By the Division of Banks

Federal Pre-emption Of The Massachusetts Electronic Funds Act

It is the position of the Division of Banks that the Commonwealth's Electronic Funds Transfer Act, Mass. Gen. Laws chapter 167B, is a registration and consumer protection statute which is a valid exercise of the Commonwealth's police powers designed to protect the public health, safety and welfare notwithstanding the pre-emption provisions of 12 CFR § 545.2. In addition, the Board of Governors of the Federal Reserve System has specifically determined that the consumer protection provisions of Mass. Gen Laws chapter 167B are not pre-empted by the federal Electronic Funds Transfer Act, 15 U.S.C. § 1693 et seq. or its implementing regulations at 12 CFR Part 205.

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