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This opinion was issued in the third quarter of 1998.
Mass. Gen. Laws chapter 140D and 209 CMR 32.09(3) require that when any term, required to be disclosed pursuant to 209 CMR 32.06, is changed or if the minimum periodic payment is increased, the creditor must mail or deliver, fifteen days in advance, written notice of the change to each consumer who may be affected by the change. It is the opinion of the Division of Banks that the laws of the Commonwealth do not require such notice when the change involves a benefit for the consumer, such as a reduction of a charge or an increase in a credit limit. Banks contractually may bind themselves to make disclosures to their customers which state law does not require.