On May 5, 2026, the Massachusetts Division of Banks (the “Division”) entered a settlement agreement with Bridge IT, Inc. (the “Settlement Agreement”), which does business as Brigit, to resolve allegations that Brigit acted as a third-party loan servicer in Massachusetts without registering with the Massachusetts Commissioner of Banks. Brigit is a New York based entity that offers a financial management application for download on smart phones. Brigit’s application allows users to apply for short term consumer loans, which Brigit markets as “instant cash.” The Settlement Agreement states that Brigit allegedly acted as a third-party loan servicer within Massachusetts between at least July of 2021 and the present, in violation of M.G.L.c. 93, section 24A. Section 24A requires, in relevant part, that “[a] person shall not directly or indirectly engage in the commonwealth in the business of a third-party loan servicer without registering with the commissioner.” According to the Settlement Agreement, Brigit applied to register as a third-party loan servicer in Massachusetts on or about June 23, 2025.
The Settlement Agreement required Brigit to pay one million nine hundred thousand dollars ($1,900,000.00) to the Division and to immediately cease any activity within Massachusetts that would require licensing or registration from the Division. The Settlement Agreement also required that Brigit implement internal safeguards to ensure that Brigit does not engage in any business activity that would require licensing or registration from the Division without first obtaining such a license or registration. The Settlement Agreement notes that Brigit immediately cooperated with the Division after being informed of its alleged violation.