Massachusetts General Laws
Chapter 167 - Supervision of Banks
Section 37 - Unauthorized Banking

Section 37. No domestic or foreign corporation or individual, partnership or association shall conduct the business of a savings bank, co-operative bank, savings and loan association, credit union, trust company or banking company unless authorized to do so under the laws of this commonwealth nor shall any such corporation, individual, partnership or association, unless so authorized under said laws, make use of any sign at the place where its business is transacted having thereon any name or other words indicating that such place or office is the place or office of a savings bank, co-operative bank, savings and loan association, credit union, trust company or banking company or make use of or circulate any written or printed or partly written or partly printed paper whatever, having thereon any name or other words indicating that such business is that of a savings bank, co-operative bank, savings and loan association, credit union, trust company or banking company; nor shall any such corporation, individual partnership or association or any agent of any of these not having a charter to do business as a savings bank, co-operative bank, savings and loan association, credit union, trust company or banking company, unless authorized to do so under the laws of the commonwealth, solicit or receive deposits or transact any business whatsoever in the manner described in chapter one hundred and sixty-seven, chapters one hundred and sixty-seven C to one hundred and sixty-seven G, inclusive, and chapters one hundred and sixty-eight to one hundred and seventy-two A, inclusive, in any manner so as to lead the public to believe or, in the opinion of the commissioner, might lead the public to believe that its business is that of a bank. No domestic or foreign corporation or individual, partnership or association other than corporations excepted from the prohibitions contained in the first sentence of this section and corporations qualifying as bank holding companies under chapter one hundred and sixty-seven A and other than foreign banking associations authorized under section thirty-seven to transact business in this commonwealth and national banking associations shall hereafter transact business under any name or title which contain the words ''bank'', ''banking'', ''bankers'', or any word in a foreign language having the same or similar meaning, as descriptive of said business or, if he or it does a banking business or makes a business of receiving money on deposit, under any name or title containing the word ''trust'', or any word in a foreign language having the same or similar meaning as descriptive of said business. The provisions of this section which prohibit the transacting of business under a name or title which contains the word ''bankers'' shall not apply to domestic corporations incorporated prior to January first, nineteen hundred and sixty-five, whose corporate name or title contained the word ''bankers'' prior to such date.
Notwithstanding any general or special law to the contrary, a person, domestic or foreign corporation, partnership, association, limited liability company or similar entity shall not use the name, trade name or trademark of any bank, federal bank, federal branch, foreign bank, out-of-state bank or out-of-state branch or out-of-state federal bank, as defined in section 1, or any federal credit union as defined in section 1 of chapter 171, or any subsidiary thereof, in any written or oral advertisement or solicitation for products or services, without the express written consent of the financial institution. For the purposes of this section, the word ''advertisement'' or ''solicitation'' shall mean an email, direct mail solicitation, or oral solicitation to a specifically identified consumer or which contains specific information on the account or loan of a specifically identified consumer.
A person, domestic or foreign corporation, partnership, association, limited liability company or similar entity shall not make reference to an existing bank, federal bank, federal branch, foreign bank, out-of-state bank, out-of-state branch, out-of-state federal bank as defined in section 1 of this chapter, or federal credit union as defined in section 1 of chapter 171, or any subsidiary thereof, without the express written consent of the bank, federal bank, federal branch, foreign bank, out-of-state bank, out-of-state branch, out-of-state federal bank or federal credit union, or any subsidiary thereof, or make reference to a loan number, loan amount or other specific loan information on the outside of an envelope, visible through the envelope window, or on a postcard in connection with any written solicitation or an email for products or services to a specifically identified consumer.
A person, domestic or foreign corporation, partnership, association, limited liability company, or similar entity shall not include a loan number, loan amount or other specific loan information relative to a specifically identified consumer that is publicly available in a written or oral solicitation for the purchase of products or services unless the solicitation clearly and conspicuously states in bold-face type on the front page of the correspondence that the person, domestic or foreign corporation, partnership, association, limited liability company or similar entity is not sponsored by or affiliated with and that the solicitation is not authorized by the bank, federal bank, federal branch, foreign bank, out-of-state bank, out-of-state branch, out-of-state federal bank as defined in section 1, or federal credit union as defined in section 1 of chapter 171, or any subsidiary thereof. The statement shall include the name, address and the telephone number of the person making the solicitation and that any loan information referenced was not provided by the bank, federal bank, federal branch, foreign bank, out-of-state bank, out-of-state branch, out-of-state federal bank or federal credit union, or any subsidiary thereof. The statements required in this paragraph shall also be given at the time of any oral solicitation to a specifically identified consumer.
A person, domestic or foreign corporation, partnership, association, limited liability company, association or similar entity, which is considered to have violated this section, shall be considered to have engaged in an unfair and deceptive practice and shall be a violation of chapter 93A.
A bank, federal bank, federal branch, foreign bank, out-of-state bank or out-of-state branch, or out-of-state federal bank, as defined in section 1, and any federal credit union as defined in section 1 of chapter 171, or any subsidiary thereof, that has had its name, trade name, or trademark used in violation of this section may in addition to any other remedy provided by law, bring an action in the superior court in which venue the financial institution has an office to enjoin an act in violation of this section and recover damages. The court shall award damages in the amount of actual damages or $10,000 per violation, whichever is greater. In any successful action for injunctive relief or for damages, the court shall award the financial institution or its subsidiary, attorney's fees and costs, including court costs.

Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XXII - Corporations

Chapter 167 - Supervision of Banks

Section 1 - Definitions

Section 1a - Rules and Regulations

Section 2 - Examination of Banks

Section 2a - Definitions Applicable to Secs. 2a to 2g; Unfair Practices Involving Consumer Transactions; Rules and Regulations

Section 2b - Investigation of Unfair Practices

Section 2c - Proceedings Regarding Unfair Practices; Notice; Hearing

Section 2d - Unfair Practices; Findings; Cease and Desist Orders; Penalty; Modification of Order

Section 2e - Review of Cease and Desist Orders; Civil Liability

Section 2f - Violations of Cease and Desist Orders; Penalties

Section 2g - Penalties for Unfair Practices; Enforcement

Section 2h - Notice to Commissioner of Activity or Investment of Savings Bank, Co-Operative Bank or Trust Company; Waiver or Extension of Notice Period

Section 2i - Compliance With Federal Laws and Regulations

Section 2j - Confidentiality of Information Provided in Applications Filed With Commissioner

Section 3 - Meetings of Board of Directors or Board of Trustees of Bank; Reports on Bank Examinations; Records; Certificates

Section 4 - Summoning and Examination of Bank Officers

Section 5 - Request for Bank Examination

Section 6 - Manner and Form of Books and Accounts; Manner of Safeguard and Deposit of Money and Securities

Section 6a - Copies of Agreements Concerning Federal Reserve Regulations and Operating Letters, Clearing House Rules, etc.; Rules and Regulations

Section 7 - Statements and Reports Required by Commissioner or by Law

Section 8 - Failure to Make or Amend Return, Statement or Report

Section 9 - Destruction or Disposal of Records, etc.; Payment of Proceeds

Section 10 - Reports of Fraud, Embezzlement or Misconduct by Bank Officers or Employees

Section 11 - Shortages in Funds; Reports; Fine

Section 12 - Misconduct by Bank Officers; Suspension; Removal

Section 12a - Criminal Charges Against Bank Officers; Suspension or Removal From Office

Section 13 - Annual Reports

Section 14 - Credit Needs of Local Communities; Assessment of Banks; Regulations; Application for Establishment of Domestic Branch; Examination; Alternative Community Reinvestment Examination Procedure

Section 14a - Mortgage Review Boards; Members; Terms; Appointment; Meetings; Rules and Regulations

Section 14c - Small Business Loan Review Boards; Members; Terms; Appointment; Meetings; Rules and Regulations

Section 15 - Annual List to Investment Committee of Banks Meeting Local Community Needs

