Massachusetts laws on credit
- MGL c.93, §§ 48-70 Credit reporting
- MGL c.140D Consumer credit cost disclosure
- MGL c.167 Supervision of banks
- MGL c.167A Bank holding companies
- c.167A, § 3 amended effective April 12, 2021
- MGL c.167B Electronic branches and electronic fund transfers
- MGL c.167C Bank locations
- c.167C, § 5 amended effective April 12, 2021
- MGL c.167D Deposits and accounts
- c.167D, § 16 amended effective April 12, 2021
- MGL c.167E Mortgages and loans
- MGL c.167F Investments and other powers
- MGL c.167G Trust department
- MGL c.167H Mutual holding companies
- MGL c.167I Corporate bank transactions: mergers, consolidations, purchase of assets and conversions
- MGL c.167J Corporate governance provisions and requirements
- c.167J, § 11 amended effective April 12, 2021
- MGL c.168 Savings banks
- c.168, § 6 amended effective April 12, 2021
- MGL c.169 Receipts of deposits for transmittal to foreign countries
- MGL c.169A Licensing of check cashers
- MGL c.170 Co-operative banks
- MGL c.171 Credit unions
Massachusetts laws on interest rates
15 USC §§ 1601 et. seq. Truth in Lending Act
15 USC §§ 1681 et seq. Fair Credit Reporting Act
12 USC § 85 Rate of interest on loans, discounts and purchases
PL 111-24 Credit Card Accountability Responsibility and Disclosure Act of 2009, the Credit CARD Act of 2009
Selected case law
Lance v. PNC Bank, NA, US District Court, Mass. (2015)
In "an action arising out of allegedly improper reporting of the status of a residential mortgage loan to a credit reporting company," claims under MGL c.93, s.54A and c.93A are preempted by the federal Fair Credit Reporting Act (FCRA).
Marquette National Bank v. First of Omaha Service Corp., 439 US 299 (1978)
Decision allowed a national bank to charge interest on credit cards at the rate allowed by the state where it was located, regardless of legal limits in the customers' home states.
Tyler v. Michaels Stores, 464 Mass. 492 (2013)
Construing G. L. c. 93, § 105 (a), the court held: "a zip code constitutes 'personal identification information' ...; that the term 'credit card transaction form' refers equally to electronic and paper transaction forms; and that a plaintiff may bring an action for violation of G. L. c. 93, § 105 (a), without alleging a claim of identity fraud."
Advice for older consumers about credit cards, National Consumer Law Center, December 2014.
This is a helpful document for consumers of any age looking for information on getting and using credit cards.
Boost your credit I.Q.: limitations on interest rates and late charges (for credit cards), Mass. Attorney General
"Massachusetts law generally limits credit card annual interest rates to 18% and late charge penalties to $10 per payment. However, Massachusetts credit card customers of national banks located in South Dakota, Delaware, or other states may pay considerably higher interest rates and late penalties, because those states allow the higher rates and penalties. Therefore, make sure you are aware of which state the lender is located in and that you understand the credit terms before you take on a new credit card."
Compliance with Regulation CC: A Guide for Financial Institutions, Federal Reserve Board
Explains when your money will be available to you after you deposit it in a bank
Consumer rights for domestic violence survivors in Massachusetts, National Consumer Law Center, 2011
The information in this packet is intended to help you separate your finances from your abuser, deal with any existing debts, stay financially independent in the future and avoid traps and scams, and get more help and information with these issues.
Credit and loans, Federal Trade Commission
Includes information on credit scores, debit and credit cards, and loans
Credit card agreement database, Consumer Financial Protection Bureau.
Credit card rules and the CARD Act, Findlaw.
A variety of protections for credit card holders and applicants.
Credit discrimination, Consumer Financial Protection Bureau
Include links to file a complaint and ask questions
Does a credit card make sense for me?, Mass. Attorney General
There are benefits and risks to making purchases with credit. These tips from the Attorney General's Office can help you protect yourself when using a credit card.
Financial resources for consumers, Mass. Office of Consumer Affairs
Provides links to Mass. information on banking, loans, credit reporting, debt collection, filing a complaint and more
Guide to consumer credit, Mass. Attorney General, February 2018
Covers Truth in Lending, billing rights, costs of credit, Fair Credit Reporting, Fair Debt Collection, and more
Understanding debt and credit, Mass. Attorney General.
Learn more about managing your credit and your rights and responsibilities with credit and debt. Having an issue with a debt collector, a credit card company, or a credit reporting agency? File a consumer complaint with the Attorney General's Office.
Banking 101, MCLE New England, 2013
Computation of service or interest charge on bank credit cards as usurious under National Bank Act (12 U.S.C.A. § 85), 38 A.L.R. Fed. 805.
Consumer credit: law, transactions and forms, Matthew Bender, loose-leaf
Consumer credit regulation, NCLC, 2020
Consumer law (Mass. practice v.35A), West Group, 2021.
Chapter 15 Consumer credit loans
Credit discrimination, NCLC, 2018
Truth in lending, NCLC, 2019
|Last updated:||November 10, 2021|