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2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 11 - Delinquency and Collection Charge; Amount

Section 11. The holder of a retail installment contract may, if the contract so provides, collect a delinquency and collection charge on each installment in default for a period of not less than fifteen days in an amount not in excess of five percent of each installment or five dollars, whichever is less, and assess and collect a charge, not to exceed ten dollars, for any check, draft or order for the payment of money submitted in accordance with said contract which is returned unpaid or not honored by a bank or other depository.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 12 - Signing of Contract; Effect of Blank Spaces; Exceptions; Buyer's Written Acknowledgment

Section 12. No retail instalment contract shall be signed by any party thereto when it contains blank spaces to be filled in after it has been signed, except that, if delivery of the motor vehicle is not made at the time of the execution of the contract, the identifying numbers or marks of the motor vehicle or similar information, and the due date of the first instalment, may be inserted in the contract after its execution. The buyer's written acknowledgment, conforming to the requirements of section thirteen, of delivery of a copy of a contract shall be conclusive proof of such delivery and of compliance with this section in any action or proceeding by or against an assignee of the contract without knowledge to the contrary when he purchases the contract.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 13 - Copy of Contract; Delivery to Buyer; Failure to Deliver; Effect; Cancellation of Contract

Section 13. The seller shall deliver to the buyer, or mail to him at his address shown on the contract, a copy of the contract signed by the seller. If the seller fails to deliver or mail to the buyer on or before the time of the delivery of the motor vehicle a copy of the contract signed by the seller, the buyer shall have the right to refuse to take delivery of the motor vehicle and shall be entitled to receive an immediate refund of all payments made and redelivery of the motor vehicle or vehicles traded in to the seller on account or in contemplation of the contract, or if said motor vehicle or vehicles so traded in have been sold by the seller in a bona fide sale, which sale shall not take place for at least ten days unless the seller has delivered to the buyer a full and complete copy of the contract as required herein, the proceeds thereof, less the expenses incurred by the seller in connection with such sale including the cost of any repairs made to such property to make it ready for sale; provided, however, that if delivery of the motor vehicle is accepted by the buyer he shall have no further right of cancellation, but shall be entitled to the benefit of penalties otherwise provided for herein. The foregoing provisions shall not entitle a buyer to cancel an order or a contract or to receive any refund thereunder except under the circumstances set forth in the preceding sentence.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 14 - Finance Charges; Rate; Computation

Section 14. A retail seller may charge, receive and collect for any new or used motor vehicle, a finance charge not in excess of an annual percentage rate of twenty-one per cent.
Such finance charge shall be computed on the amount financed as determined under chapter one hundred and forty D on contracts payable in successive monthly instalments substantially equal in amount.
On contracts providing for instalments extending for a period less than or greater than one year, the finance charge shall be computed proportionately. The finance charge may be computed on the basis of a full month for any fractional month period in excess of fifteen days.
When a retail instalment contract provides for unequal or irregular instalments, the finance charge shall be no more than the effective rate provided in this section, having due regard for the schedule of instalments.
The finance charge shall be inclusive of all charges incident to investigating and making the contract, and for the extension of the credit provided for in the contract and no fee, expense or other charge whatsoever shall be taken, received, reserved or contracted for except as provided in this section and in section eleven and section seventeen and for those items expressly provided for in the retail instalment contract as set forth in chapter one hundred and forty D.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 15 - Full Payment by Buyer; Duty of Holder of Retail Instalment Contract

Section 15. After the payment of all sums for which the buyer is obligated under a retail instalment contract, the holder of such contract shall mail to the buyer at his last known address, good and sufficient instruments to indicate payment in full and to release all security in the motor vehicle.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 16 - Payment in Full Before Maturity; Refund Credit

Section 16. Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full at any time before maturity the debt of any retail installment contract, and in so paying such debt shall receive a refund credit thereon for such anticipation. Such refund credit shall be computed on a method which is at least as favorable to the buyer as the actuarial method, so-called. If the prepayment is made other than on an installment due date, it shall be deemed to have been made on the first installment due date if the payment is before that date, and in any other case it shall be deemed to have been made on the next preceding or next succeeding installment due date, whichever is nearer to the date of prepayment. Where the amount of the credit for anticipation of payment is less than one dollar, no refund need be made.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 17 - Deferment or Renewal of Payment Dates; Refinancing; Computation of Rates; Rebates

