DEPOSITS AND ACCOUNTS

M.G.L. pt. Part I, tit. Title XXII, ch. c. 167D

in effect

M.G.L. c. 167D, § 1 Definitions

c. 167D, § 1. Definitions Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Bank'', a savings bank, co-operative bank or trust company incorporated as such in the commonwealth. ''Board'', the board of trustees or directors of a bank. ''Commissioner'', the commissioner of banks. ''Federally-chartered bank'', a national bank association, a federal savings and loan association, a federal savings bank or a federal credit union authorized to do business in the commonwealth.

M.G.L. c. 167D, § 2 Powers

c. 167D, § 2. Powers Section 2. Every bank in its banking department shall, subject to any limitations imposed by this chapter, have the following powers and whatever further incidental powers may fairly be implied from those expressly conferred and are reasonably necessary to enable it to exercise fully those powers according to common banking customs and usages: (A) to receive deposits as authorized by this chapter; and (B) to receive on deposit, storage or otherwise, money, government securities, stocks, bonds, coin, jewelry, plate, valuable papers and documents, evidences of debt and other property of any kind, upon such terms and conditions as may be agreed upon between the depositor and the bank and to collect and disburse, at the request of the depositor, the interest or income or principal of said property upon terms to be prescribed by such bank.

M.G.L. c. 167D, § 3 Types of deposits which may be received by bank

c. 167D, § 3. Types of deposits which may be received by bank Section 3. A bank may receive demand, time and other types of deposits without limitation and upon such terms and conditions as may be agreed upon between the depositor and the bank. Such deposits may include, but shall not be limited to, the types of deposits described in subsections (a) to (c), inclusive. (a) Any bank or federally-chartered bank may receive deposits in the name of 2 or more persons as joint tenants, payable to 2 or more persons or the survivor or survivors of them, and any part or all of the deposits and interest represented by joint accounts may be withdrawn, assigned or transferred in whole or in part by any of the individual parties. Payments to any of the parties to a joint account while all of them are living shall discharge the liability of the bank or federally chartered bank to all persons and, in the event of the death of any of them, the bank or federally chartered bank shall be liable only to the survivor or survivors and the payment to any of the survivors shall discharge the liability of the bank or federally chartered bank to all persons. The surviving owner or owners of a joint account may maintain the balance of the account in the amount appearing at the time of the decease of a joint owner and such bank or federally chartered bank may allow interest additions and accumulations thereon. Such deposits or any part thereof, or any interest thereon, may be paid to any of such persons or to any assignee or pledgee of any of such persons, whether the other such persons be living or not; provided, however, that they are not then attached at law or in equity in a suit against any such person, and the bank or federally chartered bank then has no notice in writing of any assignment or pledge of the account by any of such persons to any person other than the person to whom payment is being made hereunder. All such payments shall be valid and discharge the liability of the bank to all persons. (b) Any bank or federally-chartered bank may receive deposits made by 1 or 2 persons in trust for other natural persons, trusts or a charity or nonprofit organization recognized by the Internal Revenue Service. The name and address and other pertinent identifying information of the persons or entities for which such deposit is being made shall be disclosed and the deposit shall be credited to the depositors as trustees for such persons or entities. Payments may be made to the trustee, or if there are 2 trustees, to both or to either or the survivor. If no other notice of the existence and terms of a trust has been received in writing by the bank or federally-chartered bank upon the death of the trustee or, if there are 2 trustees, upon the death of both of them, the amount then on deposit together with the interest thereon shall be paid to the persons or entities that survive the death of the last surviving trustee in an equal portion of the funds for which such deposit was made or to their legal representatives. Each person or entity claiming to be a beneficiary under this subsection or their representative shall provide such identification and other information as requested by the bank or federally-chartered bank. Withdrawals and payments made in accordance with this subsection shall fully discharge the liability of the bank or federally-chartered bank as to all persons or entities. (c) Any bank or federally-chartered bank having funds on deposit in the name of a minor may, unless in violation of a written agreement to which such bank or federally-chartered bank is a party, pay the same in whole or in part directly to such minor, to the minor's legal representative, to either parent of such minor or to others on the minor's written order; and any such payments shall discharge the liability of such bank or federally-chartered bank to all persons to the extent of such payment.

M.G.L. c. 167D, § 3A Savings promotion raffles

c. 167D, § 3A. Savings promotion raffles Section 3A. (a) For the purposes of this section, the term ''savings promotion raffle'' shall mean a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program where each ticket or entry has an equal chance of being drawn and where the contest is subject to regulations that may be promulgated by the appropriate federal regulatory agency, as defined by 12 U.S.C. 5481. (b) A bank may receive deposits in conjunction with a savings promotion raffle pursuant to the federal American Savings Promotion Act, Public Law 113–251. A savings promotion raffle conducted pursuant to this section shall not be a violation of section 7 of chapter 271. (c) The commissioner shall promulgate regulations necessary to implement and administer this section.

