signal Finance Company of Dedham 

EASTHAMPTON 

Local Finance Company of Easthampton 



515 Providence Highway 



62 Main Street 



EVERETT 

Beneficial Finance Co 

Family Loan Corp. of Mass 

Public Finance Company 



449a Broadway 
427a Broadway 
164 School Street 



351 C.LT. Financial Services, Inc. 



FAIRHAVEN 



102 Huttleston Avenue 



FALL RIVER 

28 Beneficial Finance Co 

166 Cascade Finance Company 

165 Commercial Credit Plan Incorporated 

10 Dial Finance Company of Fall River 

18 G.A.C. Finance Corporation of Fall River 

27 Household Finance Corporation 

209 Local Finance Company of Fall River 

379 Pacific Finance Loans 

37 Public Finance Company 

39 Signal Finance Company of Fall River 

367 Stanley Company, Inc. The 



33 

100 

435 

259 

1467 

13 

17 
314 
114 
304 

64 



Bedford Street 
Purchase Street 
Columbia Street 
South Main Street 
So. Main Street 
Borden Street 
No. Main Street 
So. Main Street 
So. Main Street 
So. Main Street 
No. Main Street 



FALMOUTH 



288 



Beneficial Finance Co. 



181 Main Street 



P.D.95 



17 



Lie. No. 



Name 



Address 



FITCHBURG 



375 Associates Financial Services Co. of 
Mass., Inc. 

32 Beneficial Finance Co 

52 Household Finance Corporation 

380 Pacific Finance Loans 

273 Public Finance Company 



385 Main Street 
347 Main Street 
457 Main Street 
558 Main Street 
516 Main Street 



FRAMINGHAM 



173 Beneficial Finance Co 

178 General Finance Corp. of Framingham 

260 Household Finance Corp. of Framingham 

254 Local Finance Company of Framingham 

95 Public Finance Company 



106 Concord Street 

129 A Concord Street 

36 Concord Street 

32 Union Avenue 

18 Union Avenue 



GARDNER 



232 Beneficial Finance Co. . . . 
161 Public Finance Company 



49 Parker Street 
1 1 Pleasant Street 



GLOUCESTER 



59 Public Finance Company 



82 Main Street 



GREAT BARRINGTON 



21 Pioneer Credit Corporation 



337 Main Street 



GREENFIELD 

146 Beneficial Finance Co 

153 Guaranty Loan Co. of Greenfield 

283 Household Finance Corp. of Greenfield 



275 Main Street 
209 Main Street 
158 Main Street 



HAVERHILL 



233 American Finance Corp. of Watertown 

105 Beneficial Finance Co 

346 Haverhill Finance Corporation 

261 Household Finance Corp. of Haverhill . 

393 Pacific Finance Loans 

120 Public Finance Company 



21 Washington Square 
143 Merrimack Street 
191 Merrimack Street 

91 Merrimack Street 
234 Water Street 
181 Merrimack Street 



HOLYOKE 

40 Beneficial Finance Co 

215 Dial Finance Company of Holyoke 

245 Household Finance Corporation of Holyoke 

175 Public Finance Company 

291 Signal Finance Company of Holyoke 



560 Dwight Street 
320 High Street 
353 High Street 
348 High Street 
392 High Street 



18 



P.D. 95 



Lie. No. 



Name 



Address 



HYANNIS 



370 
147 
277 
262 
30 
114 



83 

148 
155 



390 
314 
229 
122 
352 
371 
365 
154 
295 
19 



391 
103 
107 
323 
321 
6 
72 
227 



Beneficial Finance Co 

Commercial Credit Plan, Incorporated 

Household Finance Corp. of Hyannis 

Local Finance Company of Hyannis 

LAWRENCE 

American Finance Corp. of Middlesex County .... 

Beneficial Finance Co 

Community Finance, Inc. of Lawrence 

Household Finance Corp. of Lawrence 

Local Loan & Finance Co. Inc 

Public Finance Company 

LEOMINSTER 

Associates Financial Services Co. of 

Mass., Inc 

Beneficial Finance Co 

Leominster Finance Corp 

LOWELL 

Advance Finance Company 

Beneficial Finance Co 

Beneficial Finance Co 

Central Finance Service, Inc 

Commercial Credit Plan Incorporated 

Fidelity Consumer Finance Corp 

G.A.C. Finance Corp. of Lowell 

Household Finance Corporation 

Kels Investment Corporation 

Liberty Loan Company of Lowell 

Lowell Finance Company, Inc 

Merrimack Valley Finance Co., Inc 

Public Finance Company 

LYNN 

Aetna Finance Company 

American Finance Corp. of Lynn 

Avco Financial Services of Lynn, Inc 

Beneficial Finance Co 

C.I.T. Financial Services, Inc 

Dial Finance Company of Lynn 

Homemakers Loan &Consumer Discount Co 

Household Finance Corporation 

Liberty Loan Company 

Public Finance Company 

MALDEN 

Aetna Finance Company 

Beneficial Finance Co 

Beneficial Finance Co 

Commercial Credit Plan Incorporated 

Dial Finance Company of Maiden 

Household Finance Corporation 

Public Finance Company 

State Loan Co. Inc 



436 Main Street 

509 Main Street 

396 Main Street 

29 North Street 



204 Essex Street 

27 Amesbury Street 

125 Amesbury Street 

488 Essex Street 

79 Common Street 

15 Lawrence Street 



44 Main Street 
51 Main Street 
10 Monument Square 



147 Central Street 
1 1 Central Street 
97 Central Street 
19 Palmer Street 
176 Church Street 
40 Central Street 
813 Lakeview Ave. 
100 Merrimack Street 
331 Westford Street 
219 Central Street 
217 Appleton Street 

1 Merrimack Street 

2 Kearney Square 



30 Market Street 
26 State Street 
56 Central Square 
22 Market Street 
21 State Street 
116 Market Street 
319 Lynnway 
341 Union Street 
171A Union Street 
29 Central Square 



366 Main Street 

444 Main Street (temp.) 

444 Pleasant Street 
33 Dartmouth Street 

3 Pleasant Street 
60 Pleasant Street 
15 Pleasant Street 

482 Main Street 



P.D.95 



19 



Lie. IVo. 



Name 



Address 



MANSFIELD 

62 The Mansfield Finance Company, Inc 

MARLBOROUGH 

65 Beneficial Finance Co 

192 Family Loan Corporation of Marlborough 

171 Marlboro Finance Corp 

MEDFORD 

199 Beneficial Finance Co 

188 Household Finance Corporation 

311 Public Finance Company 

MIDDLEBOROUGH 

250 Beneficial Finance Co 

MILFORD 

Beneficial Finance Co 

Greenleaf Finance Incorporated 

Ideal Finance, Inc 

Local Finance Company of Milford 

Milford Finance Corporation 

NATICK 

Pacific Finance Loans 

NEW BEDFORD 

Avco Financial Services Trust, The 

Beneficial Finance Co 

Beneficial Finance Co 

Bristol Acceptance Trust, Inc 

Community Plan Incorporated 

Credithrift of America, Inc. No. 2 

Household Finance Corporation 

Luzo Corporation of America 

Public Finance Company 

Wamsutta Finance Co. Inc 

NEWBURYPORT 

50 Beneficial Finance Co 

9 G.A.C. Finance Corporation of 

Newburyport 

NEWTON 

25 Avco Financial Services, Inc. No. 200 

01 Beneficial Finance Co 

48 Brainerd Finance Company 

NORTH ADAMS 

51 Beneficial Finance Co 

07 Liberty Loan Company of Adams 

78 Pacific Finance Loans 

NORTH ATTLEBOROUGH 

54 Public Finance Company 



5 Old Colony Road 



214 Main Street 
132 Main Street 
217 Main Street 



16 High Street 

11 Salem Street 

24 Riverside Avenue 



6 So. Main Street 



145 Main Street 

230 Main Street 

197 Main Street 

179 Main Street 

182 Main Street 



11a West Central Street 



71 William Street 
758 Purchase Street 
1349 Acushnet Avenue 
292 Union Street 
558 Pleasant Street 
634 Pleasant Street 
852 Purchase Street 
139 Rivet Street 
915 Purchase Street 
222 Union Street 



80 State Street 
19 Green Street 



995 Watertown St., West Newton 
325 Walnut Street, Nevi1:onville 
1279 Washington St., West Newton 



59 Main Street 
14 Ashland Street 
85 Main Street 



11 So. Washington Street 



20 



P.D. 95 



Lie. No. 



Name 



Address 



264 

35 

381 



196 

282 
158 



274 



144 
246 



4 
206 
230 
366 
265 
383 
170 



203 



248 
243 
136 
75 
363 
180 
304 
116 
169 



340 



97 



246 

24 



257 



NORTHAMPTON 

Household Finance Corp. of Northampton 

Local Finance Company of Northampton 

Pacific Finance Loans 

NORWOOD 

Beneficial Finance Co 

Household Finance Corp. of Norwood 

Public Finance Company 

PALMER 

Guaranty Loan Co. of Palmer 

PEABODY 

Household Finance Corp. of Peabody 

Local Finance Company of Peabody 

PITTSFIELD 

Beneficial Finance Co 

Budget Finance Plan 

C.LT. Financial Services, Inc 

Commercial Credit Plan Incorporated 

Greylock Finance, Inc 

Household Finance Corp. of Pittsfield 

Pacific Finance Loans 

Public Finance Company 

PLYMOUTH 

Beneficial Finance Co 

QUINCY 

American Finance Corp. of Quincy 

Avco Financial Services Trust 

Beneficial Finance Co 

Family Loan Corporation of Quincy 

Homemakers Loan & Consumer Discount Co 

Household Finance Corporation 

Local Finance Company of Quincy 

Public Finance Company 

Signal Finance Company of Quincy 

RANDOLPH 

Dial Finance Company of Randolph 

READING 

G.A.C. Finance Corp. of Wakefield 

REVERE 

Paul Revere Loan Association, Inc 

Public Finance Company 

ROCKLAND 

Local Finance Company of Rockland 



70 Main Street 
159 Main Street 
142 Main Street 



643 Washington Street 
661 Washington Street 
705 Washington Street 



366 Main Street 



North Shore Shopping Center 
70 Main Street 



361 North Street 
278 North Street 
346 North Street 
63 Cheshire Road 
631 North Street 
86 North Street 
415 North Street 
313 North Street 



25 Main Street 



1620 Hancock Street 
1466 Hancock Street 
113 Parkingway 
10 Chestnut Street 
21 Franklin Street 
148 Parkingway 
1388 Hancock Street 
1468 Hancock Street 
8 Granite Street 



322 North Main Street 



580 Main Street 



206 Broadway 
209 Squire Road 



257 Union Street 



P.D.95 



21 



Lie. No. 



Name 



Address 



SALEM 

American Finance Corp. of Quincy 

Beneficial Finance Co 

Household Finance Corporation 

Public Finance Company 

State Loan Co. Inc 

SAUGUS 

Household Finance Corp. of Saugus 

SHREWSBURY 

C.I.T. Financial Services, Inc 

Public Finance Company 

SOMERSET 

Local Finance Company of Somerset 

SOMERVILLE 

Beneficial Finance Co 

Family Loan Corp. of Somerville 

People's Finance Co. of Boston, Inc 

Public Finance Company 

State Loan Co. of Somerville 

SOUTHBRIDGE 

Family Loan Corporation of Southbridge 

Public Finance Company 

SPRINGFIELD 

American Finance Corp. of Watertown 

Associates Financial Services Co. of 

Mass., Inc 

Avco Financial Services Trust, The 

Beneficial Finance Co 

Beneficial Finance Co 

Commercial Credit Plan Incorporated 

Credithrift of America, Inc. No. 2 

Dial Finance Co. of Springfield, Mass. 

No. 1 

Dial Finance Company of Springfield, Mass 

Homemakers Loan & Consumer Discount Co 

Household Finance Corporation 

Ideal Budget Plan, Inc 

Liberty Loan Company of Springfield 

Pacific Finance Loans 

Pacific Finance Loans 

Public Finance Company 

Signal Finance Company of Springfield 

STONEHAM 

Household Finance Corp. of Stoneham 

STOUGHTON 

Local Finance Company of Stoughton 



16 New Derby Street 
120 Washington Street 

75 Washington Street 
211 Essex Street 
6 Lynde Street 



1307 Broadway 



50 Boston Turnpike 
384-C Maple Avenue 



933 County Street 



263 Elm Street 

415 Highland Avenue 

59 Union Square 
409A Highland Avenue 

55 Davis Square 



1 Elm Street 
312 Main Street 



1228 Main Street 

620 State Street 
1645 Main Street 

526 Sumner Avenue 
1618 Main Street 

297 Bridge Street 
43 Pearl Street 

479 Breckwood Blvd. 
1173 Main Street 

622 Main Street 
1431 Main Street 
1421 Main Street 

145 State Street 

390 Dickinson Street 
1211 Boston Road 
1567 Main Street 

653 Boston Road 



83 Main Street 



54 Porter Street 



22 



P.D.95 



Lie. No. 