Section 15a - Annual List of Legal Investments

Section 15b - Inclusion of Certain Investments in List of Legal Investments Upon Approval by Commissioner; Application by Credit Union; Refunding Bonds

Section 15c - Classes of Bonds, Notes or Other Interest-Bearing Federal, State and International Obligations in Which Entity May Invest

Section 15d - Classes of Bonds, Notes or Other Interest-Bearing Municipal Obligations in Which Entity May Invest

Section 15e - Investment in Bonds, Notes or Other Interest-Bearing Obligations of Railroad Corporations

Section 15f - Investment in Bonds of Company Engaged in the Business of Furnishing Telephone Service

Section 15g - Investment in Bonds, Notes or Other Interest-Bearing Obligations of Gas, Electric Light or Water Company or Bonds of Company Supplying Electrical Energy or Artificial Gas or Natural Gas Purchased From Another Company

Section 15h - Investment in Common Stock of Banking Corporations and Bank Holding Companies

Section 15i - Purchase of Stock of Savings or Co-Operative Bank, Federal Savings and Loan Association or Federal Saving Bank

Section 15j - Investment in Capital Stock of Insurance Company Conducting Fire and Casualty Insurance Business

Section 15k - Classes of Securities in Which Entity May Invest

Section 18 - Appraisal of Real Estate in Case of Excessive Loan

Section 19 - Losses of Bank Exceeding Surplus and Other Reserve Accounts

Section 21 - Closing of Banks

Section 21a - Assent to and Participation in Bank Reorganization by Government Officers

Section 22 - Taking Possession of Property and Business of Bank by Commissioner

Section 23 - Notice of Taking Possession of Bank by Commissioner

Section 24 - Collection of Moneys Due and Liquidation of Affairs of Banks in Possession of Commissioner

Section 25 - Prosecution and Defense of Suits and Other Legal Proceedings; Sales of Property

Section 26 - Appointment of Agents to Assist in Liquidation and Distribution; Federal Agencies as Liquidating Agent; Subrogation Rights

Section 26a - Assistance of Federal Agency as Liquidating Agent; Notice Requirements

Section 26b - National Credit Union Administration Board as Liquidating Agent of Credit Unions; Subrogation Rights

Section 27 - Inventory of Bank Assets

Section 28 - Notice to Claimants; Claims Presented

Section 29 - List of Claims Presented

Section 30 - Fees and Expenses

Section 31 - Dividends; Objections to Claims

Section 31a - Dividend Payments to Minors; Disposition of Accounts of Decedents

Section 32 - Property Deposited With Bank; Disposition

Section 33 - Bank Aggrieved by Action of Commissioner; Application for Injunction

Section 34 - Stockholders' Meeting

Section 35 - Unclaimed Dividends and Funds

Section 35a - Destruction of Books, Records, Etc. Concerning Bank and Liquidation Thereof

Section 35b - Reports on Banks in Possession of Commissioner

Section 36 - Equity Jurisdiction of Supreme Judicial Court

Section 36a - Appointment of Conservator; Powers and Duties; Compensation; Termination; Equity Jurisdiction of Supreme Court

Section 37 - Unauthorized Banking

Section 37a - Examination of Accounts, Books and Papers to Determine Violation of Sec. 37

Section 37b - Student Bank Programs

Section 40 - Examination of Foreign or Out-of-State Banks; Charges; Availability of Reports and Information; Cooperation With Other Jurisdictions

Section 40a - Registration With Commissioner; Reports

Section 41 - Access to Vaults, Books and Papers; Summoning Witnesses; Administering Oaths

Section 42 - Insolvent Foreign or Out-of-State Banks; Injunction

Section 46 - Honoring and Cashing of Pensioners' and Retirees' Checks

Section 48 - Financing of Premises Containing Lead in Paint, Plaster or Materials

Section 49 - Definitions Applicable to Secs. 49 to 51

Section 50 - Compliance Review Supervisor

Section 51 - Compliance Review Documents; Confidentiality