Section 17. The holder of an instalment sale contract may, upon agreement with the buyer, defer the scheduled payment of all or part of any unpaid instalment payment or payments, or renew the unpaid total of payments of such contract. The agreement for such deferment or renewal shall be in writing and signed by the parties thereto.
For such renewal the holder may contract for and collect a refinance charge. Such refinance charge shall be computed on the amount obtained by adding to the unpaid total of payments of the contract the insurance cost incidental to refinancing, and by deducting any rebate computed in accordance with the provisions of section sixteen which may be due to the buyer for prepayment incidental to refinancing, at the rate of the finance charge in the original contract, for the term of the renewal contract, and subject to the provisions of this chapter governing computation of the original finance charge; provided, however, that the holder shall not be allowed the acquisition cost of twelve dollars and fifty cents.
For such deferment the holder may contract for and collect a deferment charge. Such deferment charge shall not exceed an amount equal to one per cent per month simple interest on the amount of the instalment or instalments, or part thereof, deferred for the period of deferment. Such period shall not exceed the period from the date when such deferred instalment or instalments, or part thereof, would have been payable in the absence of such deferment, to the date when such instalment or instalments, or part thereof, are made payable under the agreement for deferment; except that a minimum charge of one dollar for the period of deferment may be made in any case where the deferment charge, when computed at such rate, amounts to less than one dollar. Such agreement may also provide for the payment by the buyer of the additional cost to the holder of the contract of premiums for continuing in force, until the end of such period of deferment, any insurance coverages provided for in the contract. No deferment charge shall be made on any instalment for which a default charge has been made unless the default charge on such instalment is rebated in full. If a contract is prepaid in full during a deferment period the buyer shall receive, in addition to the refund required under section sixteen, the refund of that portion of the deferment charge applicable to any unexpired months of the deferment period.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 18 - Sale or Assignment of Contracts

Section 18. A sales finance company may purchase a retail instalment contract from a seller on such terms and conditions and for such price as may be mutually agreed upon; and no filing of the assignment, no notice to the buyer of the assignment, and no requirement that the seller be deprived of dominion over payments upon the contract or over the vehicle if repossessed by the seller, shall be necessary to the validity of a written assignment of a retail instalment contract as against creditors, subsequent purchasers, pledgees, mortgagees or encumbrancers of the seller.
Unless the buyer has notice of actual or intended assignment of a retail instalment contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders or assignees.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 19 - Statement of Payments; Forwarding to Buyer; Receipts for Payments

Section 19. Upon written request from the buyer, the holder of a retail instalment contract shall give or forward to the buyer a written statement of the dates and amounts of payments and the total amount unpaid under such contract. The buyer shall be entitled to only one such statement in any six-month period free of charge. The holder shall be entitled to the sum of fifty cents for each additional written statement requested by the buyer before supplying such additional written statement. A buyer shall be given a written receipt for each cash payment.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 19a - Holder of Retail Installment Contract Subject to Buyer's Defenses Against Seller

Section 19A. The holder of a retail installment contract or other person acting in his behalf, shall be subject to all defenses, real and personal, which the retail buyer may have against the retail seller thereof.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 20 - Non-Enforceability of Certain Provision of Contract

Section 20. A provision in a retail instalment contract (1) for confession of judgment, power of attorney therefor, or wage assignment; (2) for the subsequent inclusion of title to or a lien upon any goods, other than the motor vehicle which is the subject matter of the retail instalment sale or accessories therefor or special or auxiliary equipment used in connection therewith, or in substitution, in whole or in part, for any such accessory or special or auxiliary equipment, as security for payment of the deferred payment price; (3) whereby, in the absence of the buyer's default, the holder may accelerate the maturity of any part or all of the total of payments; (4) whereby a seller or holder of the contract, or other person acting on his behalf, is authorized to enter the buyer's premises unlawfully, or to commit any breach of the peace in the repossession of a motor vehicle; (5) whereby the buyer waives any right of action against the seller or holder of the contract, or other person acting on his behalf, for any illegal act committed in the collection of payments under the contract or in the repossession of the motor vehicle; (6) whereby the buyer executes a power of attorney appointing the seller or holder of the contract, or other person acting on his behalf, as the buyer's agent in the collection of payments under the contract or in the repossession of the motor vehicle; or (7) whereby the seller is relieved from liability for any legal remedies which the buyer may have had against the seller under the contract, or any separate instrument executed in connection therewith, shall not be enforceable.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 20c - Repossession of Motor Vehicle; Notice to Police

