Massachusetts General Laws
Chapter 140d - Consumer Credit Cost Disclosure
Section 15a - Application Form or Pre-Approved Written Solicitation for Open-End Credit Plan; Contents

Section 15A. Any application form or pre-approved written solicitation for an open-end credit plan and any printed advertisement which contains such application form or pre-approved written solicitation which is mailed or distributed on or after July first, nineteen hundred and eighty-eight, to a consumer residing in the commonwealth by or on behalf of a card issuer, whether such issuer is located within or without the commonwealth, and which is intended to aid, promote or assist directly or indirectly in the issuance of a credit card by any issuer, shall prominently disclose in easily understood language: the current annual percentage rate for finance charges and, if the rate may vary, a statement to that effect and of the circumstances under which the rate may increase and whether there are any limitations on any such increase, as well as the effects of any such increase; the conditions under which a finance charge may be imposed, including the time period within which any credit extended may be repaid without incurring a finance charge; whether any annual fee is charged and the amount of any such fee; and whether any other charges or fees may be assessed, the purposes for which they are assessed, and the amounts of any such charges or fees.
The card issuer may submit examples of application forms, pre-approved written solicitations, and printed advertisements containing such application forms and pre-approved written solicitations to the commissioner for a determination as to whether they satisfy the requirements of this section. Approval by the commissioner shall constitute prima facie evidence of compliance with this section.

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