Section 12. A. When any payment is made on account of any retail installment sale agreement, the person receiving such payment shall, if the payment is made in cash, give the buyer a complete written receipt therefor. If the buyer specifies that the payment is made on one of several obligations, the receipt shall so state.
B. Any person may purchase a retail installment sale agreement from a seller or holder on such terms and conditions and for such price as may be mutually agreed upon. Unless written notice has been given to the buyer of actual or intended assignment of a retail installment sale agreement, the buyer may pay or tender any amount due thereunder or give any notice required or permitted by the agreement, to the last known holder of the agreement and such payment, tender or notice shall be binding upon any subsequent holder as fully as if made to him.
Structure 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 2 - Licenses; Application; Fees; Assignment or Transfer; Multi-State Licensing System
Section 3 - Rules and Regulations; Examination of Business Records; Annual Report
Section 4 - Summoning of Licensees; Failure to Appear; Effect
Section 5 - Refusal to Issue License; Notice; Appeal; Hearing
Section 6 - Violations of This Chapter; Investigations by Commissioner
Section 7 - Suspension or Revocation of License; Grounds
Section 8 - Suspension or Revocation of License; Procedure
Section 9 - Retail Installment Sale Agreements; Form and Contents
Section 9a - Improvement of Realty; Completion of Statement
Section 10 - Prohibited Agreements
Section 10a - Discrimination Against Cash Buyers
Section 11 - Finance Charges, Computation, Rates; Multiple Agreements Prohibited
Section 11a - Merchandise Certificates or Coupons; Right to Return
Section 11b - Merchandise Certificates or Coupons; Return Statement Required
Section 12 - Receipts for Payments; Sale or Assignment of Agreement
Section 13 - Payment in Full Before Maturity; Refund Credit
Section 15 - Security Interest in Certain Goods; Prohibition
Section 16 - Extension Agreements; Form and Contents
Section 17 - Refinancing Agreements; Form and Contents
Section 19 - Statement of Account; Contents
Section 20 - Delinquency and Collection Charge; Dishonored Check Charge
Section 21 - Default; Enforcement; Notice; Accelerated Payment; Curing of Default
Section 22a - Avoidance of Chapter
Section 25 - Application of This Chapter
Section 25a - Holder of Agreement Subject to Buyer's Defenses Against Seller
Section 27 - Revolving Credit Agreement; Form and Contents
Section 28 - Instruments Indicating Payment; Mailing to Buyer
Section 29 - Violation of Certain Provisions; Effect