M.G.L. c. 167D, § 4 Limited access deposit accounts

c. 167D, § 4. Limited access deposit accounts Section 4. (a) A bank may receive deposits into a deposit account held in the name of a natural person and established for personal, family or household purposes. The deposits, interest and other credits represented by the account may be withdrawn, assigned or transferred in whole or in part by the account holder only, except as otherwise provided in this section. (b) Notwithstanding subsection (a), a holder of the account may provide for limited access to the account by another person to act as a signatory to the account pursuant to a declaration of intent in the form of a written statement, signed and sworn to by the account holder, evidencing the account holder's intent to designate another person as signatory to the account for the purpose of exercising, on behalf of the account holder, such powers with respect to the account as shall be expressed in the declaration. The declaration of intent shall include: (1) the name of the financial institution holding said account; (2) the account number; (3) the date of execution; (4) the name and signature of the account holder; and (5) the powers granted relative to the use of and withdrawals from the account by the signatory. (c) The provisions of the declaration relative to the account shall become effective upon the filing of the declaration with the financial institution, if the following documents are executed contemporaneously with, or on the same document as the declaration: (1) a statement, signed by the signatory, accepting the appointment; (2) a statement disclosing that any acts by a signatory relative to the account not specifically authorized in the declaration of intent may subject the signatory to civil or criminal liability; and (3) a statement, signed and sworn to by the signatory, acknowledging receipt of an attested copy of the declaration of intent and the statement required by clause (2). The declaration submitted to effect the establishment of the account, and documents related thereto, shall be maintained by the financial institution with the records of the account. (d) Unless otherwise provided in the declaration of intent, all assets of the account shall be the property solely of the principal, and nothing in this section shall be construed to vest any rights relative to the account in the signatory; and in the event of the death of the principal while the declaration of intent is in effect, no right of survivorship shall accrue to a signatory. (e) An amendment to or revocation of a declaration of intent, unless otherwise provided in the declaration, may be effected only by the principal or by a court appointed fiduciary in accordance with the intent of this section, and shall be filed forthwith with the financial institution holding the account. (f)(1) In the event of the incapacity or death of the principal, and receipt of written notice by the financial institution holding the account, withdrawals shall not be permitted, except by a court appointed fiduciary, unless otherwise provided for in the declaration of intent. Notice of the death or incapacity of the principal of a limited access deposit account shall be given, in the case of a bank or federally chartered bank, to the main office of the bank. (2) A bank shall not be required to monitor the limited access deposit account in a manner different from its other checking or savings accounts. A bank shall not be liable for withdrawals and payments made by the signatory before it receives notice of amendments or revocation of the declaration of intent, or before it receives notice of the death or incapacity of the principal. (g) A signatory to the account shall maintain accurate records of the signatory's activity and shall make the same available whenever requested to do so by the account holder, the holder's legal representative or by a court appointed fiduciary. (h) A signatory who violates the terms of a declaration of intent, with intent to defraud, and converts or secretes with intent to convert, the assets of the account, shall be guilty of larceny and subject to penalties contained in section 30 of chapter 266.

M.G.L. c. 167D, § 5 Demand deposit account and savings account for persons 18 years of age or under or 65 years of age or older

c. 167D, § 5. Demand deposit account and savings account for persons 18 years of age or under or 65 years of age or older Section 5. A natural person 18 years of age or under or 65 years of age or older may choose 1 demand deposit account and 1 savings account which, in each instance, shall include a joint account in which the spouse of the eligible depositor, regardless of age, is the joint tenant therein or the joint tenant would otherwise be an eligible depositor and which has been established and used for personal, family or household purposes, upon which no service, maintenance or other similar charge shall be imposed. No such account shall be subject to: (i) a minimum balance requirement; (ii) a charge for a deposit or withdrawal; or (iii) a fee for the initial order or subsequent refills of the basic line of checks offered by the bank, which shall include the name of the depositor. For the purposes of this section, the term ''savings account'' shall include a regular passbook, regular statement savings or regular NOW account, so-called. A savings account in trust for another person shall be covered by the notice, services, fee and charge provisions of this section only if the trustee is a person 18 years of age or under or 65 years of age or older. A consumer shall notify a bank of the consumer's eligibility for such accounts and provide proof of age in a form acceptable to the bank. A bank may, however, assess a fee for certain services in accordance with the bank's published service charge schedule, which shall include, stop payment orders, wire transfers, certified or bank checks, money orders, deposit items returned, transactions at electronic branches and through other electronic devices a reasonable charge, as determined by the commissioner, against any such account when payment on a check or other transaction on the account has been refused because of insufficient funds or paid despite insufficient funds. A bank shall post in each of its banking offices a notice informing consumers of the availability of the banking services under this section. A bank shall, in addition to the notice posting requirement, disclose annually to all depositors, in a manner of its choosing, the provisions of this section applicable to a person 18 years of age or younger or 65 years of age or older. For the purposes of this section, the term ''check or other transaction'' shall include, but not be limited to, a check for purposes of the federal Check Clearing for the 21st Century Act, 12 U.S.C. section 5002, an electronic funds transfer, as defined in section 1 of chapter 167B or regulations thereunder, or a transaction processed by an automated clearinghouse.