Section 20C. Any creditor obtaining possession of a motor vehicle under the provisions of this chapter shall, within one hour after obtaining such possession, notify the police department of the city or town in which such possession occurred, giving such police department a description of the vehicle involved.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 21 - Penalties

Section 21. Whoever violates any provision of this chapter or any rule or regulation made thereunder by the commissioner shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than six months, or both.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 22 - Violation of Secs. 9 to 14 or Secs. 18 to 20; Effect

Section 22. A violation of sections nine to fourteen, inclusive, or eighteen to twenty, inclusive, by any person shall bar his recovery of any finance charge, delinquency or collection charge or refinancing charge on the retail instalment contract involved.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 24 - Severability of Law

Section 24. If any provision of this chapter or the application thereof to any person or circumstance is held unconstitutional, the remainder of the section and the application of such provision to other persons or circumstances shall not be affected thereby.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255b - Retail Instalment Sales of Motor Vehicles › Section 25 - Truth-in-Lending Act; Application

Section 25. A transaction subject to the provisions of this chapter shall also be subject to the provisions of chapter one hundred and forty D and in the event of a conflict between the provisions of this chapter and said chapter one hundred and forty D, the provisions of said chapter one hundred and forty D shall control.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 1 - Definitions

Section 1. In this chapter unless the context otherwise requires, the following words shall have the following meanings:
1. ''Insurance agent'' and ''insurance broker'', respectively, an insurance agent or insurance broker duly licensed as such under chapter one hundred and seventy-five.
2. ''Person'', an individual, corporation, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity, except an insurance company authorized or approved to do business within the commonwealth.
3. ''Premium finance agency'', a person engaged, in whole or in part, in the business of acquiring premium finance agreements from insurance agents or brokers or other premium finance agencies, and an insurance agent or broker who is licensed as a premium finance agency and who holds premium finance agreements made and delivered by insureds to him or his order and any property and casualty insurance agent or broker, who provides premium financing only to his own customers for purposes of financing the payment of premiums on contracts of insurance, which contracts of insurance are exclusively limited to commercial policies.
4. ''Premium finance agreement'', a promissory note or other written agreement by which an insured promises or agrees to pay to, or to the order of, an insurance agent or broker the amount advanced or to be advanced under the agreement to an authorized insurer or to an insurance agent or broker in payment of premiums on an insurance contract, together with a charge as authorized and limited by law. If the premium finance agreement is payable to, or to the order of, an insurance agent or broker not licensed as a premium finance agency, payments under the agreement must be payable at the office of a premium finance agency.
5. ''Commissioner'', the commissioner of banks.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 2 - Necessity of License

Section 2. No person, except a credit union, a bank as defined in section 1 of chapter 167, a national banking association, or a federal savings and loan association, a federal savings bank, a sales finance company as defined in section 1 of chapter 255B, and a company licensed to carry on the business of making small loans, shall engage in the business of a premium finance agency unless licensed by the commissioner, as provided in section 3; provided, however, that no property and casualty insurance agent or broker, including an insurance agent or insurance broker conducting an insurance premium financing agency business under a subsidiary or different company name, who provides premium financing only to his own customers for purposes of financing payment of premiums on contracts of insurance, which contracts of insurance are exclusively limited to commercial insurance policies, shall be required to be licensed pursuant to this section or any other section of this chapter. Such license shall allow the holder to maintain only one office from which said business may be conducted, but more than one license may be issued to any person. Any change of location of an office of a licensee shall require the prior approval of the commissioner. Such request for relocation shall be in writing setting forth the reason or reasons for the request, and shall be accompanied by an investigation fee to be determined annually by the secretary of administration and finance under section 3B of chapter 7. If an applicant has more than one office, he may obtain a license for each office from which he intends to conduct said business.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 4 - Name and Address of Licensee; Posting of License; Change of Location

