General Laws of Massachusetts - Chapter 255B Retail Instalment Sales of Motor Vehicles
- Massachusetts General Laws - Definitions - Chapter 255B, Section 1
In this chapter, unless the context otherwise requires, the following words shall have the following meanings:— “Commissioner”, the commissioner of banks. “Finance charge”, the cost...
- Massachusetts General Laws - Licenses; application; fees; assignment or transfer; multi-state licensing system - Chapter 255B, Section 2
No person, other than a bank as defined in section one of chapter one hundred and sixty-seven, a national banking association, federal savings bank, federal...
- Massachusetts General Laws - Rules and regulations; examinations by commissioner, accountant; preservation of business records; service of subpoena; annual report, failure to file, fine - Chapter 255B, Section 3
The commissioner may prescribe from time to time such rules and regulations as he deems necessary and proper for carrying out the provisions of this...
- Massachusetts General Laws - Summoning of licensees; failure to appear; effect - Chapter 255B, Section 4
The commissioner, or such other of his assistants as he may designate, may summon a licensee, or any of his agents or employees, and such...
- Massachusetts General Laws - Refusal to issue license; notice; appeal; hearing - Chapter 255B, Section 5
If the commissioner refuses to issue a license, he shall notify the applicant of the denial, and within twenty days thereafter he shall enter upon...
- Massachusetts General Laws - Violations of this chapter; investigations by commissioner - Chapter 255B, Section 6
The commissioner, if he has reason to believe that any person other than a licensee has violated any of the provisions of this act, shall...
- Massachusetts General Laws - Revocation or suspension of license; grounds - Chapter 255B, Section 7
A license may be suspended or revoked by the commissioner on the following grounds:—(1) material misstatement in application for license; (2) failure to comply with...
- Massachusetts General Laws - Revocation or suspension of license; procedure - Chapter 255B, Section 8
No license shall be suspended or revoked except after hearing thereon by the commissioner or such of his assistants as he may designate. The commissioner...
- Massachusetts General Laws - Contracts; form and contents - Chapter 255B, Section 9
A retail instalment contract shall be in writing and shall be signed by both the buyer and the seller and shall be completed as to...
- Massachusetts General Laws - Life or accident and health or involuntary unemployment insurance charges; prepayment; refunds; death benefits; disclosure statements; violations - Chapter 255B, Section 10
The amount, if any, included for insurance on the motor vehicle purchased by the holder of the retail instalment contract, shall not exceed the applicable...
- Massachusetts General Laws - Delinquency and collection charge; amount - Chapter 255B, Section 11
The holder of a retail installment contract may, if the contract so provides, collect a delinquency and collection charge on each installment in default for...
- Massachusetts General Laws - Signing of contract; effect of blank spaces; exceptions; buyer’s written acknowledgment - Chapter 255B, Section 12
No retail instalment contract shall be signed by any party thereto when it contains blank spaces to be filled in after it has been signed,...
- Massachusetts General Laws - Copy of contract; delivery to buyer; failure to deliver; effect; cancellation of contract - Chapter 255B, Section 13
The seller shall deliver to the buyer, or mail to him at his address shown on the contract, a copy of the contract signed by...
- Massachusetts General Laws - Finance charges; rate; computation - Chapter 255B, Section 14
A retail seller may charge, receive and collect for any new or used motor vehicle, a finance charge not in excess of an annual percentage...
- Massachusetts General Laws - Repealed, 1981, 733, Sec. 8 - Chapter 255B, Section 14A
Repealed, 1981, 733, Sec.
- Massachusetts General Laws - Full payment by buyer; duty of holder of retail instalment contract - Chapter 255B, Section 15
After the payment of all sums for which the buyer is obligated under a retail instalment contract, the holder of such contract shall mail to...
- Massachusetts General Laws - Payment in full before maturity; refund credit - Chapter 255B, Section 16
Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full at any time before maturity the debt of...
- Massachusetts General Laws - Deferment or renewal of payment dates; refinancing; computation of rates; rebates - Chapter 255B, Section 17
The holder of an instalment sale contract may, upon agreement with the buyer, defer the scheduled payment of all or part of any unpaid instalment...
- Massachusetts General Laws - Sale or assignment of contracts - Chapter 255B, Section 18
A sales finance company may purchase a retail instalment contract from a seller on such terms and conditions and for such price as may be...
- Massachusetts General Laws - Statement of payments; forwarding to buyer; receipts for payments - Chapter 255B, Section 19
Upon written request from the buyer, the holder of a retail instalment contract shall give or forward to the buyer a written statement of the...
- Massachusetts General Laws - Holder of retail installment contract subject to buyer’s defenses against seller - Chapter 255B, Section 19A
The holder of a retail installment contract or other person acting in his behalf, shall be subject to all defenses, real and personal, which the...
- Massachusetts General Laws - Non-enforceability of certain provision of contract - Chapter 255B, Section 20
A provision in a retail instalment contract (1) for confession of judgment, power of attorney therefor, or wage assignment; (2) for the subsequent inclusion of...
- Massachusetts General Laws - Default; enforcement; notice; accelerated payment; curing of default - Chapter 255B, Section 20A
(a) An agreement of the parties in a retail installment contract defining default is enforceable only to the extent that the default is material and...
- Massachusetts General Laws - Repossession of collateral on default; hearing; redemption; disposition; deficiency; insurance proceeds; determination of value - Chapter 255B, Section 20B
(a) Subject to the provisions of this section and section 20A a secured creditor under a consumer credit transaction may take possession of collateral. In...
- Massachusetts General Laws - Repossession of motor vehicle; notice to police - Chapter 255B, Section 20C
Any creditor obtaining possession of a motor vehicle under the provisions of this chapter shall, within one hour after obtaining such possession, notify the police...
- Massachusetts General Laws - Penalties - Chapter 255B, Section 21
Whoever violates any provision of this chapter or any rule or regulation made thereunder by the commissioner shall be punished by a fine of not...
- Massachusetts General Laws - Violation of Secs. 9 to 14 or Secs. 18 to 20; effect - Chapter 255B, Section 22
A violation of sections nine to fourteen, inclusive, or eighteen to twenty, inclusive, by any person shall bar his recovery of any finance charge, delinquency...
- Massachusetts General Laws - Waiver of provisions of this chapter; effect - Chapter 255B, Section 23
Any waiver of the provisions of this chapter shall be unenforceable and void.
- Massachusetts General Laws - Severability of law - Chapter 255B, Section 24
If any provision of this chapter or the application thereof to any person or circumstance is held unconstitutional, the remainder of the section and the...
- Massachusetts General Laws - Truth-in-lending act; application - Chapter 255B, Section 25
A transaction subject to the provisions of this chapter shall also be subject to the provisions of chapter one hundred and forty D and in...
Last modified: September 11, 2015