M.G.L. c. 167D, § 5A Repealed, 2014, 482, Sec. 35

M.G.L. c. 167D, § 6 Fee, charges or assessments; refusal of payment of deposited instruments; costs for processing deposited instrument

c. 167D, § 6. Fee, charges or assessments; refusal of payment of deposited instruments; costs for processing deposited instrument Section 6. No bank shall assess a fee, charge or other assessment against an account, established for personal, family or household purposes, of a depositor who, as the payee of a check, draft or money order, of which the payee is not also the maker, deposits the same therein and payment on any such instrument is refused by the depository institution upon which it is drawn because of insufficient funds or because the maker thereof did not have an account at such depository institution; provided, however, that a bank may assess a reasonable fee, charge or assessment that represents its direct costs, as established annually by the commissioner, incurred for processing such check, draft or money order.

M.G.L. c. 167D, § 7 Provision of cancelled instruments or copies thereof

c. 167D, § 7. Provision of cancelled instruments or copies thereof Section 7. A bank or federally-chartered bank which accepts a deposit for demand deposit or other account subject to withdrawal by negotiable or transferable instrument for the purpose of making a transfer to a third party shall, if requested by the depositor, provide without charge not less than 25 cancelled instruments or legible copies of the fronts and backs thereof per calendar year; provided, that, if requested by a depositor who is blind, the bank shall make additional accommodations to provide additional cancelled instruments or information thereon as is possible in accordance with the federal Check Clearing for the 21st Century Act, 12 U.S.C. section 5001 et seq. and regulations promulgated thereunder. Section 4–406 of chapter 106 shall be subject to this section.

M.G.L. c. 167D, § 8 Collateral or security for deposit of money received

c. 167D, § 8. Collateral or security for deposit of money received Section 8. No bank shall give collateral or other security for a deposit of money received in its banking department, except that such bank may make such a deposit of securities or satisfy any provision as may be required by the laws of the United States or the rules and regulations of any department, agency or instrumentality thereof as security for deposits of funds made by the United States or any department, agency or instrumentality thereof with such bank and may give such collateral or other security for deposits of public or other funds as may be required by any public authority making such deposits or controlling the terms upon which they may be made and except as provided in section 8 of chapter 167G.

M.G.L. c. 167D, § 9 Deposits from residential dwelling unit lessor acting as trustee for security deposits

c. 167D, § 9. Deposits from residential dwelling unit lessor acting as trustee for security deposits Section 9. Any bank or federally-chartered bank may establish an account to receive deposits from a lessor acting as a trustee for funds received and held by such trustee pursuant to paragraph (a) of subsection (3) of section 15B of chapter 186. Such account may be established as required by said section 15B for the purpose of holding security deposits taken by a lessor of residential dwelling units owned or managed by said lessor; provided, that the terms of said account shall place said deposit beyond the claim of a creditor of the lessor, including a foreclosing mortgagee or trustee in bankruptcy, and shall provide for the transfer of said deposit to a subsequent owner of any property for which such security deposit was taken. Interest accruing on said deposit shall be paid to the lessor pursuant to the terms of the deposit. Withdrawals and payments made by the corporation from said account shall discharge the liability of said corporation to all persons.

M.G.L. c. 167D, § 10 Deposits from condominium manager or managing agent acting as trustee for condominium funds

c. 167D, § 10. Deposits from condominium manager or managing agent acting as trustee for condominium funds Section 10. Any bank or federally-chartered bank may establish an account or accounts to receive deposits from a manager or managing agent acting as a trustee for funds received and held by such trustee pursuant to paragraph (2) of subsection (f) of section 10 of chapter 183A. Such account or accounts may be established as required by said section 10 to hold condominium funds taken by a manager or managing agent, provided, that the terms of said account or accounts shall be such as to place said deposit beyond the claim of a creditor of the manager or managing agent, including a foreclosing mortgagee or trustee in bankruptcy, and as will provide for the transfer of said deposit to the organization of unit owners or subsequent manager or managing agent, as determined by the organization of unit owners. Interest accruing on said deposit shall be paid to the organization of unit owners pursuant to the terms of the deposit. Withdrawals and payments made by the bank or federally chartered bank from said account or accounts shall discharge the liability of said bank or federally chartered bank to all persons.