Name 



AddTcf;^ 



TAUNTON 

81 Beneficial Finance Co 75 Main Street 

268 Blackstone Finance, Inc. of Taunton 6 Trescott Street 

70 Liberty Loan Company of Taunton 4 Cedar Street 

258 Local Finance Company of Taunton 3 Main Street 

WAKEFIELD 

237 Beneficial Finance Co 407 Main Street 

376 Ford Motor Credit Company 43 Tuttle Street 

WALPOLE 

156 Dial Finance Company of Walpole 940 Main Street 

WALTHAM 

392 Aetna Finance Company 877 Main Street 

244 Avco Financial Services Trust, The 24 Crescent Street 

135 Beneficial Finance Co 355 Moody Street 

79 Household Finance Corporation 333 Moody Street 

123 Public Finance Company 389 Moody Street 

WAREHAM 

368 Wilson Finance Corporation Store No. 4, Shopper's Plaza 

WATERTOWN 

334 American Finance Corporation of 

Watertown 34 Mt. Auburn Street 

20 Associates Financial Services Co. 

of Mass., Inc 8 Bigelow Avenue 

138 Dial Finance Company of Watertown 2A Mt. Auburn Street 

WEBSTER 

164 Beneficial Finance Co 224 Main Street 

168 People's Finance Company, Inc 127 Main Street 

WESTFIELD 

112 Beneficial Finance Co 26 Main Street 

108 Pioneer Loan & Finance Corporation 99 Elm Street 

285 Public Finance Company 53 Elm Street 

WEYMOUTH 

372 Commercial Credit Plan Incorporated 809 Washington St., East Weymouth 

127 Household Finance Corp. of Weymouth 116 Main Street 



P.D. 95 



23 



Lie. No. 



Name 



Address 



WHITINSVILLE 



Dial Finance Co. of Whitinsville 



185 Church Street 



WILBRAHAM 



78 



Associates Financial Services Co. of 
Mass., Inc 



6 Stoneyhill Road 



WINTHROP 



Highland Enterprises, Inc. 



196 Hagman Road 



WOBURN 



American Financial Corp. of Middlesex 

County 

Beneficial Finance Co 

Local Finance Company of Woburn 



446 Main Street 
371 Main Street 
343 Main Street 



WORCESTER 



Associates Financial Services Co. of 

Mass., Inc 

Avco Financial Services Trust, The 

Beneficial Finance Co 

Beneficial Finance Co 

Beneficial Finance Co 

Budget Finance Plan 

City Finance, Inc 

Commercial Credit Plan Incorporated . . . 

Consumers Financial Services Trust 

Dial Finance Company of Worcester . . . . 

G.A.C. Finance Corp. of Worcester 

Household Finance Corporation 

Household Finance Corp 

Household Finance Corp. of Worcester . . 
Italian Finance Company of Worcester . . 
Liberty Loan Company of Massachusetts 

Pacific Finance Loans 

Pacific Finance Loans 

Public Finance Company 

Public Finance Company 

Signal Finance Company of Worcester . . 



27 Pearl Street 
285 Park Avenue 
36 Franklin Street 
2 Foster Street 
1086 Main Street 
421 Main Street 
289 Main Street 
945 Grafton Street 
8 Norwich Street 
544 Main Street 
74 Franklin Street 
545G Lincoln Street 
390 Main Street 
1073 Main Street 
157 Shrewsbury Street 
405 Main Street 
99A Stafford Street 
534 Lincoln Street 
390 Main Street 
390 Main Street (temp.) 
496 Park Avenue 






I 



I 



p 



No. 95 



®lfp (fiommonuiFalth of MuB^urhn^tttB 




FRANCIS W. SARGEN 
Governor 



ANNUAL REPORT 

OF TMI 

COMMISSIONER OF BANKS 

FOR THF 
Y LAK tNUlNU DhUtMliER 31,1971 



RfcLATlNGTO 
I 1/ . MSFF> ^MALL LOAN LENDERS 



I ICATION OF THIS DOCUMENT APPROVED BY ALFRED C. HOLLAND, STATE PURCHASING AGENT 



oil?? (Unmituittuipallli of ffiafiHartyuHrtta 




DIVISION OF BANKS AND LOAN AGENCIES 

Leverett Saltonstall Building, Government Center 
100 Cambridge Street, Boston 



COMMISSIONER OF BANKS 

FREYDAP. KOPLOW 



DEPUTY COMMISSIONEROF BANKS 

ROBERT J. MAIETTA 



SUPERVISOR OF LOAN AGENCIES 

ROBERTS. LEADBETTER 



ASSISTANT SUPERVISOR AND RATE ANALYST 

ALFRED P.QUIRK 



P.D.95 



all|p (Eommottujpaltli of IKjtHHarliusrtlH 



OFFICE OF THE COMMISSIONER OF BANKS 

Leverett Saltonstall Building, Government Center 
100 Cambridge Street, Boston 

May 15, 1972 



TO THE HONORABLE SENATE AND 
HOUSE OF REPRESENTATIVES OF 
THE COMMONWEALTH OF 
MASSACHUSETTS: 



I have the honor of submitting to you 
herewith the annual report of the Commissioner of 
Banks relating to Licensed Small Loan Lenders, 
pursuant to the provisions of General Laws, 
Chapter 140, Section 98. 



The financial statements and miscellaneous 
data incorporated herein pertaining to Licensed 
Small Loan Lenders are for the fiscal year ended 
December 31, 1971. 



Respectfully, 



FREYDA P. KOPLOW 
Commissioner of Banks 



P.D.95 



TABLE OF EXHIBITS 



EXHIBIT A. Legislation. 

EXHIBIT B. Composite Statement of Assets 

(Loan Business of $3,000 or Less). 

EXHIBIT C. Composite Statement of Income and Expense 

(Loan Business of $3,000 or Less). 

EXHIBIT D. Analysis of Loans by Size 

(Loans of $3,000 or Less). 

EXHIBIT E. Analysis of Loans by Types of Security 

(Loans of $3,000 or Less). 

EXHIBIT F. Analysis of Loans Made for Last Five Years 

(Loans of $3,000 or Less). 

EXHIBIT G. Suits, Possession and Sale of Chattels 

(Loans of $3,000 or Less). 

EXHIBIT H. Consolidated Statement of Financial Condition 

(Total Loan and Finance Business). 

EXHIBIT I. Consolidated Statement of Income and Expense 

(Total Loan and Finance Business). 

EXHIBIT J. List of Licensed Small Loan Agencies. 



p. D. 95 



General Laws, Chapter 140, Section 98, requires that "The Commissioner shall make an 
annual report and shall forward therewith a copy of such returns or so much thereof as he 
may deem necessary." 

The figures contained herein were compiled, as usual, by the process of adding together 
the individual reports filed by each licensee. These reports are executed on a form and in a 
manner prescribed by the Commissioner. The department vouches for the process of addition, 
the process by which the additions were arrived at following their filing-as the industry 
guarantees their accuracy and reliability as they were inserted in the individual reports. In 
some cases, as always, the reports were adjusted when not executed in accordance with instruc- 
tions. In all such cases the licensee was notified and acknowledged the fchanges. 

As of December 31, 1971, there were three hundred and fourteen small loan licenses 
outstanding. 

During the calendar year, 1971, 191,982 loans of $3,000 or less amounting to 
$180,696,478.79 which is less unearned charges, were made. These figures represent a 
decrease of 11,748 in the number of loans made and a decrease of $1,757,162.92 in the 
net amount of loans made during the previous twelve month period. 

The average net loan made for the period was $941.22 as compared to $895.57 for the 
calendar year 1970. 

On December 31, 1971, there were 230,484 regulated loans of $3,000 or less outstanding 
with a face value of $229,250,799.44 which includes unearned charges amounting to 
$42,379,222.15. These figures represent a decrease of 15,386 in the number and a decrease 
of $692,791.95 in the amount of net loans outstanding since the beginning of the calendar 
year. 

The discrepancy between the number and amount of net loan balances outstanding at the 
beginning of the period as shown in Exhibit D of this report and the number and amount of 
net loan balances outstanding at the end of the period as shown in Exhibit D of the previous 
report is due to sale of assets or non-renewal of licenses of seven licensees. Annual reports 
for these seven companies were used in the compilation of the previous report but reports 
were not filed for the calendar year, 1971. 

It is the opinion of this department that the net loan balances outstanding at the beginning 
of the period must be considered to truly reflect the total activity of the loan industry in the 
Commonwealth for the calendar year, 1971. 

The average net loan outstanding on December 31, 1971 was $810.78 as compared with 
$726.86 on December 31, 1970. 

Total regulated loans of $3,000 or less charged off for the period amounted to 
$5,501,149.75. 

Gross income for the period totaled $40,923,850.20 of which $341,779.18 represents 
recoveries onloans previously charged off and $149,107.63 represents other income. Operat- 
ing expenses aggregating $18,182,797.85 include $3,370,138.59 of home office expenses; 
charge-offs on bad debts amounting to $1,050,508.33 and an addition of $4,497,231.92 to 
the valuation reserve combine to make a total expense of $23,730,538.10 which, deducted 
from gross income, leaves a balance of $17,193,312.10 representing net earnings before 
deductions of interest on borrowed funds and federal income taxes. A net earnings figure of 
$3,944,153.77 remains after deducting interest on borrowed funds amounting to 
$10,337,309.54 and federal income taxes amounting to $2,911,848.79. 

As of December 31, 1971, the book assets amounted to $201,482,141.06. The cash in 
office and in banks amounted to $2,615,793.58 which includes $417,525.91 in compensating 
balances. Home office assets allocated to Massachusetts Licensees consist of cash of 
$4,757,051.95 and other assets of $9,856,617.84 making a total of $14,613,669.79. Com- 
pensating balances included in the allocation amount to $3,893,427.77 which when totaled 
will produce compensating balances of $4,310,953.68. Total assets as shown in Exhibit B 
less compensating balances produce assets $197,171,187.38. 



p. D. 95 



This department does not consider compensating balances to be assets. They are used 
here as a deduction of the liability. 

The figures included in the following schedules are compiled from annual reports to the 
Commissioner of Banks as represented by aU licensed lenders. 

All common asset and expense accounts are allocated on a formula established by this 
department. 

The maximum interest charges permitted on loans of $3,000 or less for licensed small 
loan lenders is Vh% per month on any part of the unpaid principal balance not exceeding 
$200; 2% per month on any part of the unpaid principal balance exceeding $200 but not 
exceeding $600; 1%% per month on that part of the unpaid principal balance exceeding 
$600 but not exceeding $1,000; % of 1% per month on any part of the unpaid principal 
balance exceeding $1,000. 

Such maximum interest charge shall not exceed 6% per annum after the termination of 
one year after maturity of the loan. 

The maximum interest charges permitted on loans of $3,000 or less for unlicensed 
lenders is one percent per month on the unpaid principal balance which must include all fees 
and expenses of every name, nature and description. 

However, the maximum interest charge permitted on loans of more than $1,500.00, 
secured whoUy or partially by a mortgage on real estate, other than a first mortgage, having 
thereon a dweUing house with accommodations for six or less separate households and 
occupied in whole or in part at the time of the loan is made as a home by the obligor on the 
mortgage debt or by any person granting or releasing any interest under said mortgage, is an 
amount equivalent to one and one half percent a month computed on the unpaid balance 
including all fees and expenses of every name, nature and description except actual recording 
fees and reasonable attorney's fees. 

SMALL LOAN CASES 



On November 4, 1971, the Massachusetts Supreme Judicial Court rendered a decision 
upholding the bribery and conspiracy convictions in the Suffolk Superior Court against four 
finance companies and six employees or agents of the companies or wholly-owned subsidiary 
entities. 

The convictions were the result of two separate series of indictments and two separate 
jury trials of various individual and corporate defendants. 

The corporations convicted in the first trial, which began on July 18, 1966 and ended 
December 18, 1966, were Beneficial Finance Corporation, Household Finance Corporation 
and Liberty Loan Corporation. 

The corporate defendants convicted in the second trial, which began July 17, 1967 and 
ended on June 10, 1968, were Beneficial Finance Corporation, Household Finance Corpora- 
tion and Local Finance Corporation. 

The defendant corporations and the individuals referred to have filed claims of appeal to 
the Supreme Court of the United States. 

The order of the Commissioner of Banks, issued on March 1, 1967, after public hearing, 
suspending the licenses of Industrial Bankers d/b/a Beneficial Finance Co., New England 
Equity d/b/a Beneficial Finance Co., Webster Associates d/b/a Beneficial Finance Co., House- 
hold Finance Corporation and its wholly-owned subsidiaries, and the whoUy-owned business 
trusts of the Liberty Loan Corporation was stayed on April 5, 1967 by the Supreme Court 
in Equity upon petition by the respondent companies until further order of the Court which 
may well be after the final adjudication of the appeals pending. 



p. D. 95 



EXHIBIT A 



LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 
Acts and Resolves of 1971 



CHAPTER 
86 

130 



148 



241 



314 



340 



341 



343 



368 



652 



712 



AMENDMENT TO: 

G. L. C. 255D, s. 27 

(C. 822, Acts ofl970 s. 6) 



G. L. C. 93A, s. 4 



G. L. C. 255C, new s. 14A 



G. L. C. 93A, s. 9 



G. L. C. 93, s. 24B 



G. L. C. 255B, s. 1 



G. L. C. 255D, s. 1 



G. L. C. 255B, new s. 19A 



G. L. C. 271, s. 49 
para, (e) 

G. L. C. 93, s. 25 



G. L. C. 255,8. 12E 



DESCRIPTION 

An Act Postponing the Effective Date of the Law 
Relative to the imposition of Finance Charges 
in certain Revolving Credit Agreements. 

An Act Decreasing the Time Within Which the 
Attorney General shall notify certain Persons 
of Intended Action under the Law Regulat- 
ing Business Practices for Consumers Protec- 
tion. 

