§ 1 Definitions
§ 2 Licenses; application; fees; assignment or transfer; multi-state licensing system
§ 3 Rules and regulations; examination of business records; annual report
§ 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 Suspension or revocation of license; grounds
§ 8 Suspension or revocation of license; procedure
§ 9 Retail installment sale agreements; form and contents
§ 9A Improvement of realty; completion of statement
§ 10 Prohibited agreements
§ 10A Discrimination against cash buyers
§ 11 Finance charges, computation, rates; multiple agreements prohibited
§ 11A Merchandise certificates or coupons; right to return
§ 11B Merchandise certificates or coupons; return statement required
§ 12 Receipts for payments; sale or assignment of agreement
§ 13 Payment in full before maturity; refund credit
§ 14 Cancellation of agreement by buyer; notice; refund of deposits; reclamation of goods by seller
§ 15 Security interest in certain goods; prohibition
§ 17 Refinancing agreements; form and contents
§ 18 Subsequent add-on purchases; consolidated agreement; payments; termination of security interest
§ 18A Modification of agreement or extension of credit prohibited; exceptions; notice to buyer; violations
§ 19 Statement of account; contents
§ 20 Delinquency and collection charge; dishonored check charge
§ 21 Default; enforcement; notice; accelerated payment; curing of default
§ 22 Repossession of collateral on default; hearing; redemption; disposition; deficiency; insurance proceeds; determination
§ 22A Avoidance of chapter
§ 24 Waiver
§ 25 Application of this chapter
§ 25A Holder of agreement subject to buyer’s defenses against seller
§ 26 Insurance
§ 27 Revolving credit agreement; form and contents
§ 28 Instruments indicating payment; mailing to buyer
§ 29 Violation of certain provisions; effect
§ 30 Penalties
§ 31 Truth-in-lending act; application
§ 32 Delivery of notice

Terms Used In Massachusetts General Laws > Chapter 255D - Retail Installment Sales and Services

  • 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.
  • Down payment: includes all amounts paid, in cash, credits, or the agreed value of goods, by or for the installment buyer to or for the benefit of the installment seller at or before time of the execution of the retail installment sale agreement or at the time of sale pursuant to revolving credit agreement. See Massachusetts General Laws ch. 255D sec. 1
  • 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
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • 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.
  • Personal property: All property that is not real property.
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • 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.
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.