By the Division of Banks

The Division of Banks has filed final amendments to 209 CMR 32.00: Disclosure of Consumer Costs and Terms.  The purpose of 209 CMR 32.00 is to promote the informed use of consumer credit by requiring disclosures about its terms and cost.  The regulation also gives consumers the right to cancel certain transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes.  The regulation is applicable to state-chartered banks, credit unions, licensees and other creditors.

The amendments are intended to streamline the regulation for easier compliance by providing that compliance with cited provisions of the regulations of the federal Consumer Financial Protection Bureau (CFPB) constitutes compliance with the cited provisions of 209 CMR 32.00.  The purpose of the amendments is to amend the Truth in Lending regulation in a way to incorporate future federal changes while preserving the Massachusetts differences deemed more advantageous to consumers.  In addition, the title of the regulation will be amended to “Truth in Lending” to correspond with the title of the federal regulation.  The amendments will become effective on January 2, 2015.