An Act Limiting the Charges for Group Credit 
Life Insurance Issued in Connection with 
Insurance Premium Finance Agreements. 

An Act Extending Certain Equitable Remedies 
under the Consumer Protection Law to Cer- 
tain Aggrieved Persons who Purchased Real 
Estate for Personal or Family Use. 

An Act Relative to the cost of Investigations of 
AppUcants for Licenses to conduct a Collec- 
tion Agency. 

An Act further Defining a Retail Instalment 
Contract under the Law Regulating Retail 
Instalment Sales of Motor Vehicles. 

An Act further Defining a Retail Instalment 
Sale Agreement under the Law Regulating 
Retail Instalment Sales and Services. 

An Act providing that the Holder of a Motor 
Vehicle Retail Instalment Contract shall be 
subject to all defenses which the Retail Buyer 
may have against the Retail Seller. 

An Act further Defining the Crime of Usury . 



An Act increasing the Amount of the Bond 
required to be Filed by Collection Agencies. 

An Act relative to limiting the Liability of the 
Holder of a Credit Card or other Credit 
Device. 



p. D. 95 



CHAPTER 


AMENDMENT TO 


726 


G. L. C. 152B, s. 4, 




new sub. (9) 



805 



G. L. C. 93, new s. 50 
to 68 

Repealed G. L. C. 93, 
S. 44 to 47 



DESCRIPTION 

An Act Relative to eliminating discrimination 
in Credit, Services or Rental Accommoda- 
tions to certain Recipients of Public Assist- 
ance. 

An Act Regulating the Law Relative to Consu- 
mer credit reporting. 



860 



G. L., new C. 93C 



An Act Providing for the protection of Consu- 
mers against careless and erroneous billings. 



p. D. 95 



EXHIBIT B 



oil?? (Eflmmonuifallli of MnB^ut\:^n»tttB 

ANNUAL REPORT OF THE COMMISSIONER OF BANKS 

FOR THE YEAR ENDED DECEMBER 31, 1971 

(General Laws, Chapter 140, Section 98) 

COMPOSITE STATEMENT OF ASSETS, DECEMBER 31, 1971 
(Loan Business of $3,000 or Less) 



Licensed Agencies 



314 



Receivables: 

(a) Gross Amount 

(b) Less: Unearned Charges 

(c) Less: Allowance for Bad Debts 

(d) Net Receivables 

Cash in Office and in Banks 

Real Estate (Less Allowance for Depreciation -Buildings 
Furniture, Fixtures and Equipment (Less Allowance 

for Depreciation) 

Deferred Charges or Prepaid Expenses 

Other Assets: 

(a) Organization and Development Expense ... $ 

(b) Cost of Financing 

(c) Investments 

(d) Miscellaneous Notes and Accounts 

Receivables 

(e) Miscellaneous 

Total Assets 

Home Office Assets Allocated to Massachusetts 
Licensees 

Total 

Compensating Balances Included in Cash 

Compensating Balances Included in Home Office 
Assets allocated to Massachusetts Licensees . . . 

Total Compensating Balances Included in Assets . . 



8,693.26 

2,949.00 

463,869.40 

890,436.47 
238,259.08 



229,250,799.44 

42,379,222.15 

6,042,937.18 

180,828,640.11 

2,615,793.58 
318,343.46 

997,305.85 
504,181.06 



1.604,207.21 
$ 186,868,471.27 

14,613,669.79 
$ 201,482,141.06 

417,525.91 
3,893,427.77 

$ 4,310,953.68 



p. D. 95 
EXHIBIT C 



COMPOSITE STATEMENT OF INCOME AND EXPENSE 
FOR THE YEAR ENDED DECEMBER 31, 1971 
(Loan Business of $3,000 or Less) 



GROSS INCOME 

Charges coUected and/or earned $ 39,028,298.00 

Delinquency charges collected 1,404,665.39 

Collection on accounts previously charged off . . . 341,779.18 
Other Income: 

(a) Gain on Sale of Assets $ 12,560.94 

(b) Income from Investments 20,900.22 

(c) Miscellaneous 115,646.47 149,107.63 

Total Gross Income $ 40,923,850.20 

EXPENSES OF CONDUCTING BUSINESS 

Advertising $ 895,832.55 

Auditing 94,262.84 

Bad Debts: 

(a) Charged Off $1,050,508.33 

(b) Addition to Reserve 4,497,231.92 5,547,740.25 

Depreciation of Furniture, Fixtures and 

Equipment 251,697.77 

Recording and Acknowledging Fees (11,176.30) 

Insurance and Fidelity Bonds 72,436.47 

Legal Fees and Disbursements 329,361.75 

Postage and Express 312,599.80 

Printing, Stationery and Supplies 204,281.59 

Rent 1,402,967.52 

Salaries 7,276,363.77 

Supervision and Administration 551,792.89 

Taxes (Excluding Federal Taxes on Income) 

(a) State Income $ 411,502.38 

(b) License Fees 82,814.80 

(c) AU Other Taxes 655,573.30 1,149,890.48 

Telephone and Telegraph 878,689.10 

Travel 280,892.36 

Other Expenses of Conducting Business 1,122,766.67 

Total $ 20,360,399.51 

Total Home Office Expenses 3,370,138.59 

Cost of Borrowed Funds 10,337,309.54 

Total Expenses $ 34,067,847.64 

Net Earnings Before Federal Income Taxes $ 6,856,002.56 

Federal Income Taxes $ 2,911,848.79 

Total Expenses After Income Taxes $ 36,979,696.43 

Net Earnings After Income Taxes and Interest on 

Borrowed Funds $ 3,944,153.77 



10 p. D. 95 

EXHIBIT D 

ANALYSIS OF LOANS BY SIZE 
(Loans of $3,000 or Less) 



Total Loan Balances Outstanding (Less Unearned Charges) 

at Beginning of Period 

Loans Made during the Period 

(a) Loans of $ 100.00 or Less 

(b) Loans of $ 100.01 to $ 200.00 

(c) Loans of $ 200.01 to $ 300.00 

(d) Loans of $ 300.01 to $ 400.00 

(e) Loans of $ 400.01 to $ 500.00 

(f) Loans of $ 500.01 to $ 600.00 

(g) Loans of $ 600.01 to $1,000.00 

(» Loans of $1,000.01 to $1,500.00 

(i) Loans of $1,500.01 to $3,000.00 

Total loans made during the period 

Loan Balances purchased during the period 

Loan Balances sold during the period 

Loan Balances charged off during the period 

Collections during the period 



(Loans of $3,000 or Less) 



Loans made during the period based in whole or in 
large part on: 

(a) Chattel Mortgages on Household Goods .... 

(b) Automobiles 

(c) Real Estate 

(d) Other Chattels 

(e) Unsecured Notes 

(f) Endorsed and/or Co-maker Notes 

(g) Wage Assignments 

(h) Other Considerations 

Total 



Number 


Amount 


243,721 


$ 186,502,236.93 


1,996 


143,685.18 


10,934 


1,571,146.07 


15,426 


3,714,950.03 


17,301 


5,821,615.01 


15,007 


6,623,655.23 


17,943 


9,663,086.00 


42,144 


32,797,023.59 


33,421 


40,439,642.34 


37,810 


79,921,675.34 


191,982 


$ 180,696,478.79 


21,701 


15,561,352.41 


17,728 


13,815,902.98 


9,877 


5,501,149.75 




176,571,438.11 



Total Loan balances outstanding (Less Unearned Charges) 

at the end of the period 230,484 $ 186,871,577.29 



EXHIBIT E 

ANALYSIS OF LOANS BY TYPES OF SECURITY 



Number Amount 



86,345 


$ 105,862,370.14 


13,613 


16,087,684.39 


327 


768,806.85 


3,378 


3,946,229.82 


81,953 


48,303,220.03 


4,710 


3,542,061.20 


40 


30,458.80 


1,616 


2,155,647.56 


191,982 


$ 180,696,478.79 



p. D. 95 11 

EXHIBIT F 

ANALYSIS OF LOANS MADE FOR LAST FIVE YEARS 
(Loans of $3,000 or Less) 

1967 1968 1969 1970 1971 



Number 257,202 257,034 226,091 203,730 191,982 

Amount $183,415,331.21 $200,322,562.68 $189,160,506.90 $182,453,641.71 $180,696,478.79 

EXHIBIT G 

SUITS, POSSESSION AND SALE OF CHATTELS 
(Loans of $3,000 or Less) 



Suits of Recovery: 

(a) Pending at Close of previous period 

(b) Instituted during period 

(c) Total 

(d) Judgment secured during period 

(e) Settled before judgment during the period 

(f) Total 

(g) Pending at close of current period 

Wage Assignments filed during the period 

Possession of Chattels obtained by licensees: 

(a) By Legal Process or Contract Right: 

(1) Household Goods 

(2) Automobiles 

(3) Other Chattels and Property 

(b) By Voluntary surrender: 

(1) Household Goods 

(2) Automobiles 

(3) Other Chattels and Property 

Sales of Chattels by licensees: Number 

(a) With Borrower's Consent .111 

(b) Without Borrower's Consent 44 



Number 

3,256 
2,580 

5,836 


$ 
$ 


Amount 

2,334,840.16 
2,196,260.09 

4,531,100.25 


1,375 
790 


$ 


1,082,970.49 
545,455.30 


2,165 


$ 


1,628,425.79 


3,671 


$ 


2,902,674.46 


42 


$ 


41,748.32 



8 $ 




4,785.59 


66 




106,804.33 


3 




3,919.15 


22 $ 




25,617.64 


89 




116,470.17 


13 




9,383.57 


Amount Due 


Amount Collected 


$146,356.98 
57,426.64 


$ 


47,826.17 
18,100.26 



12 P. D. 95 

EXHIBIT H 

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION, DECEMBER 31, 1971 
(Total Loan and Finance Business) 



ASSETS 

Receivables: 

(a) Gross Amount $ 264,540,369.25 

(b)Less; Unearned Charges 44,653,979.67 

(c) Less: Allowance for Bad Debts 6,977,141.77 

(d)Net Receivables $ 212,909,247.81 

Cash in Office and in Banks 3,625,070.39 

Real Estate (Less Allowance for 

Depreciation- Buildings) 708,985.00 

Furniture, Fixtures, Equipment (Less Allowance 

for Depreciation) 1,151,283.44 

Deferred charges or prepaid expenses 547,247.40 

Other Assets: 

(a) Organization or Development Expense ... $ 12,337.92 

(b)Cost of Financing 4,258.00 

(c) Investments 1,157,578.78 

(d) Miscellaneous Notes and Accounts 

Receivables 1,003,842.66 

(e) MisceUaneous 445,068.20 2,623,085.56 

Total Assets $ 221,564,919.60 

Home Office Assets allocated to Massachusetts 

Licensees $ 15,726,473.72 

Total $ 237,291,393.32 

LIABILITIES AND CAPITAL 

Accounts and Notes Payable: 

(a) Banks $ 5,130,918.27 

(b) Due to Parent Company or Affiliate 87,468,005.12 

(c) Other Short Term Notes and Accounts ... 3,614,422.10 $ 96,213,345.49 

Bonds 1,322,464.15 

Long term notes 2,099,902.03 

Investment Certificates 3,038,635.00 

Other Liabilities: 

(a) Accrued Expense $ 512,144.47 

(b) Other Expense Reserves 757,738.10 1,269,882.57 

Branch Office Capital 94,150,849.80 

Net Worth (If Individual or Partnership) 177,728.80 

Capital Stock (If Corporation) 

(a) Preferred $ 2,508,574.61 

(b)Common 7,323,017.51 9,831,592.12 

Paid in Surplus 6,235,599.43 

Appropriate Surplus or Capital Reserve 702,066.58 

Retained Earnings 6,522,853.63 

Total Liabilities and Capital $ 221,564,919.60 

Compensating Balances included in Cash $ 662,887.78 

Compensating Balances included in Home Office 

Assets allocated to Massachusetts licensees . . 4,466,663.07 

Total Compensating Balances included in Assets . . $ 5,129,550.85 



p. D. 95 13 

EXHIBIT I 

CONSOLIDATED STATEMENT OF INCOME AND EXPENSE 

FOR THE YEAR ENDED DECEMBER 31, 1971 

(Total Loans and Finance Business) 

GROSS INCOME 

Charges collected and/or earned . $ 42,852,921.84 

Delinquency charges collected 1,512,303.32 

Collections on Accounts previously charged off . . . 414,147.91 
Other Income: 

(a) Gain on Sale of Assets $ 26,635.19 

(b) Income from Investments 83,949.54 

(c) Miscellaneous 202,099.83 312,684.56 

Total Gross Income $ 45,092,057.63 

EXPENSES OF CONDUCTING BUSINESS 

Advertising $ 978,815.79 

Auditing 132,923.94 

Bad Debts: 

(a) Charged Off $ 1,137,957.99 

(b) Addition to Reserves 4,875,811.29 6,013,769.28 

Depreciation of Furniture, Fixtures and Equipment 300,279.61 

Recording and Acknowledging Fees (11,662.54) 

Insurance and Fidelity Bonds 92,377.41 

Legal Fees and Disbursements 378,658.21 

Postage and Express 356,169.20 

Printing, Stationery and Supplies 245,811.16 

Rent 1,591,216.20 

Salaries 8,449.901.57 

Supervision and Administration 607,427.66 

Taxes (Excluding Federal Taxes on Income): 

(a) State Income $ 477,045.13 

(b) License Fees 132,065.00 

(c) All Other Taxes 754,791.92 1,363,902.05 

Telephone and Telegraph 1,005,540.21 

Travel 328,742.26 

Other Expenses of Conducting Business 1,386,295.40 

Total $ 23,220,167.41 

Total Home Office Expense 3,735,272.34 

Cost of Bonov^^ed Funds 11,903,647.33 

Total Expenses $ 38,859,087.08 

Net Earnings Before Federal Income Taxes $ 6,232,970.55 

Federal Income Taxes I 3,187,293.17 

Total Expenses After Income Taxes $ 42,046,380.25 

Net Earnings After Income Taxes and Interest 

on Bonovi^ed Funds $ 3,045 ,677.38 



14 



P. D. 95 



EXHIBIT J 



LICENSED SMALL LOAN AGENCIES 



Following is a list of those engaged in the business of making small loans 
in the cities and towns in Massachusetts and licensed as of May 1, 1972. 



