2012 Massachusetts General Laws
PART I ADMINISTRATION OF THE GOVERNMENT(Chapters 1 through 182)
TITLE XX PUBLIC SAFETY AND GOOD ORDER
CHAPTER 140D CONSUMER CREDIT COST DISCLOSURE
Section 17 Oral response to cost of credit inquiry
Section 17. In responding orally to any inquiry about the cost of credit, a creditor, regardless of the method used to compute finance charges, shall state rates only in terms of the annual percentage rate, except that in the case of an open-end-credit plan, the periodic rate also may be stated and, in the case of an other than open-end-credit plan where a major component of the finance charge consists of interest computed at a simple annual rate, the simple annual rate also may be stated. The commissioner may, by regulation, provide an exception from this section for a transaction or class of transactions for which the creditor cannot determine in advance the applicable annual percentage rate.
Disclaimer: These codes may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
