Massachusetts General Laws
Chapter 140d - Consumer Credit Cost Disclosure
Section 22 - Credit Balance Exceeding One Dollar; Periodic Statement Disclosure; Contents

Section 22. Whenever a credit balance equal to or in excess of one dollar is created in connection with a consumer credit transaction through (1) transmittal of funds to a creditor in excess of the total balance due on an account, (2) rebates of unearned finance charges or insurance premiums or (3) amounts otherwise owed to or held for the benefit of an obligor, the creditor shall:
(a) credit the amount of the credit balance to the consumer's account;
(b) refund any part of the amount of the remaining credit balance, upon request of the consumer; and
(c) make a good faith effort to refund to the consumer by cash, check or money order any part of the amount of the credit balance remaining in the account for more than six months, within thirty days after the expiration of the six-month period, except that no further action is required in any case in which the consumer's current location is not known by the creditor and cannot be traced through the consumer's last known address or telephone number. Any creditor who does not make such a good faith effort to refund the credit balance, as required hereby, shall pay to the customer interest thereon at the annual percentage rate of eighteen per cent.
In addition, the creditor of any open-end-credit plan shall disclose to the customer, in the periodic statement for the billing cycle at the end of which a credit balance first occurs and is due and owing to the customer, the amount of such credit balance. Unless the credit balance is previously reduced to less than one dollar by refunds or other charges to the account, the creditor shall further disclose, in at least two additional periodic statements for billing cycles within the six-month period following the closing of the billing cycle in which the credit balance first occurs and is due and owing to the customer, any credit balance equal to or in excess of one dollar at the end of such billing cycles.
The creditor of such account shall clearly and conspicuously disclose to the customer in the periodic statement or in a statement accompanying the periodic statement for either the billing cycle in which the credit balance first occurs and is due and owing the customer or the next succeeding billing cycle the following information to the extent applicable:
(a) The amount of the credit balance at the end of the applicable billing cycle; (b) That such credit balance represents money owed to the customer; (c) That the customer has the right to make charges against such credit balance or to obtain a cash refund of such balance upon request; (d) That the creditor will refund, within thirty days after the expiration of the foresaid six-month period, the amount then remaining in such credit balance, if no charge has been made against such credit balance, and a refund has not been requested and the amount of such credit balance is then in excess of one dollar. If the creditor discloses the credit balance more than once, the additional disclosures shall also be made in at least one other periodic statement or in a statement accompanying another periodic statement for a billing cycle within the aforesaid six-month period.

Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XX - Public Safety and Good Order

Chapter 140d - Consumer Credit Cost Disclosure

Section 1 - Definitions

Section 2 - Exempt Transactions

Section 3 - Rules and Regulations

Section 4 - Finance Charge; Determination

Section 5 - Annual Percentage Rate; Determination

Section 6 - Inaccurate Disclosure of Finance Charge or Annual Percentage Rate; Adjustment

Section 7 - Disclosure of Information; Multiple Creditors or Obligors; Estimates

Section 8 - Disclosure of Information; Clear and Conspicuous Statements

Section 9 - Information Rendered Inaccurate

Section 10 - Security Interest in Property Used as Dwelling; Rescission; Liability; Application

Section 11 - Disclosure; Open End Credit Plans; Statement; Contents

Section 12 - Disclosure; Other Than Open-End-Credit Plans; Statement; Contents

Section 14 - Multiple-Page Advertisements; Contents; Open-End-Credit Plan

Section 15 - Advertisements; Other Than Open-End-Credit Plans; Contents

Section 15a - Application Form or Pre-Approved Written Solicitation for Open-End Credit Plan; Contents

Section 16 - Liability of Owner or Personnel of Advertising Medium

Section 17 - Oral Response to Cost of Credit Inquiry

Section 18 - Model Disclosure Forms and Clauses

Section 19 - Time for Sending Statement; Noncompliance; Finance Charge

Section 20 - Sale of Goods or Services at Retail; Finance Charge Under Open-End-Credit Plan; Computation

Section 21 - Application of Credit Cardholder's Funds Held by Issuer; Authorization; Agreement Statement

Section 22 - Credit Balance Exceeding One Dollar; Periodic Statement Disclosure; Contents

Section 23 - Transfer of Funds Following Default of Debt; Written Notice; Applicability

Section 24 - Guaranty of Obligations of Other Persons; Notice of Additional Obligations

Section 25 - Issuance of Credit Cards

Section 26 - Cardholder Liability for Unauthorized Use

Section 27 - Unauthorized Use of Credit Cards

Section 28 - Liability of Business for Unauthorized Use of Credit Cards

Section 28a - Cardholder Discounts; Surcharges; Finance Charge

Section 28b - Participation in Credit Card Plans; Conditions

Section 29 - Rules and Regulations; Consistency With Federal Fair Credit Billing Act

Section 30 - Inspection of Records

Section 31 - Prohibited Acts; Penalty

Section 32 - Creditor's Failure to Comply With Law; Damages

Section 33 - Civil Actions Against Subsequent Assignees of Creditor; Written Acknowledgement; Rescission

Section 34 - Unfair Trade Practices; Violations

Section 35 - Limitations on Creditors' Liability and Consumer Rescission Rights

Section 36 - Exemption From Requirements of Federal Law; Action for Determination by Bureau That Commonwealth Requirements Substantially Similar to Federal Requirements