Lie. No. 



Name 



Address 



BOSTON 

53 Beatty, Charles S. Company 7 

63 Belmont Finance Company 453 

22 Beneficial Finance Co 77 

57 Beneficial Finance Co 80 

117 Beneficial Finance Co 5 

239 Beneficial Finance Co 8 

66 Beneficial Finance Co 919 

231 Beneficial Finance Co 1257 

204 Beneficial Finance Co 4640 

235 Beneficial Finance Co 105 

238 Coleman Acceptance Trust 18 

89 Commercial Credit Plain Incorporated 150 

93 Dial Finance Company of Boston 15 

217 Dial Finance Company of Boston No. 2 38 

186 Dial Finance Company of Boston No. 1 31 

149 Family Loan Corporation of Brighton 359 

43 Family Loan Corporation of Dorchester 1457 

356 G. A. C. Finance Corporation of Boston 373 

360 Globe Financial Services, Inc 677 

16 Household Finance Corporation 80 

49 Household Finance Corporation 175 

82 Household Finance Corporation 294 

202 Household Finance Corporation 59 

143 Household Finance Corporation 598 

208 Household Finance Corporation 679 

320 Merit Finance Company, Inc 73 

5 Nester Hall Company 7 

354 Postal Finance Company 262 

374 Postal Finance Company 58 

111 Public Finance Company 145 

200 Public Finance Company 31 

216 Public Finance Company 333 

305 Public Finance Company 1492 

61 Public Finance Company 230 

184 Public Finance Company 1232 

218 Public Finance Company 4252 

145 State Loan Co 120 

347 Sumner Finance Company 262 

AGAWAM 

341 C. I. T. Financial Services, Inc 324 Walnut Street 

AMHERST 

343 Amherst Finance Corporation 100 Triangle Street 

ANDOVER 

98 And over Finance Company Musgrove Bldg., Elm Square 



Water Street 
Wa^ihington Street 
Summer Street 
Boylston Street 
Bromfield Street 
Winter Street 
Washington St., Dorchester 
River Street, Hyde Park 
Washington St., Roslindale 
Dorchester St., So. Boston 
Tremont Street 
Tremont Street 
School Street 
Chauncy Street 
St. James Avenue 
Washington St., Brighton 
Dorchester Ave., Dorchester 
Washington Street 
Beacon Street 
Boylston Street 
Tremont Street 
Washington Street 
Temple Place 
Columbia Rd., Dorchester 
Canterbury St., Roslindale 
Tremont Street 
Water Street 
Washington Street 
Winter Street 
Tremont Street 
St. James Ave. 
Washington Street 
Dorchester Ave., Dorchester 
Meridian Street, E. Boston 
River Street, Hyde Park 
Washington St., Roslindale 
Boylston Street 
Washington Street 



p. D. 95 



15 



Lie. No. 



Name 



Address 



ARLINGTON 

326 American Finance Corporation 457 Massachusetts Avenue 

297 C. I. T. Financial Services, Inc 11 Mystic Street 

ATHOL 

162 Public Finance Company 516 Main Street 

ATTLEBORO 

48 Beneficial Finance Co 7 Park Street 

252 Blackstone Finance, Inc. of Attleboro 25 Bank Street 

130 Public Finance Company 39 Park Street 

BEVERLY 

58 American Finance Corp'n of Lynn 269 Cabot Street 

214 Associates Financial Services Co. of Mass 263 Cabot Street 

181 Beneficial Finance Co 236 Cabot Street 

BRAINTREE 

240 Credithriftof America Inc., No. 2 731 Granite Street 

BROCKTON 

Avco Financial Services Trust, The 250 Main Street 

Beneficial Finance Co 190 Main Street 

C. L T. Financial Services, Inc 286 North Main Street 

Commercial Credit Plaii Incorporated 228 Main Street 

Dial Finance Company of Brockton 726 Crescent Street 

G. A. C. Finance Corporation, Inc Store 3 1 B, Westgate Shopping Center 

Household Finance Corporation 136 Main Street 

Postal Finance Company 231 Main Street 

Local Finance Company of Brockton 95 Main Street 

Public Finance Company 139 Main Street 

Signal Finance Company of Brockton 57 Legion Parkway 

BROOKLINE 

160 Beneficial Finance Co 269 Harvard Street 

141 Household Finance Corporation 1330 Beacon Street 

BURLINGTON 

222 Dial Finance Company of Burlington, Mass 226 Cambridge Street 

BUZZARDS BAY 

306 Public Finance Company 137 Main Street 

CAMBRIDGE 

Beneficial Finance Co 519 Massachusetts Avenue 

Household Finance Corporation 678 Massachusetts Avenue 

Household Finance Corporation 27 White Street 

Postal Finance Company 765 Massachusetts Avenue 

Public Finance Company 495 Massachusetts Avenue 

CHELSEA 

Beneficial Finance Co 279 Broadway 

Public Finance Company 438 Broadway 

CHICOPEE 

Beneficial Finance Co 272 Exchange Street 

Household Finance Corp. of Chico pee 10 Center Street 



16 



P. D. 95 



Lie. No. 



Name 



Address 



CLINTON 

106 Associates Financial Services Co., of Mass., Inc. . . 

DEDHAM 

357 Signal Finance Company of Dedham 

EASTHAMPTON 

3 Local Finance Company of Easthampton 

EVERETT 

197 Beneficial Finance Co 

292 Family Loan Corp. of Mass 

310 Public Finance Company 

FAIRHAVEN 
351 C. I. T. Financial Services, Inc 

FALL RIVER 

28 Beneficial Finance Co 

166 Cascade Finance Company 

165 Commercial Credit Plan Incorporated 

10 Dial Finance Company of Fall River 

18 G. A. C. Finance Corporation of Fall River 

27 Household Finance Corporation 

209 Local Finance Company of Fall River 

379 Pacific Finance Loans 

37 Public Finance Company 

39 Signal Finance Company of Fall River 

367 Stanley Company, Inc. The 

FALMOUTH 

288 Beneficial Finance Co 

FITCHBURG 

375 Associates Financial Services Co. of Mass., Inc. . . . 

32 Beneficial Finance Co 

52 Household Finance Corporation 

380 Pacific Finance Loans 

273 Public Finance Company 

FRAMINGHAM 

173 Beneficial Finance Co 

178 General Finance Corp. of Framingham 

260 Household Finance Corp. of Framingham 

254 Local Finance Company of Framingham 

95 Public Finance Company 

GARDNER 

232 Beneficial Finance Co 

161 Public Finance Company 

GLOUCESTER 

59 Public Finance Company 



70 High Street 



515 Providence Highway 



62 Main Street 



449a Broadway 
427 a Broadway 
164 School 



102 Huttieston Avenue 



33 


Bedford Sti-eet 


100 


Purchase Street 


435 


Columbia Street 


259 


South Main Street 


467 


South Main Street 


13 


Borden Street 


17 


No. Main Street 


314 


So. Main Street 


114 


So. Main Street 


304 


So. Main Street 


64 


So. Main Street 



181 Main Street 



385 Main Street 

347 Main Street 

457 Main Street 

558 Main Street 

516 Main Street 



106 Concord Street 

129 A Concord Street 

40 Concord Street 

32 Union Avenue 

18 Union Avenue 



49 Parker Street 
11 Pleasant Street 



82 Main Street 



p. D. 95 



17 



Lie. No. 



Name 



Address 



GREAT BARRINGTON 
Pioneer Credit Corporation 

GREENFIELD 

Beneficial Finance Co 

Guaranty Loan Co. of Greenfield 

Household Finance Corp. of Greenfield 

HAVERHILL 

American Finance Corp. of Watertown 

Beneficial Finance Co 

Haverhill Finance Corporation 

Household Finance Corp. of Haverhill 

Pacific Finance Loans 

Public Finance Company 

HOLYOKE 

Beneficial Finance Co 

Dial Finance Company of Holyoke 

Household Finance Corporation of Holyoke . . . 

Public Finance Company 

Signal Finance Company of Holyoke 

HUDSON 
69 Public Finance Company 

HYANNIS 

Beneficial Finance Co 

Commercial Credit Plan, Incorporated 

Household Finance Corp. of Hyannis 

Local Finance Company of Hyannis 

LAWRENCE 

American Finance Corp. of Middlesex County . . . 

Avco Financial Services Trust, The 

Beneficial Finance Co 

Community Finance, Inc. of Lawrence 

Household Finance Corp. of Lawrence 

Local Loan & Finance Co., Inc 

Public Finance Company 

LEOMINSTER 

Associates Financial Services Co. of Mass., Inc. . . . 

Beneficial Finance Co 

Leominster Finance Corp 

LOWELL 

Advance Finance Company 

Beneficial Finance Co 

Beneficial Finance Co 

Central Finance Service, Inc. . 

Commercial Credit Plan, Incorporated 

Fidelity Consumer Finance Corp 

G. A. C. Finance Corp. of Lowell 

Household Finance Corporation 

Kels Investment Corporation 

Lowell Finance Co., Inc 

Merrimack Valley Finance Co., Inc 

Postal Finance Co 

Public Finance Company 



337 


Main Street 


275 


Main Street 


209 


Main Street 


158 


Main Street 


21 


Washington Square 


143 


M,errimack Street 


191 


Merrimack Street 


91 


Merrimack Street 


234 


Water Street 


181 


Merrimack Street 


560 


Dwight Street 


320 


High Street 


353 


High Street 


348 


High Street 


392 


High Street 


23 


Main Street 


436 


Main Street 


509 


Main Street 


396 


Main Street 


29 


North Street 


204 


Essex Street 


372 


Common Street 


27 


Amesbury Street 


125 


Amesbury Street 


488 


Essex Street 


79 


Common Street 


15 


Lawrence Street 


44 


Main Street 


51 


Main Street 


10 


Monument Square 


147 


Central Street 


11 


Central Street 


97 


Central Street 


19 


Palmer Street 


176 


Church Street 


40 


Central Street 


813 


Lakcview Ave. 


100 


Merrimack Street 


331 


Westford Street 


217 


Appleton Street 


1 


Merrimack Street 


219 


Central Street 


2 


Kearney Square 



18 



P. D. 95 



Lie. No. 



Name 



Address 



LYNN 

390 Aetna Finance Company 

314 American Finance Corp. of Lynn 

229 Avco Financial Services of Lynn, Inc 

122 Beneficial Finance Co 

352 C. L T. Financial Services, Inc 

371 Dial Finance Company of Lynn 

154 Household Finance Corporation 

121 Postal Finance Co 

19 Public Finance Company 

MALDEN 

391 Aetna Finance Company 

107 Beneficial Finance Co 

323 Commercial Credit Plan, Incorporated 

321 Dial Finance Company of Maiden 

6 Household Finance Corporation 

72 Public Finance Company 

227 State Loan Co., Inc 

MANSFIELD 
62 The Mansfield Finance Company, Inc 

MARLBOROUGH 

65 Beneficial Finance Co 

293 Family Loan Corporation of Marlborough 

171 Marlboro Finance Corp 

MEDFORD 

199 Beneficial Finance Co 

1 88 Household Finance Corporation 

311 Public Finance Company 

MIDDLEBOROUGH 

250 Beneficial Finance Co 

MILFORD 

207 Beneficial Finance Co 

140 Greenleaf Finance Incorporated 

373 Ideal Finance, Inc 

255 Local Finance Company of Milford 

110 Milford Finance Corporation 

NATICK 

385 Pacific Finance Loans 

NEW BEDFORD 

100 Avco Financial Services Trust, The 

44 Beneficial Finance Co 

219 Beneficial Finance Co 

336 Bristol Acceptance Trust, Inc 

46 Community Plan Incorporated 

193 Credithrift of America, Inc. No. 2 

77 Household Finance Corporation 

26 Luzo Corporation of America 

90 Public Finance Company 

7 Wamsutta Finance Co., Inc 



30 


Market Street 


26 


State Street 


56 


Central Square 


48 


State Street 


21 


State Street 


116 


Market Street 


341 


Union Street 


171A 


Union Street 


29 


Central Square 


366 


Main Street 


444 


Pleasant Street 


33 


Dartmouth Street 


3 


Pleasant Street 


60 


Pleasant Street 


15 


Pleasant Street 


482 


Main Street 



5 Old Colony Road 



214 Main Street 
132 Main Street 
217 Main Street 



16 High Street 

1 1 Salem Street 

24 Riverside Avenue 



So. Main Street 



145 Main Street 

230 Main Street 

269 Main Street 

179 Main Street 

182 Main Street 



11a West Central Street 



71 


William Street 


758 


Purchase Street 


1349 


Acushnet Avenue 


292 


Union Street 


558 


Pleasant Street 


634 


Pleasant Street 


852 


Purchase Street 


139 


Rivet Street 


801 


Purchase Street 


222 


Union Street 



p. D. 95 



19 



Lie. No. 



