General Laws of Massachusetts - Chapter 140D Consumer Credit Cost Disclosure
- Massachusetts General Laws - Definitions - Chapter 140D, Section 1
For the purpose of this chapter, the following words shall, unless the context indicates otherwise, have the following meanings: “Accepted credit card”, any credit card...
- Massachusetts General Laws - Exempt transactions - Chapter 140D, Section 2
This chapter shall not apply to the following: (a) Credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, or to government...
- Massachusetts General Laws - Rules and regulations - Chapter 140D, Section 3
(a) The commissioner shall prescribe from time to time such rules and regulations as may be necessary or proper in carrying out the provisions of...
- Massachusetts General Laws - Finance charge; determination - Chapter 140D, Section 4
(a) Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as...
- Massachusetts General Laws - Annual percentage rate; determination - Chapter 140D, Section 5
(a) The annual percentage rate applicable to any extension of consumer credit shall be determined in accordance with the regulations of the commissioner. (1) In...
- Massachusetts General Laws - Inaccurate disclosure of finance charge or annual percentage rate; adjustment - Chapter 140D, Section 6
(1) In carrying out the enforcement provisions of this chapter, or any rule or regulation issued thereunder, the commissioner, in cases where an annual percentage...
- Massachusetts General Laws - Disclosure of information; multiple creditors or obligors; estimates - Chapter 140D, Section 7
(a) Subject to subsection (b), a creditor shall disclose to the person who is obligated on a consumer credit transaction the information required under this...
- Massachusetts General Laws - Disclosure of information; clear and conspicuous statements - Chapter 140D, Section 8
(a) Information required by this chapter shall be disclosed clearly and conspicuously, in accordance with regulations of the commissioner. The terms annual percentage rate and...
- Massachusetts General Laws - Information rendered inaccurate - Chapter 140D, Section 9
If information disclosed in accordance with this chapter is subsequently rendered inaccurate as the result of any act, occurrence, or agreement subsequent to the delivery...
- Massachusetts General Laws - Security interest in property used as dwelling; rescission; liability; application - Chapter 140D, Section 10
(a) Except as otherwise provided in this section, in the case of any consumer credit transaction, including opening or increasing the credit limit for an...
- Massachusetts General Laws - Disclosure; open end credit plans; statement; contents - Chapter 140D, Section 11
(a) Before opening any account under an open end consumer credit plan, the creditor shall disclose to the person to whom credit is to be...
- Massachusetts General Laws - Disclosure; other than open-end-credit plans; statement; contents - Chapter 140D, Section 12
(a) For each consumer credit transaction other than under an open-end-credit plan, the creditor shall disclose each of the following items, to the extent applicable:...
- Massachusetts General Laws - Repealed, 2002, 455, Sec. 2 - Chapter 140D, Section 13
Repealed, 2002, 455, Sec.
- Massachusetts General Laws - Multiple-page advertisements; contents; open-end-credit plan - Chapter 140D, Section 14
(a) For the purposes of this chapter, or rules or regulations issued thereunder, a catalog or other multiple-page advertisement shall be considered a single advertisement...
- Massachusetts General Laws - Advertisements; other than open-end-credit plans; contents - Chapter 140D, Section 15
(a) Except as provided in subsection (b), this section applies to any advertisement to aid, promote, or assist directly or indirectly any consumer credit sale,...
- Massachusetts General Laws - Application form or pre-approved written solicitation for open-end credit plan; contents - Chapter 140D, Section 15A
Any application form or pre-approved written solicitation for an open-end credit plan and any printed advertisement which contains such application form or pre-approved written solicitation...
- Massachusetts General Laws - Liability of owner or personnel of advertising medium - Chapter 140D, Section 16
There shall be no liability under this chapter on the part of any owner or personnel, as such, of any medium in which an advertisement...
- Massachusetts General Laws - Oral response to cost of credit inquiry - Chapter 140D, Section 17
In responding orally to any inquiry about the cost of credit, a creditor, regardless of the method used to compute finance charges, shall state rates...
- Massachusetts General Laws - Model disclosure forms and clauses - Chapter 140D, Section 18
The use of model disclosure forms and clauses for common transactions to facilitate compliance with the disclosure requirements and to aid and assist the borrower...
