General Laws of Massachusetts - Chapter 255D Retail Installment Sales and Services
- Massachusetts General Laws - Definitions - Chapter 255D, Section 1
In this chapter, unless the context otherwise requires, the following words shall have the following meanings: “Commissioner”, the commissioner of banks. “Down payment”, includes all...
- Massachusetts General Laws - Licenses; application; fees; assignment or transfer; multi-state licensing system - Chapter 255D, Section 2
No person, other than a bank as defined in section one of chapter one hundred and sixty-seven or a national banking association, federal savings bank,...
- Massachusetts General Laws - Rules and regulations; examination of business records; annual report - Chapter 255D, 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 255D, Section 4
The commissioner, or such of his assistants as he may designate, may summon a licensee, or any of his agents or employees, and such other...
- Massachusetts General Laws - Refusal to issue license; notice; appeal; hearing - Chapter 255D, 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 255D, 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 chapter, shall...
- Massachusetts General Laws - Suspension or revocation of license; grounds - Chapter 255D, 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...
- Massachusetts General Laws - Suspension or revocation of license; procedure - Chapter 255D, 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 - Retail installment sale agreements; form and contents - Chapter 255D, Section 9
A. The printed terms of every retail installment sale agreement shall be set in at least eight point type, except as otherwise required herein. If...
- Massachusetts General Laws - Improvement of realty; completion of statement - Chapter 255D, Section 9A
In any transaction involving the modernization, rehabilitation, repair, alteration, improvement or construction of real property, a writing signed by the buyer that such work has...
- Massachusetts General Laws - Prohibited agreements - Chapter 255D, Section 10
No seller, sales finance company or holder shall at any time take or receive any retail installment sale agreement from a buyer or from any...
- Massachusetts General Laws - Discrimination against cash buyers - Chapter 255D, Section 10A
No retail establishment offering goods and services for sale shall discriminate against a cash buyer by requiring the use of credit by a buyer in...
- Massachusetts General Laws - Finance charges, computation, rates; multiple agreements prohibited - Chapter 255D, Section 11
A. No fee, expense or other charge whatsoever shall be taken, received, reserved or contracted for, except as provided in this section and in sections...
- Massachusetts General Laws - Merchandise certificates or coupons; right to return - Chapter 255D, Section 11A
The buyer shall have the right to return to the seller at any time all merchandise certificates or coupons which have not been exchanged for...
- Massachusetts General Laws - Merchandise certificates or coupons; return statement required - Chapter 255D, Section 11B
Any written agreement for the purchase of a merchandise certificate or coupon, any newly printed merchandise certificate or coupon, and any cover or envelope containing...
- Massachusetts General Laws - Receipts for payments; sale or assignment of agreement - Chapter 255D, Section 12
A. When any payment is made on account of any retail installment sale agreement, the person receiving such payment shall, if the payment is made...
- Massachusetts General Laws - Payment in full before maturity; refund credit - Chapter 255D, Section 13
A. Notwithstanding the provisions of any retail installment sale agreement to the contrary, a buyer may pay it in full at any time before the...
- Massachusetts General Laws - Cancellation of agreement by buyer; notice; refund of deposits; reclamation of goods by seller - Chapter 255D, Section 14
A. The buyer shall have the right to cancel the retail installment sale agreement for other than the seller’s breach: (1) Until the seller has...
- Massachusetts General Laws - Security interest in certain goods; prohibition - Chapter 255D, Section 15
No retail installment sale agreement shall provide for or create a security interest in (a) personal property other than the goods sold or worked on...
- Massachusetts General Laws - Extension agreements; form and contents - Chapter 255D, Section 16
A. A holder may by agreement with the buyer extend the due date of all or any part of one or more installments under an...
- Massachusetts General Laws - Refinancing agreements; form and contents - Chapter 255D, Section 17
A. A holder may by agreement with the buyer refinance the unpaid balance of a single retail installment sale agreement, refinancing agreement or consolidation agreement...
- Massachusetts General Laws - Subsequent add-on purchases; consolidated agreement; payments; termination of security interest - Chapter 255D, Section 18
A. If a buyer purchases goods or services from a seller from whom he has previously purchased goods or services under one or more retail...
- Massachusetts General Laws - Modification of agreement or extension of credit prohibited; exceptions; notice to buyer; violations - Chapter 255D, Section 18A
(1) No retail installment sale agreement may be modified in any way by the parties or by a holder, nor shall the amount financed or...
- Massachusetts General Laws - Statement of account; contents - Chapter 255D, Section 19
A. Within six months after the execution of the retail installment sale agreement or revolving credit agreement and within every six-month period thereafter until the...
- Massachusetts General Laws - Delinquency and collection charge; dishonored check charge - Chapter 255D, Section 20
The holder of a retail installment sale agreement may, if the agreement so provides, collect a delinquency and collection charge on each installment in default...
- Massachusetts General Laws - Default; enforcement; notice; accelerated payment; curing of default - Chapter 255D, Section 21
(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 - Chapter 255D, Section 22
(a) Subject to the provisions of this section and section twenty-one, on default by the buyer a secured creditor under a consumer credit transaction may...
- Massachusetts General Laws - Avoidance of chapter - Chapter 255D, Section 22A
No seller shall directly or indirectly in connection with the retail sale of goods or services, and for the purpose of evading any of the...
- Massachusetts General Laws - Repealed, 1981, 733, Sec. 21 - Chapter 255D, Section 23
Repealed, 1981, 733, Sec.
- Massachusetts General Laws - Waiver - Chapter 255D, Section 24
No act, agreement or statement of any buyer in any retail installment sale agreement or revolving credit agreement shall constitute a valid waiver of any...
- Massachusetts General Laws - Application of this chapter - Chapter 255D, Section 25
Any holder of a retail installment sale agreement, or of a note evidencing indebtedness arising out of such agreement, shall be subject to the provisions...
- Massachusetts General Laws - Holder of agreement subject to buyer’s defenses against seller - Chapter 255D, Section 25A
The holder of a retail installment sale agreement, or other person acting in his behalf, shall be subject to all defenses, real and personal, which...
- Massachusetts General Laws - Insurance - Chapter 255D, Section 26
A. Where a seller or sales finance company undertakes to provide or supply insurance on the goods sold, or on which services were rendered, under...
- Massachusetts General Laws - Revolving credit agreement; form and contents - Chapter 255D, Section 27
A. Every revolving credit agreement shall contain the following notice appearing conspicuously directly above the space reserved in the agreement for the signature of the...
- Massachusetts General Laws - Instruments indicating payment; mailing to buyer - Chapter 255D, Section 28
After payment of all sums for which the buyer is obligated under a retail installment sale agreement, if the notice of the security interest has...
- Massachusetts General Laws - Violation of certain provisions; effect - Chapter 255D, Section 29
A. The violation of sections nine, ten, eleven, thirteen, fifteen, sixteen, seventeen, eighteen, twenty-six or twenty-seven by any person shall bar his recovery of any...
- Massachusetts General Laws - Penalties - Chapter 255D, Section 30
Whoever violates any provision of this chapter shall be punished by a fine of not more than five hundred dollars or by imprisonment for not...
- Massachusetts General Laws - Truth-in-lending act; application - Chapter 255D, Section 31
A transaction subject to the provisions of this chapter shall also be subject to the provisions of chapter one hundred and forty D and a...
- Massachusetts General Laws - Delivery of notice - Chapter 255D, Section 32
Any notice required to be given under this chapter shall be deemed delivered when it is mailed by certified mail to the buyer.
Last modified: September 11, 2015