By Mr. Pedone of Worcester, petition (accompanied by bill, House, No. 295) of Vincent A. Pedone relative to the protection of consumers in deferred interest transactions.  Consumer Protection and Professional Licensure.

The Commonwealth of Massachusetts

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PETITION OF:

Vincent A. Pedone

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In the Year Two Thousand and Seven.

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An Act relative to the protection of customers.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1.         Notwithstanding any General or special law, or any rule or regulation, to

the contrary, every contract for the sale of any item in the Commonwealth, which has

been advertised or promoted in any way to permit a purchaser to defer any interest

relating to the sale such item until either the time specified in said contract has passed or

the principle price ,or any portion thereof, has been paid off, shall state conspicuously on

said contract, in a similar style and size of print, the total amount of interest in dollars due

and is required to be paid by said purchaser at the time said deferment and what the

difference would to be in total dollars to be paid on such a sale if such a purchaser had

paid for said item in full at the time of the sale  and had not deferred such payment. Any

such contract shall in likewise manner, and in keeping with this section, state if the

amount of interest is to be started and calculated from the time of the sale of the item or if

from the date of the deferment.