Section 4. Such license shall state the name and address of the licensee. Such license shall be conspicuously posted in the specified office of the licensee and shall not be transferable, except as hereinafter provided, or assignable. Before any licensee changes such office from one location to another he shall give written notice thereof to the commissioner who, if he approves said change, shall issue without charge an endorsement indicating the change and the date thereof, which endorsement shall be attached to the license for such office and shall constitute the authority for the operation of the business under such license at such new location.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 5 - Revocation or Suspension of License; Grounds; Surrender of License; Effect

Section 5. The commissioner may forthwith revoke or suspend any license issued under this chapter if he finds after a hearing that:
(a) the licensee has violated any provision of this chapter or any rule or regulation lawfully made thereunder by the commissioner;
(b) the existence of any fact or condition which, if it had existed at the time of the original application for such license, clearly would have warranted the commissioner in refusing to issue such license.
The commissioner may revoke or suspend only the particular license with respect to which grounds for revocation or suspension may occur or exist, or, if he shall find that such grounds for revocation or suspension are of general application to all offices, or to more than one office, operated by such licensee, he shall revoke or suspend all of the licenses issued to such licensee or such number of licenses as such grounds apply to, as the case may be.
The commissioner shall have sufficient cause to suspend or revoke a license whenever he learns from the commissioner of insurance or from any other source that the licensee has failed to return the full amount of a return premium to the person whose insurance policy has been cancelled or to his assignee, as required by section one hundred and seventy-six A of chapter one hundred and seventy-five.
Any licensee may surrender any license by delivering to the commissioner written notice that he thereby surrenders such license, but such surrender shall not affect the licensee's civil or criminal liability for acts committed prior to such surrender.
A revocation or suspension or surrender of any license shall not impair or affect the obligation of an insured under any lawful premium finance agreement previously acquired or held by the licensee.
Whenever the commissioner revokes or suspends a license, he shall forthwith execute in duplicate a written order to that effect, and shall file one copy of such order in the office of the secretary of state and mail one copy to the licensee. A suspension or revocation of a license shall not be subject to the provisions of chapter thirty A.
After revocation or surrender of a license an applicant may reapply for a license in the same manner as for an original license, as provided in section three.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 8 - Witnesses; Summoning; Examination; Fees

Section 8. In conducting any hearing or investigation pursuant to the provisions of this chapter, the commissioner, or any person duly designated by him, shall have the power at all times to subpoena witnesses; to take depositions of witnesses residing without the state, in the manner provided for in civil actions in courts of record; to pay such witnesses the fees and mileage for their attendance provided for witnesses in civil actions in courts of record; and to administer oaths.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 9 - Penalties

Section 9. Whoever violates any provision of this chapter, or knowingly makes any incorrect statement of a material fact in any application, report or statement filed pursuant to this chapter, or knowingly omits to state any material fact necessary to give the commissioner any information lawfully required by him or refuses to permit any lawful investigation or examination, shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than six months, or both.
A premium finance agency's taking or receiving from or charging an insured a greater charge than authorized in this chapter shall not invalidate the premium finance agreement or the principal balance payable thereunder but may be adjudged a forfeiture of all charges which the premium finance agreement carries with it or which have been agreed to be paid thereon, and if a greater charge has been paid by an insured, the person paying the same or his legal representative may recover from the premium finance agency twice the entire amount of the charges thus paid if action is brought within two years from the time of such payment.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 11 - License Fees of Agents or Brokers; Basis; Application; Subsidiaries

Section 11. The fee for an insurance agent or an insurance broker in his application for a license under section three shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven and shall be based upon the aggregate unpaid balance of all premium finance agreements executed or purchased by the agent or broker during the forthcoming year.
Each application for a license hereunder shall be in writing and in the form prescribed by the commissioner, and shall be accompanied by an investigation fee to be determined annually by the commissioner of administration under the provision of section three B of chapter seven, said amount to be credited to the license fee if a license is granted.
If an insurance agent or an insurance broker conducts an insurance premium finance agency business under a subsidiary or different company name, it shall be considered that said business is subject to the license fee provisions of section three.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 12 - Rebates; Prohibition; Effect of Filing of Premium Finance Agreement

