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 21 Application of credit cardholder’s funds held by issuer; authorization; agreement statement
Section 21. A person issuing a credit card shall not apply any funds of the cardholder held for any purpose by the issuer of the card in order to satisfy a debt arising from the use of such credit card unless such action was previously authorized by the cardholder in a separately signed agreement whereby the cardholder agrees to pay debts incurred in his open-end-credit account by permitting the card issuer to deduct periodically all or a portion of such debt from the cardholder’s deposit account; provided, however, that such action shall not be taken with respect to a disputed item if the cardholder so requests. This agreement shall contain the following statement appearing conspicuously on the face thereof:
YOU DO NOT HAVE TO SIGN THISAGREEMENT IN ORDER TOOBTAIN A CREDIT CARD.
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