Name 



Address 



State Street 
Pleasant Street 



Walnut Street, NewtonviUe 
Washington St., W. Newton 



Main Street 
Main Street 
Ashland Street 



So. Washington Street 



Main Street 
Main Street 
Main Street 



NEWBURYPORT 

150 Beneficial Finance Co 80 

9 G. A. C. Finance Corporation of Newburyport ... 40 

NEWTON 

201 Beneficial Finance Co 325 

348 Brainerd Finance Company 1279 

NORTH ADAMS 

151 Beneficial Finance Co 59 

378 Pacific Finance Loans 85 

132 Postal Finance Co 14 

NORTH ATTLEBOROUGH 

54 Public Finance Company 11 

NORTHAMPTON 

264 Household Finance Corp. of Northampton 70 

35 Local Finance Company of Northampton 159 

381 Pacific Finance Loans 142 

NORWOOD 

196 Beneficial Finance Co 643 Washington Street 

282 Household Finance Corp. of Norwood 661 Washington Street 

158 Public Finance Company 705 Washington Street 

PALMER 

274 Guaranty Loan Co., of Palmer 366 Main Street 

PEABODY 

144 Household Finance Corp. of Peabody No. Shore Shopping Center 

256 Local Finance Company of Peabody 70 Main Street 

PITTSFIELD 

88 Beneficial Finance Co 361 

4 Budget Finance Plan 278 

206 C. I. T. Financial Services, Inc 346 

230 Commercial Credit Plan Incorporated 63 

366 Greylock Finance, Inc 631 

265 Household Finance Corp. of Pittsfield 86 

383 Pacific Finance Loans 415 

l70 Public Finance Company 313 

PLYMOUTH 

203 Beneficial Finance Co 25 Main Street 

QUINCY 

248 American Finance Corp. of Quincy 1620 

243 Avco Financial Services Trust 1466 

136 Beneficial Finance Co 113 

75 Family Loan Corporation of Quincy 10 

363 Homemakers Loan & Consumer Discount Co. ... 21 

180 Household Finance Corporation 148 

304 Local Finance Company of Quincy 1388 

116 Public Finance Company 1468 

169 Signal Finance Company of Quincy 8 



North Street 
North Stieet 
North Street 
Cheshire Road 
North Street 
North Stieet 
North Street 
North Street 



Hancock Street 
Hancock Street 
Parkingway 
Chestnut Street 
Franklin Street 
Parkingway 
Hancock Street 
Hancock Street 
Granite Street 



20 



P. D. 95 



Lie. No. 



Name 



Address 



RANDOLPH 

340 Dial Finance Company of Randolph 

READING 
97 G. A. C. Finance Corp. of Wakefield 

REVERE 

246 Paul Revere Loan Association, Inc 

24 Public Finance Company 

ROCKLAND 

257 Local Finance Company of Rockland 

SALEM 

1 89 American Finance Corp. of Quincy 

137 Beneficial Finance Co 

183 Household Finance Corporation 

271 Public Finance Company 

56 State Loan Co., Inc 

SAUGUS 

365 Homemakers Loan and Consumers Discount Co. . . 
198 Household Finance Corp. of Saugus 

SHREWSBURY 

349 C. I. T. Financial Services, Inc 

23 Public Finance Company 

SOMERSET 

225 Local Finance Company of Somerset 

SOMERVILLE 

33 Beneficial Finance Co 

96 Farmly Loan Corp. of SomervUle 

329 People's Finance Co. of Boston, Inc 

272 Public Finance Company 

211 State Loan Co. of SomervUle 

SOUTHBRIDGE 

294 Family Loan Corporation of Southbridge 

187 Public Finance Company 

SPRINGFIELD 

210 American Finance Corp. of Water town 

91 Associates Financial Services Co. of Mass., Inc. . . . 

276 Avco Financial Services Trust, The 

50 Beneficial Finance Co 

73 Beneficial Finance Co 

167 Commercial Credit Plan Incorp 

102 Credithrift of America, Inc. No. 2 

142 Dial I'inancc Co. of Springfield, Mass. No. 1 ... 

220 Dial Finance Company of Springfield, Mass. . . . 

364 Homemakers Loan & Consumer Discount Co. . . . 



322 North Main 



580 Main Street 



206 Broadway 
209 Squire Road 



257 Union Street 



16 
120 

75 

211 

6 



New Derby Street 
Washington Street 
Washington Street 
Essex Street 
Lynde Street 



5 Broadway 
1307 Broadway 



50 Boston Turnpike 
384-C Maple Avenue 



933 County Street 



263 


Elm Street 


415 


Highland Avenue 


59 


Union Square 


409A 


Highland Avenue 


55 


Davis Square 


1 


Elm Street 


312 


Main Street 


266 


Bridge Street 


620 


State Street 


1645 


Main Street 


526 


Sumner Avenue 


1624 


Main Street 


297 


Bridge Street 


43 


Peari Street 


479 


Breckwood Blvd. 


1173 


Main Street 


622 


State Street 



p. D. 95 



21 



Lie. No. 



Name 



Address 



SPRINGFIELD 

(Continued) 

139 Household Finance Corporation 

125 Ideal Budget Plan, Inc 

386 Pacific Finance Loans 

377 Pacific Finance Loans 

182 Postal Finance Company 

163 Public Finance Company 

212 Signal Finance Company of Springfield 

STONEHAM 
266 Household Finance Corp. of Stoneham 

STOUGHTON 
308 Local Finance Company of Stoughton 

TAUNTON 

81 Beneficial Finance Co 

268 Blackstone Finance, Inc. of Taunton 

258 Local Finance Company of Taunton 

185 Postal Finance Company 

WAKEFIELD 

237 Beneficial Finance Co 

376 Ford Motor Credit Company 

WALPOLE 

156 Dial Finance Company of Walpole 

WALTHAM 

392 Aetna Finance Company 

244 Avco Financial Services Trust, The 

135 Beneficial Finance Co 

79 Household Finance Corporation 

42 Pacific Finance Loans 

123 Public Finance Company 

WATERTOWN 

334 American Finance Corporation of Watertown . . . 

20 Associates Financial Services Co. of Mass., Inc. . . . 

138 Dial Finance Company of Watertown 

WEBSTER 

164 Beneficial Finance Co 

168 People's Finance Company, Inc 

WESTFIELD 

112 Beneficial Finance Co 

108 Pioneer Loan & Finance Corporation 

285 Public Finance Company 



1431 


Main Street 


1660 


Main Street 


390 


Dickinson Street 


1211 


Boston Road 


1228 


Main Street 


1567 


Main Street 


653 


Boston Road 


83 


Main Street 



54 Porter Street 



75 Main Street 

6 Trescott Street 

3 Main Street 

4 Cedar Street 



407 Main Street 
43 Tuttle Street 



940 Main Street 



877 


Main Street 


24 


Crescent Street 


355 


Moody Street 


333 


Moody Street 


21 


Main Street 


389 


Moody Street 


34 


Mt. Auburn Street 


8 


Bigelow Avenue 


2A 


Mt. Auburn Street 


224 


Main Street 


127 


Main Street 


26 


Main Street 


99 


Elm Street 


53 


Elm Street 



22 



P. D. 95 



Lie. No. 



Name 



Address 



WEYMOUTH 

372 Commerdal Credit Plan, Incorporated 809 Washington Street 

EAST WEYMOUTH 

127 Household Finance Corp. of Weymouth 116 Main Street 

WHITINSVILLE 

315 Dial Finance Co. of WhitinsviUe 185 Church Street 

WILBRAHAM 

78 Associates Financial Services Co. of Mass., Inc. ... 6 StoneyhiU Road 

WINTHROP 

342 Highland Enterprises, Inc 196 Hagman Road 

WOBURN 

128 American Financial Corp. of Middlesex County .. 446 Main Street 

205 Beneficial Finance Co 371 Main Street 

259 Local Finance Company of Woburn 343 Main Street 

WORCESTER 

124 Associates Financial Services Co. of Mass., Inc. ... 27 Pearl Street 

68 Avco Financial Services Trust, The 285 Park Avenue 

115 Beneficial Finance Co 36 Franklin Street 

157 Beneficial Finance Co 2 Foster Street 

270 Beneficial Finance Co 1086 Main Street 

174 Budget Finance Plan 55 Pleasant Street 

331 City Finance, Inc 289 Main Street 

94 Commercial Credit Plan Incorporated 945 Grafton Street 

327 Consumers Financial Services Trust 8 Norwich Street 

126 Dial Finance Company of Worcester 544 Main Street 

337 G. A. C. Finance Corp. of Worcester 74 Franklin Street 

131 Household Finance Corporation 545G Lincoln Street 

224 Household Finance Corporation 390 Main Street 

316 Household Finance Corp. of Worcester 1073 Main Street 

34 Italian Finance Company of Worcester 157 Shrewsbury Street 

382 Pacific Finance Loans 99A Stafford Street 

384 Pacific Finance Loans 534 Lincoln Street 

228 Postal Finance Company 405 Main Street 

13 Public Finance Company 390 Main Street 

213 Signal Finance Company of Worcester 496 Park Avenue 



Public Document 



No. 95 



SljF Cttnmmnnm^altlj nf MaBBntlpxBfttB 



HVISION OF BANKS AND LOAN AGENCIES 




indent Documents 
., Collector; 

FRANCIS W. SARGENT 

Governor 

ANNUAL REPORT 

OF THE 

COMMISSIONER OF BANKS 

FOR THE 

YEAR ENDING DECEMBER 31. 1973 

RELATING TO 

LICENSED SMALL LOAN LENDERS 



p.iKlirHtii.n of this D vp proved by Aiir 



M 9-74-10599 1 



Purchasing Agent 
Estimated Cost Per Copy : $ .69 



Oll^r (Eomnuinujfallii af MuB^utl^uatttB 




DIVISION OF BANKS AND LOAN AGENCIES 



Leverett Saltonstall Building, Government Center 
100 Cambridge Street, Boston 



Commissioner of Banks 
FREYDA P. KOPLOW 

Deputy Commissioner of Banks 
CARMINE T. PALLOTTA 

Deputy Commissioner of Banks and General Counsel 
EDWARD F. FLYNN, JR. 

Supervisor of Loan Agencies 
ROBERT S. LEADBETTER 

Assistant Supervisor and Rate Analyst 
ALFRED P. QUIRK 



P.D. 95 



OFFICE OF THE COMMISSIONER OF BANKS 



Leverett Saltonstall Building, Government Center 
100 Cambridge Street, Boston 

July 18, 1974 



TO THE HONORABLE SENATE AND 
HOUSE OF REPRESENTATIVES OF 
THE COMMONWEALTH OF 
MASSACHUSETTS: 



I have the honor of submitting to you 
herewith the Annual Report of the Com- 
missioner of Banks relating to Licensed 
Small Loan Lenders, pursuant to the 
provisions of General Laws, Chapter 140, 
Section 98. 

The financial statements and 
miscellaneous data incorporated herein 
pertaining to Licensed Small Loan Lenders 
are for the year ended December 31, 1973. 

Respectfully, 

FREYDA P. KOPLOW 

Commissioner of Banks 



P.D.95 



General Laws, Chapter 140, Section 98, requires that "The Commissioner shall 
make an annual report and shall forward therewith a copy of such returns or so 
much thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of adding 
together the individual reports filed by each licensee. These reports are executed on 
a form and in a manner prescribed by the Commissioner. The department vouches 
for the process of addition, the process by which the additions were arrived at 
following their filing — as the industry guarantees their accuracy and reliability as 
they were inserted in the individual reports. In some cases, as always, the reports 
were adjusted when not executed in accordance with instructions. In all such cases 
the licensee was notified and acknowledged the changes. 

As of December 31, 1973, there were three hundred and three small loan licenses 
outstanding. 

During the calendar year, 1973, 177,037 loans of $3,000 or less amounting to 
$189,154,748.16 which is less unearned charges, were made. These figures 
represent a decrease of 14,664 in the number of loans made and a decrease of 
$7,265,509.49 in the net amount of loans made during the previous twelve month 
period. 

The average net loan made for the period was $1,068.45 as compared to $1,024.62 
for the calendar year 1972. 

On December 31, 1973, there were 213,671 regulated loans of $3,000 or less 
outstanding with a face value of $247,266,865.32 which includes unearned charges 
amounting to $47,543,443.55. These figures represent a decrease of 7,782 in the 
number and an increase of $3,552,047.35 in the amount of net loans outstanding 
since the beginning of the calendar year. 

The discrepancy between the number and amount of net loan balances out- 
standing at the beginning of the period as shown in Exhibit D of this report and the 
number and amount of net loan balances outstanding at the end of the period as 
shown in Exhibit D of the previous report is due to sale of assets or non-renewal of 
licenses of five licensees. Annual reports for these five companies were used in the 
compilation of the previous report but reports were not filed for the calendar year, 
1973. 

It is the opinion of this department that the net loan balances outstanding at the 
beginning of the period must be considered to truly reflect the total activity of the 
loan industry in the Commonwealth for the calendar year, 1973. 

The average net loan outstanding on December 31, 1973 was $934.72 as com- 
pared with $885.84 on December 31, 1972. 