Section 12. No premium finance agency, and no employee of such an agency shall pay, allow or offer to pay or allow in any manner whatsoever to an insurance agent or broker or any employee of an insurance agent or broker, or to any other person, any rebate whatsoever, either from the charge for financing specified in the premium finance agreement or otherwise, or shall give or offer to give any valuable consideration or inducement of any kind directly or indirectly, other than an article of merchandise not exceeding one dollar in value which shall have thereon the advertisement of the premium finance agency; and
A filing of a premium finance agreement shall not be necessary to perfect the validity of such an agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, incumbrancers, successors or assigns of the insured.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 14 - Excessive Charges

Section 14. A premium finance agency shall not, except as otherwise provided by law, take or receive from an insured greater charges than are provided by section one hundred and sixty-two B of chapter one hundred and seventy-five, and the regulations issued thereunder, which charges shall commence as of the date from which the insurance company requires payment of the premium and payment was made to the insurance company for the financed policy, or the effective date of the policy, whichever is earlier.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 15 - Delinquency, Collection and Cancellation Charges

Section 15. A premium finance agreement may provide for the payment by the insured of a delinquency, collection and cancellation charge as provided in section one hundred and sixty-two B of chapter one hundred and seventy-five, and the regulations issued thereunder, and for the assessment and collection of a charge, not to exceed ten dollars, for any check, draft or order for the payment of money submitted in accordance with said agreement which is returned unpaid or not honored by a bank or other depository.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 16 - Prohibited Provisions in Agreements

Section 16. No premium finance agreement shall contain any provision whereby
(a) in the absence of default of the insured, the premium finance agency holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder;
(b) a power of attorney is given to confess judgment in this commonwealth; or
(c) the insured relieves the insurance agent or broker or the premium finance agency holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against him.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 17 - Payment in Absence of Notice of Assignment

Section 17. Unless the insured has notice of actual or intended assignment of a premium finance agreement, payment thereunder by him to the last known holder of the agreement shall be binding upon all subsequent holders or assignees.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 18 - Statement of Payments and Unpaid Amounts; Full Payment by Insured

Section 18. At any time after its execution, but not later than one year after the last payment thereunder, a premium finance agency holding a premium finance agreement shall, upon written request of the insured, give or mail to him a written statement of the dates and amounts of payments and the total amount, if any, unpaid thereunder. Such a statement shall be supplied once each year without charge; if any additional statement is requested the premium finance agency shall supply such statement at a charge not exceeding one dollar for each additional statement so supplied. An insured shall be given a receipt for a payment when made in cash.
After the payment of all sums for which an insured is obligated under a premium finance agreement the premium finance agency holding the agreement shall deliver, or mail to the insured at his last known address such one or more good and sufficient instruments as may be necessary to acknowledge payment in full and to release all interests in or rights to the insurance contracts, the premiums for which are advanced or are to be advanced under the agreement.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 19 - Payment in Full Before Maturity; Refund

Section 19. Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay it in full at any time before maturity of the final installment of the balance thereof, and in so paying such balance shall receive a refund credit thereon for such anticipation. Such refund credit shall be computed on a method which is at least as favorable to the insured as the actuarial method, so-called. If the prepayment is made other than on an installment due date, it shall be deemed to have been made on the first installment due date if the payment is before that date, and in any other case it shall be deemed to have been made on the next preceding or next succeeding installment due date, whichever is nearer to the date of prepayment. Where the amount of the credit for anticipation of payment is less than one dollar, no refund need be made. The details of application and the rules for partial prepayments shall be subject to the regulations issued under the provisions of section one hundred and sixty-two B of chapter one hundred and seventy-five.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 20 - Extensions or Deferments

