Loan companies and loan associations established by special charter, and fraternal mutual benefit societies the membership of which is limited to the employees of any one person and which make loans to its members only, shall be subject to the supervision of the commissioner, but need not procure a license.
Mass. Gen. Laws ch. 140, § 114
Companies, associations and societies; necessity of license
Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.