Total regulated loans of $3,000 or less charged off for the period amounted to 
$6,652,771.56. 

Gross income for the period totaled $41,698,258.41 of which $446,133.69 
represents recoveries on loans previously charged off and $239,639.24 represents 
other income. Operating expenses aggregating $18,655,356.10 include 
$3,296,458.59 of home office expenses; charge-offs on bad debts amounting to 
$1,502,267.30 and an addition of $4,134,190.32 to the valuation reserve combine to 
make a total expense of $24,291,813.72 which, deducted from gross income, leaves 
a balance of $17,406,444.69 representing net earnings before deductions of interest 
on borrowed funds and federal income taxes. A net earnings figure of $3,152,408.51 
remains after deducting interest on borrowed funds amounting to $11,631,878.09 
and federal income taxes amounting to $2,622,158.09. 

As of December 31, 1973, the book assets amounted to $218,822,210.91. The 
cash in office and in banks amounted to $2,225,135.57 which includes $282,915.29 
in compensating balances. Home office assets allocated to Massachusetts licensees 
consist of cash of $5,562,638.45 and other assets of $14,348,043.02 making a total 



P.D. 95 



of $19,910,681.47. Compensating balances included in the allocation amount to 
$2,370,592.89 which when totaled will produce compensating balances of 
$2,653,508.18. Total assets as shown in Exhibit B less compensating balances 
produce assets of $216,168,702.73. 

This department does not consider compensating balances to be assets. They are 
used here as a deduction of the liabiUty. 

The figures included in the following schedules are compiled from annual reports 
to the Commissioner of Banks as represented by aU licensed lenders. 

All common asset and expense accounts are allocated on a formula established by 
this department. 

The maximum interest charge permitted on loans of $3,000 or less for licensed 
small loan lenders is 2V2 % per month on any part of the unpaid principal balance 
not exceeding $200; 2 % per month on any part of the unpaid principal balance 
exceeding $200 but not exceeding $600; 1 Va % per month on that part of the unpaid 
principal balance exceeding $600 but not exceeding $1,000; % of 1 % per month on 
any part of the unpaid principal balance exceeding $1,000. 

Such maximum interest charge shall not exceed 6 % per annum after the ter- 
mination of one year after maturity of the loan. 

The maximum interest charge permitted on loans of $3,000 or less for unlicensed 
lenders is one percent per month on the unpaid principal balance which must in- 
clude all fees and expenses of every name, nature and description. 

However, the maximum interest charge permitted on loans of more than 
$1,500.00, secured wholly or partially by a mortgage on real estate, other than a 
first mortgage, having an assessed value of not over forty thousand dollars and 
having thereon a dwelling house with accommodations for six or less separate 
households and occupied in whole or in part at the time the loan is made as a home 
by the obligor on the mortgage debt or by any person granting or releasing any 
interest under said mortgage, is an amount equivalent to one and one half percent a 
month computed on the unpaid balance including all fees and expenses of every 
name, nature and description except actual recording fees and reasonable at- 
torney's fees. 



P.D.95 



TABLE OF EXHIBITS 



EXHIBIT A. Legislation. 

EXHIBIT B. Composite Statement of Assets 

(Loan Business of $3,000 or Less). 

EXHIBIT C. Composite Statement of Income and Expense 

(Loan Business of $3,000 or Less). 

EXHIBIT D. Analysis of Loans by Size 

(Loans of $3,000 or Less). 

EXHIBIT E. Analysis of Loans by Types of Security 

(Loans of $3,000 or Less). 

EXHIBIT F. Analysis of Loans Made for Last Five Years 

(Loans of $3,000 or Less). 

EXHIBIT G. Suits, Possession and Sale of Chattels 

(Loans of $3,000 or Less). 

EXHIBIT H. Consolidated Statement of Financial Condition 

(Total Loan and Finance Business) 

EXHIBIT I. Consolidated Statement of Income and Expense 

(Total Loan and Finance Business). 

EXHIBIT J. List of Licensed Small Loan Agencies. 



P.D.95 



LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 
ACTS AND RESOLVES OF 1973 



CHAPTER 



AMENDMENT TO: 



19 G. L. C, 140, s. 90A 



20 G. L. C. 255C, s. 1 and 2 



21 G. L. C. 93C, s. 1, 3, 5 

and 6 



115 G. L. C. 183, s. 29 

168 G. L. C. 151B, s. 4, new 

subsec. 14 

273 G. L. C. 140, s. 114B 

G. L. C. 140C, s. 1 and 6B 
G. L. C. 255D, s. 27 

299 G. L. C. 183, s. 61 



325 G. L. C. 151B. s. 4, 
subsec. 14 



512 G. L. C. 255C, s. 22 



629 G. L. C. 255, s. 131 and 13J 
G. L. C. 255B, s. 20A and 
20B 
G. L. C. 255D, s. 21 and 22 



DESCRIPTION 

An Act providing that the law regulating 
interest on certain home mortgages 
shall apply to dwelling houses having 
an assessed value of not more than 
forty thousand dollars. 

An Act making certain corrective changes 
in the law relative to insurance 
premium finance agencies subject to 
the supervision of the commissioner of 
banks. 

An Act making certain changes in the law : 
relative to the protection of consumers; 
against careless and erroneous billings 
subject to the supervision of the 
commissioner of banks. 

An Act regulating interest rate increases 
on certain mortgage loans. 

An Act prohibiting discrimination because 
of sex or marital status in the fur- 
nishing of credit and services. 

An Act relative to the computation of 
finance charges in connection with 
certain open end credit accounts. 

An Act requiring the payment of interest 
by mortgagees on certain real estate 
tax deposits. 

An Act providing for recovery of damages 
for discrimination because of sex or 
marital status in the furnishing of 
credit and services. 

An Act authorizing insurance agents or 
brokers to add on certain charges for 
the late payment of insurance 
premiums. 

An Act relative to taking possession of 
collateral and deficiency judgments. 



799 



G. L. C. 106, s. 2-316A 



An Act further regulating the limitation, 
exclusion or waiver of warranties in the 
sale of consumer goods and services. 



P.D.95 



802 G. L. C. 1400, s. 4(a)(3) 

s. 6(a) 
s. 6(b)(5)(6) 
s. 6(c) 
G. L. C. 255D, s. 27 



An Act relative to consumer credit cost 
disclosure and making corrective and 
other changes in the law relative to 
retail installment sales and services 
subject to the supervision of the 
commissioner of banks. 



924 



925 



G. L. C. 255D, s. 1, new 
s. IIA and IIB 



G. L. C. 4, s. 7 etc. 



An Act further regulating certain retail 
installment sales and services in 
connection with use of merchandise 
certificates and coupons. 

An Act establishing the age of majority for 
certain legal purposes as eighteen years 
of age. 



1149 



G. L. C. 93, s. 24C 

G. L. C. 140, s. 97 

G. L. C. 167, s. 2 

G. L. C. 167A, s. 4A 

G. L. C. 168, s. 4, 5, 72, 73 

and 78 

G. L. C. 170, s. 3, 12, 47 

and 48 

G. L. C. 172, s. 7, 11 and 38 

G. L. C. 172A, s. 2, 12 and 

12A 

G. L. C. 255B, s. 2, 3 and 5 

G. L. C. 255C, s. 3 and 6 

G. L. C. 255D, s. 2, 3 and 5 



An Act increasing certain fees payable to 
the commonwealth. 



P.D. 95 



OIl)p (Eommonmralt!) of IHafiaarliuBrttB 

ANNUAL REPORT TO THE COMMISSIONER OF BANKS 

FOR THE YEAR ENDED DECEMBER31, 1973 
(General Laws, Chapter 140, Section 98) 



EXHIBIT B 

COMPOSITE STATEMENT OF ASSETS, DECEMBER 31, 1973 
(Loan Business of $3,000 or Less) 

Licensed Agencies 

303 



$ 247,266,865.32 

47,543,443.55 

6,144,087.90 

$ 193,579,333.87 

2,225,135.57 

235,336.97 

1,463.500.88 
523,230.44 



Receivables: 

(a) Gross Amount 

(b) Less: Unearned Charges 

(c) Less: Allowance for Bad Debts 

(d) Net Receivables 

Cash in Office and in Banks 

Real Estate (Less Allowance for 

Depreciation — Buildings) 

Furniture, Fixtures and Equipment 

(Less Allowance for Depreciation) 

Deferred Charges or Prepaid Expenses 

Other Assets: 

(a) Organization and Development Expense .. . $ 2,793.51 

(b) Cost of Financing 7,193.73 

(c) Investments 245,815.62 

(d) Miscellaneous Notes and Accounts 

Receivables 386,486.68 

(e) Miscellaneous 242,702.17 

Total Assets 

Home Office Assets Allocated to 

Massachusetts Licensees 

Total 

Compensating Balances included in Cash 
Compensating Balances Included in Home Office Assets 
Allocated to Massachusetts Licensees 

Total Compensating Balances Included in Assets 



884,991.71 



$ 198,911,529.44 

19,910,681.47 
$ 218,822,210.91 

282,915.29 

2,370,592.89 

$2,653,508.18 



P.D. 95 9 

EXHIBIT C 

COMPOSITE STATEMENT OF INCOME AND EXPENSE 
FOR THE YEAR ENDED DECEMBER31, 1973 
(Loan Business of $3 ,000 or Less) 

GROSS INCOME 

Charges collected and/or earned $ 40,165,638.61 

Delinquency charges collected 846,846.87 

Collection on accounts previously charged off .... 446,133,69 

Other Income: 

(a) Gain on Sale of Assets $ 18,418.90 

(b) Income from Investments 15,809.59 

(c) Miscellaneous 205,410.75 239,639.24 



Total Gross Income $ 41,698,258.41 



EXPENSES OF CONDUCTING BUSINESS 

Advertising $ 959,010.02 

Auditing 80,046.59 

Bad Debts: 

(a) Charged Off $1,502,267.30 

(b) Addition to Reserve 4,134,190.32 5,636,457.62 

Depreciation of Furniture, Fixtures and 

Equipment 326,523.53 

Recording and Acknowledging Fees 6,712.74 

Insurance and Fidelity Bonds 78,671.74 

Legal Fees and Disbursements 397,389.76 

Postage and Express 345,504.93 

Printing, Stationery and Supplies 227,968.77 

Rent 1,426,078.96 

Salaries 7,051,688.05 

Supervision and Administration 547,601.75 

Taxes (Excluding Federal Taxes on Income) 

(a) State Income 489,039.37 

(b) License Fees 75,260.00 

(c) All Other Taxes 756,170.06 1,320,469.43 

Telephone and Telegraph 984,830.17 

Travel 246,803.55 

Other Expenses of Conducting Business 1,359,598.20 



Total $ 20,995,355.15 

Total Home Office Expenses 3,296,458.57 

Cost of Borrowed Funds 11,631,878.09 



Total Expenses $ 35,923,691.81 



Net Earnings Before Federal Income Taxes 5,774,566.60 



Federal Income Taxes 2,622,158.09 



I Total Expenses After Income Taxes $ 38,545,849.90 



Net Earnings After Income Taxes and Interest 

on Borrowed Funds $ 3,152,408.51 



10 P.D. 95 

EXHIBIT D 

ANALYSIS OF LOANS BY SIZE 
(Loans of $3, 000 or Less) 



Number Amount 



Total Loan Balances Outstanding (Less Unearned 

Charges) at Beginning of Period 220,548 $195,807,754.89 

Loans made during the period: 

(a) Loans of $ lOO.OOorLess 1,414 105,130.31! 

(b) Loans of $ 100.01to$ 200.00 7,567 1,090,418.62 

(c) Loans of $ 200.01to$ 300.00 14,690 3,469,120.08 

(d) Loans of $ 300.01 to $ 400.00 14,528 4,877,995.85^ 

(e) Loans of $ 400.01to$ 500.00 12,242 5,394,030.51, 

(f) Loans of $ 500.01to$ 600.00 16,648 9,052,235.85 

(g) Loans of $ 600.01 to $1,000.00 33,667 26,165,037.16 

(h) Loansof $1,000.01 to$l, 500. 00 30,630 37,133,940.26 I 

(i) Loans of $1,500.01 to $3,000.00 45,651 101,866,839.52 



Total Loans made during the period 177,037 $189,154,748.16 

Loan Balances purchased during the period 10,146 9,202,852.84 

Loan Balances sold during the period 8,515 8,251,431.73 

Loan Balances charged off during the period 9,561 6,652,771.56 

Collections during the period — 179,537,730.83 



Total Loan balances outstanding (Less Unearned 

Charges) at the end of the period 213,671 $199,723,421.77 



EXHIBIT E 

ANALYSIS OF LOANS BY TYPES OF SECURITY 
(Loans of $3,000 or Less) 



Loans made during the period based in 
whole or in large part on: 



Number Amount 



(a) Chattel Mortgages on Household Goods 73,798 $108,940,578.48 

(b) Automobiles 10,812 15,226,365.16 

(c) Real Estate 192 414,189.17' 

(d) Other Chattels 2,382 2,940,912.50; 

(e) Unsecured Notes 81,605 54,677,897.76! 

(f) Endorsedand/or Co-maker Notes '7,113 5,767,472.661 

(g) Wage Assignments 292 263,659.17 \ 

(h) Other Considerations 843 923,673.26 ! 



