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Massachusetts law about credit and banking

A compilation of laws, regulations, cases, and web sources on credit and banking law.

Massachusetts laws

MGL c.93, s.48-70 Credit Reporting
MGL c.140D Consumer Credit Cost Disclosure
MGL c.171, s.8 et seq. (as added by St.2014, c.466) Credit Union Branching

Massachusetts regulations

201 CMR 16 Placing, lifting and removal of security freezes 

209 CMR Division of Banking regulations

Federal laws

15 USC 1601et seq.: Truth in Lending Act
15 USC 1681 et seq.: Fair Credit Reporting Act
PL 111-24 Credit Card Accountability Responsibility and Disclosure Act of 2009, or the Credit CARD Act of 2009

Federal regulations

12 CFR 226 Regulation Z Truth in Lending
Federal regulations related to credit and banking

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). 

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."

Web sources

Advice for Seniors About Credit Cards, National Consumer Law Center

Attorney General's Guide to Consumer Credit, Mass. Attorney General, May 2010
Covers Truth in Lending, billing rights, costs of credit, Fair Credit Reporting, Fair Debt Collection, and more

Attorney General's Guide to Fair Credit Reporting, Mass. Attorney General, October 2007
Pamphlet briefly describes rights under the Fair Credit Reporting Act

Financial resources for consumers, Mass. Office of Consumer Affairs
Provides links to Mass. information on banking, loans, credit reporting, debt collection, and more

Cashing Checks and Opening Bank Accounts, Mass. Legal Help

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 Discrimination, Consumer Financial Protection Bureau
Include links to file a complaint and ask questions

Credit Repair, Nolo, 2013
Includes guidance on improving your credit. Requires library card for access.

Student Debt, Loans, Consumer Financial Protection Bureau.

Truth in Lending, Mass. Attorney General
Explains rules in very basic terms for closed-end credit and open-end credit

Banking 101, MCLE New England, 2013

Consumer Credit: Law, Transactions and Forms, Matthew Bender, loose-leaf

Consumer credit regulation, NCLC, 2015

Credit discrimination, NCLC, 2013

Truth in lending, NCLC, 2015

Last update: October 23, 2017

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