Section 20. A premium finance agency may, upon agreement with the insured, extend the scheduled due date or defer the scheduled due date or defer the scheduled payment of all or of any part of any instalment or instalments payable thereunder. The agreement for such extension or deferment must be in writing and signed by the parties thereto. The premium finance agency may charge and contract for the payment of an extension or deferral charge by the insured and collect and receive the same, but such charge may not exceed an amount equal to one per centum per month simple interest on the amount of the instalment or instalments, or part thereof, extended or deferred for the period of extension or deferral. Such period shall not exceed the period from the date when such extended or deferred instalment or instalments, or part thereof would have been payable in the absence of such extension or deferral, to the date when such instalment or instalments, or part thereof, are made payable under the agreement of extension or deferment. No deferment charge shall be made on any instalment for which a default charge has been made unless the default charge on such instalment is rebated in full. If a contract is prepaid in full during a deferment period the buyer shall receive, in addition to the refund required under section nineteen, the refund of that portion of the deferment charge applicable to any unexpired months of the deferment period.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 21 - Cancellation of Insurance Contract; Refund of Finance Charges; Deficiency; Notice of Cancellation

Section 21. Upon the cancellation of an insurance contract the insured shall be entitled to a refund of the finance charges, such refund to be computed on a method which is at least as favorable to the insured as the actuarial method, so-called, from the effective date of cancellation irrespective of the time when the premium finance agency is reimbursed by the insurer or insurers. Whenever the gross unearned premiums received from the insurer or insurers are insufficient to extinguish the unpaid amount financed owed to the premium finance agency it may charge and collect a finance charge for the remaining unpaid amount financed not to exceed the rates established pursuant to the provisions of section one hundred and sixty-two B of chapter one hundred and seventy-five in effect on the date of cancellation and from said date to the time when the insured shall pay such balance. A premium finance agency shall give notice of cancellation to the policyholder by delivering such notice in hand to the named policyholder, or by leaving at his last business, residence or other address known to the agency, or by forwarding such notice to said address by first class mail, postage prepaid, and a notice delivered, so left or forwarded, shall be deemed a sufficient notice. No written notice of cancellation shall be deemed effective when mailed by the agency unless the agency obtains a certificate of mailing receipt from the United States Postal Service showing the name and address of the policyholder stated in the policy, but any notice of the intent to cancel as required by section thirty-four K of chapter ninety may be given by first class mail. If a premium finance agency, or any holder of a premium finance agreement, acting under a power of attorney in connection with the cancellation of a motor vehicle liability policy, as defined in section thirty-four A of chapter ninety, gives notice of cancellation in accordance with section thirty-four K of said chapter ninety, and thereafter the insured pays the full amount then due under the premium finance agreement, such agency or holder shall forthwith notify the insurer that it is revoking the notice of cancellation. Such notice of revocation shall not be binding upon the insurer, unless it is in writing and is received by the insurer not less than three days prior to the effective date of cancellation.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 22 - Scope and Application of Chapter

Section 22. This chapter shall not affect the inclusion of a charge for insurance on a bona fide sale of property, goods or services on instalments, nor shall it apply to insurance premiums financed at not more than six dollars per one hundred dollars per annum including all fees and charges of every name, nature and description. Nothing contained in this chapter or in chapter one hundred and seventy-five shall prohibit the addition by an insurance agent or broker not licensed as a premium finance agent of a late charge for late payment of a premium so long as any such charge does not exceed one and one-half per cent of the unpaid balance per month; provided, however, that such late charge shall not be imposed in the event payment is received within forty-five days from the effective date of the policy. Such insurance agent or broker may impose such a charge only if his bills, statements or invoices issued to a policyholder state that such a charge will be made in the event of late payment.
This chapter shall not apply to policies of life, endowment and retirement income insurance or annuity contracts and contracts supplementary thereto.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255c - Insurance Premium Finance Agencies › Section 23 - Truth-in-Lending Act; Application

Section 23. A transaction subject to the provisions of this chapter shall also be subject to the provisions of chapter one hundred and forty D and a premium finance agency subject to the provisions of this chapter shall be subject to the provisions of said chapter one hundred and forty D and in the event of a conflict between the provisions of this chapter and said chapter one hundred and forty D, the provisions of said chapter one hundred and forty D shall control.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 4 - Summoning of Licensees; Failure to Appear; Effect