Total 177,037 $189,154,748.16 



P.D. 95 



11 



EXHIBIT F 



ANALYSIS OF LOANS MADE FOR LAST FIVE YEARS 
(Loans of $3,000 or Less) 



1969 1970 1971 1972 1973 

Number 226,091 203,730 191,982 191,701 177,037 

Amount: 

$189,160,506.90 $182,453,641.71 $180,696,478.79 $196,420,257.65 $189,154,748.16 

EXHIBIT G 

SUITS, POSSESSION AND SALE OF CHATTELS 
(Loans of $3 ,000 or Less) 

Number Amount 

Suits of Recovery: ' 

(a) Pending at close of previous period 3,880 $3,247,643.14 

(b) Instituted during period 1-621 1,642,512.78 

(c) Total 5,501 $4,890,155.92 

(d) Judgment secured during period 986 $ 977,121.60 

(e) Settled before judgment during the period 811 682,399.46 

(f) Total 1'''9'' $1,659,521.06 

(g) Pending at close of current period 3,704 $3,230,634.86 

Wage Assignments filed during the period 13 $ 13,818.52 

Possession of Chattels obtained by licensees: 

(a) By legal process or contract right: 

(1) Household goods ^ 

(2) Automobiles 44 $ 54,355.37 

(3) Other Chattels and Property 5 4,773.85 

(b) By Voluntary surrender: 

(1) Household Goods 14 13,695.51 

(2) Automobiles 57 93,552.35 

(3) Other Chattels and Property 8 10,709.34 

Sales of Chattels by Licensees: 

Number Amount Due Amount Collected 

(a) With borrower's consent 49 $76,733.61 $ 33,372.79 

(b) Without borrower's consent 49 $75,395.39 $ 21,872.35 



12 P.D. 95 

EXHIBIT H 

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION, DEC. 31, 1973 
(Total Loan and Finance Business) 

ASSETS 
Receivables: 

(a) Gross Amount $301,785,380.67 

(b) Less: Unearned Charges 50,507,517.87 

(c) Less: Allowance for bad debts 7,605,581.07 

(d) Net Receivables $243,672,281.73 

Cash in office and in banks 3,307,003.46 

Real Estate (Less Allowance for 

Depreciation — Buildings) 1,714,746.96 

Furniture, Fixtures, Equipment (Less 

Allowance for Depreciation) 1,813,483.56 

Deferred charges or prepaid expenses 601,762.08 

Other Assets: 

(a) Organization or development expense $ 3,248.79 

(b) Cost of Financing 7,522.46 

(c) Investments 613,023.84 

(d) Miscellaneous Notes and Accounts 

Receivables 806,748.12 

(e) Miscellaneous 361,834.68 1,792,377.89 



Total Assets $252,901,655.68 



Home Office Assets allocated to 

Massachusetts Licensees $ 22,883,247.16 



Total $275,784,902.84 



LIABILITIES AND CAPITAL 

Accounts and Notes Payable: 

(a) Banks $ 9,032,431.47 

(b) Due to Parent Company or Affiliate 104,886,637.15 

(c) Other Short Term Notes and Accounts .... 4,033,700.61 $117,952,769.23 

Bonds 277,758.00 

Long Term Notes 2,884,369.38 

Investment Certificates 2,884,894.81 

Other Liabilities: 

(a) Accrued Expense 634,432.37 

(b) Other Expense Reserves 1,378,360.26 2,012,792.63 

Branch Office Capital 103,208,175.12 

Net Worth (If Individual or Partnership) 75,269.29 

Capital Stock (If Corporation): 

(a) Preferred 2,110,336.82 

(b) Common 5,503,952.01 7,614,288.83 

Paid in Surplus 9,895,296.07 

Appropriate Surplus or Capital Reserve 1,258,667.94 

Retained Earnings 4,837,374.38 

Total Liabilities and Capital $252,901,655.68 



Compensating Balances included in cash $ 579,965.01 

Compensating Balances included in home office 

Assets allocated to Massachusetts licensees ... 4,117,742.72 



Total compensating balances included in assets .. $ 4,697,707.73 



P.D. 95 13 

EXHIBIT I 

CONSOLIDATED STATEMENT OF INCOME AND EXPENSE 

FOR THE YEAR ENDED DECEMBER 31, 1973 

(Total Loans and Finance Business) 

GROSS INCOME 

Charges collected and/or earned $47,575,728.78 

Delinquency charges collected 987,201.88 

Collections on accounts previously charged off . . . 571,062.29 

Other Income: 

(a) Gain on Sale of Assets $ 72 ,885.42 

(b) Income from investments 226,004.79 

(c) Miscellaneous 385,778.36 684,668.57 



Total Gross Income $49,818,661.52 

EXPENSES OF CONDUCTING BUSINESS 

Advertising $1,079,097.67 

Auditing 107,998.10 

Bad Debts: 

(a) Charged Off $1,634,686.77 

(b) Addition to Reserves 5,178,978.66 6,813,665.43 

Depreciation of Furniture, Fixtures and 

Equipment 432,055.77 

Recording and Acknowledging Fees 8,457.70 

Insurance and Fidelity Bonds 116,244.32 

Legal Fees and Disbursements 491,086.16 

Postage and Express 426,081.32 

Printing, Stationery and Supplies 285,017.18 

Rent 1,724,057.34 

Salaries 8,709,519.00 

Supervision and Administration 661,417.37 

Taxes (Excluding Federal Taxes on Income): 

(a) State Income $ 600,757.72 

(b) License Fees 124,325.77 

(c) All Other Taxes 956,298.14 1,681,381.63 

Telephone and Telegraph 1,200,351.32 

Travel 309,174.32 

Other Expenses of Conducting Business 1,841,936.00 



Total $25,887,540.63 

Total Home Office Expense 4,029,049.63 

Cost of Borrowed Funds 14,407,183.00 



Total Expenses $44,323,773.26 



Net Earnings Before Federal Income Taxes $ 5,494,888.26 



Federal Income Taxes $ 2,911 ,237.85 



Total Expenses After Income Taxes $47,235,011.11 



Net Earnings After Income Taxes and 

Interest on Borrowed Funds $ 2,583,650.41 



14 



P.D.95 



EXHIBIT J 



LICENSED SMALL LOAN AGENCIES 



Following is a list of those engaged in the business of making small loans 
in the cities and towns in Massachusetts and licensed as of May 31 , 1974 . 



Lie. No. 



Name 



Address 



53 

63 

22 

57 

231 

204 

235 

149 

43 

238 

89 

93 

217 

186 

394 

396 

360 

16 

82 

202 

143 

208 

320 

5 

354 

374 

111 

200 

216 

305 

61 

184 

218 

145 

347 



341 



98 



326 
297 



BOSTON 

Beatty, Charles S., Company 7 Water Street 

Belmont Finance Company 501 Washington Street 

Beneficial Finance Co 77 Summer Street 

Beneficial Finance Co 1 Court Street 

Beneficial Finance Co 1257 River St., Hyde Park 

Beneficial Finance Co 4640 Washington St., Roslindale 

Beneficial Finance Co 105 Dorchester St., So. Boston 

Blazer Financial Services, Inc 359 Washington St., Brighton 

Blazer Financial Fervices, Inc 1457 Dorchester Ave., Dorchester 

Coleman Acceptance Trust 18 Tremont Street 

Commercial Credit Plan Incorporated . . . 150 Tremont Street 

Dial Finance Company of Boston, Inc. ... 15 School Street 

Dial Finance Company of Boston No. 2, Inc. 38 Chauncy Street 

Dial Finance Company of Boston No. 1, Inc. 31 St. James Avenue 

Friendly Loan Corporation 21 Porter St., E. Boston 

GAC Finance Inc. of Massachusetts 1545 Blue Hill Ave., Mattapan 

Globe Financial Services, Inc 677 Beacon Street 

Household Finance Corporation 151-162 Tremont Street 

Household Finance Corporation 294 Washington Street 

Household Finance Corporation 59 Temple Place 

Household Finance Corporation 735 Morrissey Blvd., Dorchester 

Household Finance Corporation of Boston 679 Canterbury St., Roslindale 

Merit Finance Company, Inc 73 Tremont Street 

Nestor-Hall Company 7 Water Street 

Postal Finance Company, Inc 262 Washington Street 

Postal Finance Company, Inc 58 Winter Street 

Public Finance Company 333 Washington Street 

Public Finance Company 31 St. James Avenue 

Public Finance Company 333 Washington Street 

Public Finance Company 1492 Dorchester Ave., Dorchester 

Public Finance Company 230 Meridian St., E. Boston 

Public Finance Company 1266 River St., Hyde Park 

Public Finance Company 4252 Washington St., Roslindale 

State Loan Co 120 Boylston Street 

Sumner Finance Company 262 Washington Street 

AGAWAM 

C. I. T. Financial Services, Inc 324 Walnut Street 

ANDOVER 

Andover Finance Company Musgrove Bldg., Elm Square 

ARLINGTON 

American Finance Corp. of Middlesex County 457 Massachusetts Ave. 

C. I. T. Financial Services, Inc 11 Mystic Street 



P.D. 95 



15 



Lie. No. Name Address 

ATHOL 

162 Public Finance Company 516 Main Street 

ATTLEBORO 

48 Beneficial Finance Co 32 Park Street 

405 Postal Finance Company 25 Bank Street 

130 Public Finance Company 39 Park Street 

BEVERLY 

58 American Finance Corp. of Lynn 269 Cabot Street 

214 Associates Financial Services Co. of Mass. . 263 Cabot Street 

181 Beneficial Finance Co 236 Cabot Street 

BRAINTREE 

240 Credithrift of America Inc. No. 2 731 Granite Street 

BROCKTON 

289 A vco Financial Services Trust, The 250 Main Street 

133 Beneficial Finance Co 190 Main Street 

84 Commercial Credit Plan Incorporated 228 Main Street 

C. I. T. Financial Services, Inc 286 North Main Street 

Dial Finance Company of Brockton, Inc. . . . 726 Crescent Street 

GAC Finance Inc. of Massachusetts Store 31B, Westgate Shopping Center 

Household Finance Corporation 136 Main Street 

Local Finance Company of Brockton, Inc. . . 95 Main Street 

Postal Finance Company, Inc. ...... 121 Main Street 

Public Finance Company 139 Main Street 

Signal Finance Company of Mass., Inc 57 Legion Parkway 

BROOKLINE 

Beneficial Finance Co 269 Harvard Street 

Household Finance Corporation 1330 Beacon Street 

BILLERICA 

Dial Finance Co. of Burlington Mass., Inc. . 700 Boston Road 

BUZZARDS BAY 

Public Finance Company 137 Main Street 

CAMBRIDGE 

Beneficial Finance Co 519 Massachusetts Ave. 

Household Finance Corporation 678 Massachusetts Ave. 

Household Finance Corp. of Cambridge .... 27 White Street 

Postal Finance Company 519 Massachusetts Ave. 

Public Finance Company 495 Massachusetts Ave. 

CHELSEA 

' Public Finance Company 438 Broadway 

CHICOPEE 

Beneficial Finance Co 272 Exchange Street 

Household Finance Corp. of Chicopee 1q Center Street 

CLINTON 

Associates Financial Serv. Co. of Mass., Inc. 70 High Street 
EASTHAMPTON 

Local Finance Company of Easthampton, Inc. 62 Main Street 



16 



P.D. 9r 



Lie. No. Name Address 

EVERETT 

197 Beneficial Finance Co 449a Broadway 

292 Blazer Financial Services, Inc 427a Broadway 

310 Public Finance Company 164 School Street 

FAIRHAVEN 

38 C. I. T. Financial Services, Inc 102 Huttleston Avenue 

FALL RIVER 

28 Beneficial Finance Co 33 Bedford Street 

165 Commercial Credit Plan Incorporated 435 Columbia Street 

10 Dial Finance Company of Fall River, Inc. . 259 South Main Street 

398 GAC Finance Inc. of Massachusetts 1467 South Main Street 

27 Household Finance Corporation Store #1, Harbor Mall 

209 Local Finance Company of Fall River, Inc. 17 North Main Street 

379 Pacific Finance Loans 314 South Main Street 

37 Public Finance Company 114 South Main Street 

367 Stanley Company, Inc., The 64 North Main Street 

FITCHBURG 

375 Associates Financial Serv. Co. of Mass., Inc. 385 Main Street 

32 Beneficial Finance Co 347 Main St. and 349 Main St. 

52 Household Finance Corporation . 457 Main Street 

380 Pacific Finance Loans 558 Main Street 

273 Public Finance Company 516 Main Street 

FRAMINGHAM 

51 Avco Financial Services Trust, The 1 Framingham Center 

173 Beneficial Finance Co 106 Concord Street 

260 Household Finance Corp. of Framingham .. 40 Concord Street 
254 Local Finance Company of Framingham, Inc. 32 Union Avenue 

95 Public Finance Company 18 Union Avenue 

GARDNER 

232 Beneficial Finance Co 49 Parker Street 

161 Public Finance Company 11 Pleasant Street 

GLOUCESTER 

59 Public Finance Company 82 Main Street 

GREAT HARRINGTON 

8 Pioneer Credit Corporation 337 Main Street 

GREENFIELD 

146 Beneficial Finance Co 275 Main Street 

153 Guaranty Loan Co. of Greenfield, Inc 209 Main Street 

283 Household Finance Corp. of Greenfield .... 158 Main Street 

HAVERHILL 

233 American Finance Corp. of Middlesex County 21 Washington Square 

105 Beneficial Finance Co 143 Merrimack Street 

346 Haverhill Finance Corporation 191 Merrimack Street 

261 Household Finance Corp. of Haverhill 91 Merrimack Street 

393 Pacific Finance Loans 234 Water Street 

120 Public Finance Company 109 Merrimack Street 

HOLYOKE 

40 Beneficial Finance Co 560 Dwight Street 

215 Dial Finance Company of Holyoke, Inc 320 High Street 



P.D. 95 



17 



Lie. No. Name 

245 Household Finance Corp. of Holyoke 

175 Public Finance Company 

291 Signal Finance Company of Mass., Inc 

HUDSON 

69 Public Finance Company 

HYANNIS 

Avco Financial Services Trust, The 

Beneficial Finance Co 

Commercial Credit Plan, Inc 

Household Finance Corp. of Hyannis 

Local Finance Company of Hyannis, Inc 

LAWRENCE 

American Finance Corp. of Middlesex County 

Avco Financial Services Trust, The 

Beneficial Finance Co 

Household Finance Corp. of Lawrence 

Local Loan & Finance Co., Inc 

Public Finance Company 

LEOMINSTER 

83 Associates Financial Serv. Co. of Mass., Inc. . 

148 Beneficial Finance Co 

155 Leominster Finance Corporation 

LOWELL 

Advance Finance Company 

Beneficial Finance Co 

Beneficial Finance Co 

Blazer Financial Services, Inc 

Commercial Credit Plan Incorporated 

GAC Finance Inc. of Massachusetts 

Household Finance Corporation 

Kels Investment Corporation 

Lowell Finance Company, Inc 

Merrimack Valley Finance Co. Inc 

Postal Finance Company, Inc 

Public Finance Company 

LYNN 

Aetna Finance Company 

American Finance Corp. of Middlesex County 

Avco Financial Services Trust, The 

Beneficial Finance Co 

C. I. T. Financial Services, Inc 

Dial Finance Company of Lynn, Inc 

Household Finance Corporation 

Postal Finance Company 

Public Finance Company 

MALDEN 

Aetna Finance Company 

Beneficial Finance Co. . 