- Massachusetts General Laws - Time for sending statement; noncompliance; finance charge - Chapter 140D, Section 19
(a) The creditor shall mail or deliver to the customer the statement or statements required by subsection (b) of section eleven for each billing cycle...
- Massachusetts General Laws - Sale of goods or services at retail; finance charge under open-end-credit plan; computation - Chapter 140D, Section 20
If a finance charge is imposed under an open-end credit plan on balances resulting from the sale of goods or services at retail made in...
- Massachusetts General Laws - Application of credit cardholder’s funds held by issuer; authorization; agreement statement - Chapter 140D, Section 21
A person issuing a credit card shall not apply any funds of the cardholder held for any purpose by the issuer of the card in...
- Massachusetts General Laws - Credit balance exceeding one dollar; periodic statement disclosure; contents - Chapter 140D, Section 22
Whenever a credit balance equal to or in excess of one dollar is created in connection with a consumer credit transaction through (1) transmittal of...
- Massachusetts General Laws - Transfer of funds following default of debt; written notice; applicability - Chapter 140D, Section 23
No bank or credit union shall transfer any funds held in any account of the customer in said bank or credit union as a consequence...
- Massachusetts General Laws - Guaranty of obligations of other persons; notice of additional obligations - Chapter 140D, Section 24
No person who executes a guaranty of the obligations of another in connection with an application by such other person for an open-end-credit plan or...
- Massachusetts General Laws - Issuance of credit cards - Chapter 140D, Section 25
No credit card shall be issued except in response to a request or application therefor, or the issuance of a credit card in renewal of,...
- Massachusetts General Laws - Cardholder liability for unauthorized use - Chapter 140D, Section 26
(a)(1) A cardholder shall be liable for the unauthorized use of a credit card only if: (A) The card is an accepted credit card; (B)...
- Massachusetts General Laws - Unauthorized use of credit cards - Chapter 140D, Section 27
(a) Whoever knowingly in a transaction uses or attempts or conspires to use any counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained credit card...
- Massachusetts General Laws - Liability of business for unauthorized use of credit cards - Chapter 140D, Section 28
The exemption provided by subsection (a) of section two shall not apply to the provisions of sections twenty-five, twenty-six and twenty-seven, except that a card...
- Massachusetts General Laws - Cardholder discounts; surcharges; finance charge - Chapter 140D, Section 28A
(a)(1) With respect to a credit card which may be used for extensions of credit in sales transactions in which the seller is a person...
- Massachusetts General Laws - Participation in credit card plans; conditions - Chapter 140D, Section 28B
Notwithstanding any agreement to the contrary, a card issuer may not require a seller, as a condition to participating in a credit card plan, to...
- Massachusetts General Laws - Rules and regulations; consistency with Federal Fair Credit Billing Act - Chapter 140D, Section 29
The commissioner may prescribe from time to time rules and regulations consistent with the provisions of the Federal Fair Credit Billing Act 15 USC 1666...
- Massachusetts General Laws - Inspection of records - Chapter 140D, Section 30
Each creditor shall, when directed by the commissioner, permit the commissioner or his duly authorized representative to inspect its relevant records and evidence of compliance...
- Massachusetts General Laws - Prohibited acts; penalty - Chapter 140D, Section 31
Whoever willfully and knowingly: (1) Gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of...
- Massachusetts General Laws - Creditor’s failure to comply with law; damages - Chapter 140D, Section 32
(a) Except as otherwise provided in this section, any creditor who fails to comply with any requirement imposed under this chapter or any rule or...
- Massachusetts General Laws - Civil actions against subsequent assignees of creditor; written acknowledgement; rescission - Chapter 140D, Section 33
(a) Except as otherwise specifically provided in this chapter, or any rule or regulation issued thereunder, any civil action for a violation of this chapter,...
- Massachusetts General Laws - Unfair trade practices; violations - Chapter 140D, Section 34
A violation of this chapter, or any rule or regulation issued hereunder, shall constitute a violation of chapter ninety-three A.
- Massachusetts General Laws - Limitations on creditors’ liability and consumer rescission rights - Chapter 140D, Section 35
(a) For any consumer credit transaction subject to this chapter that is consummated before September thirtieth, nineteen hundred and ninety-five, a creditor or any assignee...
Last modified: September 11, 2015