Section 4. The commissioner, or such of his assistants as he may designate, may summon a licensee, or any of his agents or employees, and such other witness as he deems necessary, and examine them relative to their transactions, may require the production of books and papers and, for such purposes, may administer oaths. Whoever, without justifiable cause, fails or refuses to appear and testify or to produce books and papers when so required, or obstructs the commissioner or his representatives in the performance of their duties, shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than six months, or both.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 5 - Refusal to Issue License; Notice; Appeal; Hearing

Section 5. If the commissioner refuses to issue a license, he shall notify the applicant of the denial, and within twenty days thereafter he shall enter upon his records a written decision and findings containing the reasons supporting the denial, and shall forthwith give written notice thereof by registered mail to the applicant. Within thirty days after the date of such notice the applicant may appeal from such denial to the superior court for the county of Suffolk, sitting in equity. The court shall hear all pertinent evidence and determine the facts, and upon the facts as so determined review said denial and, as justice and equity may require, affirm the same or order the commissioner to issue such license.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 6 - Violations of This Chapter; Investigations by Commissioner

Section 6. The commissioner, if he has reason to believe that any person other than a licensee has violated any of the provisions of this chapter, shall have the power to make such investigations as he shall deem necessary, and, to the extent necessary for this purpose he may examine such person and shall have the power to compel the production of all relevant books, records, accounts and documents.
The state police and the police of the cities or towns shall carry out the directions of the commissioner in enforcing the provisions of this chapter and any rules or regulations made hereunder by him. A violation of this chapter shall also be a violation of chapter ninety-three A.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 7 - Suspension or Revocation of License; Grounds

Section 7. A license may be suspended or revoked by the commissioner on the following grounds: (1) material misstatement in application for license; (2) failure to comply with the provisions of this chapter; (3) defrauding any retail buyer to the buyer's damage; (4) fraudulent misrepresentation, circumvention or concealment by the licensee through whatever subterfuge or device of any of the material particulars or the nature thereof required to be stated or furnished to the retail buyer under this chapter; (5) the existence of any fact or condition which, if it had existed at the time of the original application for such license, clearly would have warranted the commissioner in refusing to issue such license.
If a licensee is a partnership, corporation or trust, it shall be sufficient cause for the suspension or revocation of its license if any partner, officer, director or trustee thereof, so acts or fails to act as to constitute cause for suspending or revoking his license if he were licensed as an individual. Each licensee shall be responsible for any acts in violation of this chapter by any of his employees while acting as his agent, if such licensee after actual knowledge of said acts retained the benefits, proceeds, profits or advantages accruing from said acts or otherwise ratified said acts.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 8 - Suspension or Revocation of License; Procedure

Section 8. No license shall be suspended or revoked except after hearing thereon by the commissioner or such of his assistants as he may designate. The commissioner shall give the licensee at least ten days' written notice, in the form of an order to show cause, of the time and place of such hearing by registered mail addressed to the principal place of business in this commonwealth of such licensee. The said notice shall contain the grounds of complaint against the licensee. Any order suspending or revoking such license shall recite the grounds upon which the same is based. The order shall be entered upon the records of the commissioner and shall not be effective until after thirty days' written notice thereof given after such entry forwarded by registered mail to the licensee at such principal place of business. No revocation, suspension or surrender of any license shall impair or affect the obligation of any lawful retail installment sale agreement acquired previously thereto by the licensee. Within thirty days after such suspension or revocation the person aggrieved thereby may appeal to the superior court for the county of Suffolk, sitting in equity. The court shall hear all pertinent evidence and determine the facts, and upon the facts as so determined review said suspension or revocation and, as justice and equity may require, affirm the same or order that the commissioner rescind it.
2023 Massachusetts General Laws › Part III - Courts, Judicial Officers and Proceedings in Civil Cases › Title IV - Certain Writs and Proceedings in Special Cases › Chapter 255d - Retail Installment Sales and Services › Section 9a - Improvement of Realty; Completion of Statement

Section 9A. In any transaction involving the modernization, rehabilitation, repair, alteration, improvement or construction of real property, a writing signed by the buyer that such work has been satisfactorily completed shall not be valid unless the work to be performed by the seller is actually completed.