Commercial Credit Plan Incorporated 

Dial Finance Company of Maiden, Inc 

Household Finance Corporation 



A ddress 

353 High Street 
348 High Street 
392 High Street 



23 Main Street 



Building 


#2, Capetown Center 


436 


Main Street 


509 


Main Street 


396 


Main Street 


29 


North Street 


204 


Essex Street 


372 


Common Street 


27 


Amesbury Street 


488 


Essex Street 


79 


Common Street 


15 


Lawrence Street 



44 Main Street 
51 Main Street 
10 Monument Square 



147 Central Street 

11 Central Street 

97 Central Street 

40 Central Street 

176 Church Street 

74 Merrimack Street 

94 Merrimack Street 

331 Westford Street 

217 Appleton Street 

1 Merrimack Street 
24 Merrimack Street 

2 Kearney Square 



30 Market Street 

26 State Street 

140 Union Street 

48 State Street 

21 State Street 

116 Market Street 

30 Central Avenue 

171A Union Street 

29 Central Square 



366 Main Street 

444 Pleasant Street 

33 Dartmouth Street 

3 Pleasant Street 

60 Pleasant Street 



18 



P.D. 95 



Lie. No. Name 

72 Public Finance Company 15 

227 State Loan Co., Inc 482 

MANSFIELD 

62 The Mansfield Finance Company, Inc 5 

MARLBOROUGH 

65 Beneficial Finance Co 214 

31 Blazer Financial Services, Inc 132 

171 Marlboro Finance Corporation 219 

MEDFORD 

199 Beneficial Finance Co 16 

188 Household Finance Corporation 11 

31 1 Public Finance Co 24 

MIDDLEBOROUGH 

250 Beneficial Finance Co 6 

MILFORD 

207 Beneficial Finance Co 145 

140 Greenleaf Finance Incorporated 230 

373 Ideal Finance, Inc 82 

255 LocalFinanceCompany of Milford, Inc. 179 

110 Milford Finance Corporation 182 

NATICK 

385 Pacific Finance Loans 11a 

NEW BEDFORD 

395 Associates Financial Serv. Co. of Mass. , Inc. 283 

100 Avco Financial Services Trust, The 71 

44 Beneficial Finance Co 758 

219 Beneficial Finance Co 1349 

46 Community Plan Incorporated 558 

193 Credithrift of America, Inc. No. 2 276 

77 Household Finance Corporation 852 

26 Luzo Corporation of America 139 

17 Postal Finance Company 292 

90 Public Finance Company 801 

NEWBURYPORT 

150 Beneficial Finance Co ^^ 

400 GAC Finance Inc., of Massachusetts ^" 

NEWTON 

244 Avco Financial Services Trust, The 995 

201 Beneficial Finance Co. 325 

NORTH ADAMS 

151 Beneficial Finance Co 59 

378 Pacific Finance Loans 85 

132 Postal Finance Company, Inc 14 

NORTH ATTLEBOROUGH 

60 Ford Motor Credit Company 130 

NORTHAMPTON 
264 Household Finance Corp. of Northampton 70 



Address 

Pleasant Street 
Main Street 



Old Colony Road 



Main Street 
Main Street 
Main Street 



High Street 
Salem Street 
Riverside Avenue 



So. Main Street 



Main Street 

Main Street 

Main Street 

Main Street 

Main Street 



West Central Street 



Union Street 
William Street 
Purchase Street 
Acushnet Avenue 
Pleasant Street 
Union Street 
Purchase Street 
Rivet Street 
Union Street 
Purchase Street 

State Street 
Pleasant Street 



Watertown St., West Newton 
Walnut St., Newtonville i 



Main Street 
Main Street 
Ashland Street 



So. Washington St. 



Main Street 



95 



19 



Lie. No. Name Address 

35 Local Finance Co. of Northampton, Inc 159 Main Street 

381 Pacific Finance Loans 142 Main Street 

NORTH DARTMOUTH 

67 Pacific Finance Loans K-Mart, Shopping Ctr, Faunce 

Corner Rd. 

NORWOOD 

196 Beneficial Finance Co 643 Washington Street 

282 Household Finance Corp. of Norwood 661 Washington Street 

158 Public Finance Company 705 Washington Street 

PALMER 

274 Guaranty Loan Co. of Palmer, Inc 366 Main Street 

PEABODY 

144 Household Finance Corp. of Peabody North Shore Shopping Center 

256 Local Finance Company of Peabody, Inc 70 Main Street 

12 Pacific Finance Loans 525 Lowell Street 

PITTSFIELD 

88 Beneficial Finance Co 361 North Street 

Budget Finance Plan 515 East Street 

C. I. T. Financial Services, Inc 346 North Street 

Commercial Credit Plan Incorporated 63 Cheshire Road 

Household Finance Corp. of Pittsfield ...... 86 North Street 

Pacific Finance Loans 678 MerrUl Road 

Public Finance Company 346 North Street 

PLYMOUTH 

Beneficial Finance Co 25 Main Street 

QUINCY 

American Finance Corp. of Middlesex County 1620 Hancock Street 

Avco Financial Services Trust, The 1466 Hancock Street 

Beneficial Finance Co 113 Parkingway 

Blazer Financial Services, Inc 10 Chestnut Street 

Homemakers Finance Service 21 Franklin Street 

Household Finance Corporation 148 Parkingway 

Local Finance Company of Quincy, Inc 1388 Hancock Street 

Public Finance Company 1468 Hancock Street 

Signal Finance Company of Mass., Inc 8 Granite Street 

RANDOLPH 

340 DialFinanceCompany of Randolph, Inc 322 North Main Street 

READING 

401 GAC Finance Inc. of Massachusetts 580 Main Street 

REVERE 

246 Paul Revere Loan Association, Inc 206 Broadway 

24 Public Finance Company 209 Squire Road 

ROCKLAND 

257 Local Finance Co. of Rockland, Inc 257 Union Street 

SALEM 

189 American Finance Corp. of Middlesex County 16 New Derby Street 

137 Beneficial Finance Co 120 Washington Street 

183 Household Finance Corporation 75 Washington Street 



20 



P.D. 95 



Lie. No. Name Address 

271 Public Finance Company 211 Essex Street 

SAUGUS 

365 Homemakers Finance Service 5 Broadway 

198 Household Finance Corp. of Saugus 1307 Broadway 

SHREWSBURY 

74 C. I. T. Financial Services, Inc 50 Boston Turnpike 

23 Public Finance Company 384C Maple Avenue 

SOMERSET 

225 Local Finance Company of Somerset, Inc 933 County Street 

SOMERVILLE 

33 Beneficial Finance Co 263 Elm Street 

96 Blazer Financial Services, Inc 415 Highland Avenue 

329 People's Finance Co. of Boston, Inc 59 Union Square 

272 Public Finance Company 409A Highland Avenue 

SOUTHBRIDGE 

294 Blazer Financial Services, Inc 1 Elm Street 

187 Public Finance Company 312 Main Street 

SPRINGFIELD 

210 American Finance Corp. of Middlesex County 266 Bridge Street 

91 Associates Financial Serv. Co. of Mass., Inc. . 620 State Street 

276 Avco Financial Services Trust, The 1645 Main Street 

50 Beneficial Finance Co. 526 Sumner Avenue 

73 Beneficial Finance Co 1624 Main Street 

167 Commercial Credit Plan Incorporated 1385 Liberty Street 

102 Credithrift of America, Inc. No. 2 356 Memorial Ave., W.Spgfld 

142 DialFinanceCo., Springfield, Mass., #1, Inc. 479 Breckwood Blvd. 

220 Dial Finance Co. of Springfield, Mass., Inc. . . 11''3 Main Street 

364 Homemakers Finance Service 1985 Main Street 

139 Household Finance Corporation 1576 Main Street 

125 Ideal Budget Plan, Inc 1660 Main Street 

386 Pacific Finance Loans 523 Belmont Avenue 

377 Pacific Finance Loans 1211 Boston Road 

182 Postal Finance Company 1228 Main Street 

163 Public Finance Company 1567 Main Street 

212 SignalFinanceCompany of Mass., Inc 653 Boston Road 

STONEHAM 

266 Household Finance Corp. of Stoneham 83 Main Street 

STOUGHTON 

308 Local Finance Company of Stoughton, Inc. ... 54 Porter Street 

TAUNTON 

81 Beneficial Finance Co ''5 Main Street 

258 LocalFinanceCompany of Taunton, Inc 3 Main Street 

185 Postal Finance Company, Inc 4 Cedar Street 

WAKEFIELD 

237 Beneficial Finance Co 407 Main Street 

376 Ford Motor Credit Company 607 North Avenue 

WALPOLE 

156 Dial Finance Company of Walpole, Inc 940 Main Street 



P.D. 95 



21 



Lie. No. Name 

WALTHAM 

Aetna Finance Company 

Beneficial Finance Co 

Household Finance Corporation 

Pacific Finance Loans 

Public Finance Company 

WAREHAM 

403 Seacoast Finance Co., Inc 

WATERTOWN 

20 Associates Financial Serv. Co. of Mass., Inc. 

WEBSTER 

164 Beneficial Finance Co 

168 People's Finance Company, Inc 

WESTFIELD 

112 Beneficial Finance Co 

108 Pioneer Loan & Finance Corporation 

285 Public Finance Company 

WEYMOUTH 

372 Commercial Credit Plan Incorporated 

127 Household Finance Corp. of Weymouth 

WHITINSVILLE 

315 Dial Finance Co. of Whitinsville, Inc 

WILBRAHAM 
78 Associates Financial Serv. Co. of Mass., Inc. 

WOBURN 

128 American Finance Corp. of Middlesex County 

205 Beneficial Finance Co 

259 Local Finance of Woburn, Inc 

WORCESTER 

Associates Financial Serv. Co. of Mass., Inc. . 

Avco Financial Services Trust, The 

Beneficial Finance Co 

Beneficial Finance Co 

Beneficial Finance Co 

Budget Finance Plan 

City Finance, Inc 

Commercial Credit Plan, Inc 

Consumers Financial Services, Inc 

Dial Finance Co. of Worcester, Inc 

Household Finance Corporation 

Household Finance Corporation 

Household Finance Corp. of Worcester 

Italian Finance Co. of Worcester 

Pacific Finance Loans 

Pacific Finance Loans 

Postal Finance Company, Inc 

Public Finance Company 

Signal Finance Company of Mass., Inc 



Address 



248 

333 

21 

389 



809 



Main Street 
Moody Street 
Moody Street 
Main Street 
Moody Street 



171 Marion Road 



279 Mt. Auburn Street 



224 Main Street 
127 Main Street 



36 Elm Street 
99 Ehn Street 
53 Ehn Street 



Washington St. 
(E. Weymouth) 



116 Main Street 



185 Church Street 



6 Stoneyhill Road 



446 


Main Street 


371 


Main Street 


343 


Main Street 


27 


Pearl Street 


285 


Park Avenue 


36 


Franklin Street 


414 


West Boylston Street 


1086 


Main Street 


55 


Pleasant Street 


289 


Main Street 


945 


Grafton Street 


8 


Norwich Street 


544 


Main Street 


545G 


Lincoln Street 


390 


Main Street 


1073 


Main Street 


157 


Shrewsbury Street 


99A 


Stafford Street 


534 


Lincoln Street 


405 


Main Street 


390 


Main Street 


496 


Park Avenue 



i 



-i- sJ / ij i; b V 



vj 



B00K31W0iNaC0.,lNC. 

MAY 6 •'•'^■51 

100 CAMBRiDGE STREET 
CHARLESTOWN. MASS