§ 1 Definitions
§ 2 Licenses; application; fees; assignment or transfer; multi-state licensing system
§ 3 Rules and regulations; examinations by commissioner, accountant; preservation of business records; service of subpoena; annual report, failure to file, fine
§ 4 Summoning of licensees; failure to appear; effect
§ 5 Refusal to issue license; notice; appeal; hearing
§ 6 Violations of this chapter; investigations by commissioner
§ 7 Revocation or suspension of license; grounds
§ 8 Revocation or suspension of license; procedure
§ 9 Contracts; form and contents
§ 10 Life or accident and health or involuntary unemployment insurance charges; prepayment; refunds; death benefits; disclosure statements; violations
§ 11 Delinquency and collection charge; amount
§ 12 Signing of contract; effect of blank spaces; exceptions; buyer’s written acknowledgment
§ 13 Copy of contract; delivery to buyer; failure to deliver; effect; cancellation of contract
§ 14 Finance charges; rate; computation
§ 15 Full payment by buyer; duty of holder of retail instalment contract
§ 16 Payment in full before maturity; refund credit
§ 17 Deferment or renewal of payment dates; refinancing; computation of rates; rebates
§ 18 Sale or assignment of contracts
§ 19 Statement of payments; forwarding to buyer; receipts for payments
§ 19A Holder of retail installment contract subject to buyer’s defenses against seller
§ 20 Non-enforceability of certain provision of contract
§ 20A Default; enforcement; notice; accelerated payment; curing of default
§ 20B Repossession of collateral on default; hearing; redemption; disposition; deficiency; insurance proceeds; determination of value
§ 20C Repossession of motor vehicle; notice to police
§ 21 Penalties
§ 22 Violation of Secs. 9 to 14 or Secs. 18 to 20; effect
§ 23 Waiver of provisions of this chapter; effect
§ 24 Severability of law
§ 25 Truth-in-lending act; application

Terms Used In Massachusetts General Laws > Chapter 255B

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testify: Answer questions in court.
  • Trustee: A person or institution holding and administering property in trust.