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Final Regulation - Effective December 22, 2000
This is an unofficial version of Commonwealth regulations and is posted here for the convenience of the public. It is not an official statement of the regulations.
(1) Authority. 209 CMR 52.00 is promulgated under the authority granted by M.G.L. c. 140D.
(2) Purpose. The purpose of 209 CMR 52.00 is to require disclosure to consumers of the coverage, costs and other aspects of credit insurance related to a credit transaction so that a consumer may make a more informed decision.
(3) Severability Clause. The provisions of 209 CMR 52.00 are severable.
(1) Written Disclosures. Before the purchase of credit life or credit accident and health insurance related to a transaction in which credit will be offered or extended to a consumer primarily for personal, family or household purposes, the following shall be disclosed to the consumer(s) in writing:
(2) Procedures for Written Disclosures. The above disclosures shall be provided to the consumer(s) in the following manner:
(3) Copy of the Credit Insurance Application. Unless the individual policy or group certificate of insurance is delivered at the time the debt is incurred, or at such other time that one elects to purchase coverage, the following shall be delivered to the consumer(s) prior to the close of the credit insurance transaction:
Said copy of the application or notice of proposed insurance shall refer solely to insurance coverage. Said application shall be separate and apart from the loan, sale, or other statement of account, instrument or agreement, unless the information required by 209 CMR 52.02(3)(a) is prominently set forth therein.
(1) Readability of the Required Disclosures. No written disclosure shall be presented unless:
(2) The Flesch Scale Readability Score. For the purposes of 209 CMR 52.00, a Flesch scale readability score shall be measured as provided in M.G.L. c. 175, §2B.
Credit insurance related to a transaction in which credit will be offered or extended to a consumer primarily for personal, family or household purposes which is not governed by M.G.L. c. 140D shall be governed by the provisions of 211 CMR 143.00