M.G.L. c. 167D, § 11 Lost, stolen or destroyed passbooks

c. 167D, § 11. Lost, stolen or destroyed passbooks Section 11. When a passbook or other instrument as evidence of a depositor's account issued by any bank has been lost, stolen or destroyed, the person in whose name it was issued, or in the case of a joint account, by the joint owners thereof may make written application to such bank for payment of the amount of the deposit represented by said book or other instrument or for issuance of a duplicate book or other instrument therefor. The application shall include an affidavit signed and sworn to that the person, or persons, making such application is a lawful owner, or are the lawful owners, of said passbook or other instrument, that said passbook or other instrument has been lost, stolen or destroyed and that no lawful owner has, in any way, transferred, pledged or assigned said passbook or other instrument or any interest in the deposits therein. The application shall further include an agreement, in writing, to indemnify the bank from and against any and all claims, expenses and liabilities in any way resulting from the bank's action on the application by the payment of amounts due on said passbook or other instrument or by the issuance of a duplicate book or other instrument therefor. All signatures contained with such application shall be duly notarized. Upon receipt of such application, the bank may pay the amount due on said passbook or other instrument or may issue a duplicate book or other instrument therefor. This section shall apply to passbooks and other instruments issued by a bank which subsequently has merged in, consolidated with or transferred its deposit liabilities to another bank. When payment is made or a duplicate book or other instrument is issued in accordance with this section and after presentation of reasonable identification, a bank shall not be liable to any person on account of its action on the application, payments of the amount due on said passbook or other instrument or issuance of a duplicate book or other instrument therefor, except that a bank may be liable to a transferee, pledgee or assignee who, prior to such action, payment or issuance, has given the bank written notice of the transfer, pledge or assignment.

M.G.L. c. 167D, § 12 Deposits of decedents; payment

c. 167D, § 12. Deposits of decedents; payment Section 12. Deposits standing in the individual name of a deceased depositor of a bank or federally chartered bank shall be paid to the individual's legal representative, but if the deposit does not exceed $10,000 and there has been no demand for payment from a duly appointed executor or administrator, payment may be made, in the discretion of the treasurer or other duly authorized officer of the bank or federally chartered bank, or pursuant to special vote of its board, after the expiration of 30 days from the death of such depositor, to the surviving spouse of said deceased depositor or if there be no surviving spouse, to the next of kin of such deceased upon presentation of a copy of the decedent's death certificate and the surrender of the deposit book or other instrument, if any, evidencing the deposit. Any such bank or federally-chartered bank may pay an order, drawn by a person who has funds on deposit to meet the same, notwithstanding the death of the drawer, if presentation is made within 30 days after the date of such order, and at any time if the corporation has not received written notice of the death of the drawer; provided, however, that in either event, that such funds would, on the date of such payment, have been subject to withdrawal by the drawer if living. Payments made under authority of any provision of this section shall discharge the liability of the bank or federally chartered bank to all persons to the extent of such payments.

M.G.L. c. 167D, § 13 Unusual demand by depositors for withdrawals; notice of intention to withdraw deposit or to apply for loan secured by deposit

c. 167D, § 13. Unusual demand by depositors for withdrawals; notice of intention to withdraw deposit or to apply for loan secured by deposit Section 13. If, in the judgment of the board, there is an unusual demand by depositors for withdrawals the bank may, with the approval of the commissioner, require such a depositor to give written notice of the depositor's intention to withdraw the whole or any part of such deposits or to apply for a loan secured by such deposit. If, in the opinion of the commissioner, there is an unusual demand by depositors for withdrawals, the bank shall upon the commissioner's order require such a depositor to give written notice of the depositor's intention to withdraw the whole or any part of such deposits or to apply for a loan secured by such deposit. Such notice shall be for a period not exceeding 6 months, as may be determined by the commissioner. Said period may, in the commissioner's discretion, be extended up to 1 year from the date of notice. Until the notice requirement has been revoked by the commissioner, the foregoing limitations as to payments by way of withdrawal or loan applicable in case of a general requirement shall apply to such deposits. Such bank shall not advertise for such deposits in newspapers, by posters or other written solicitation, while any requirement of notice of intention to withdraw is in effect, unless the advertisement shall contain, in type not smaller than the largest type thereof, a statement that such deposits may not be paid out, by way of withdrawal or loan, except in accordance with the terms of the requirement, which terms shall be set forth in such statement.

M.G.L. c. 167D, § 14 Agreements to exculpate bank from payment of deposit account to person unlawfully presenting evidence of account

c. 167D, § 14. Agreements to exculpate bank from payment of deposit account to person unlawfully presenting evidence of account Section 14. Any agreement between a depositor and any bank which exculpates such bank when a deposit account, or any part thereof, is paid by such bank to a person unlawfully presenting a passbook, or other instrument as evidence of such account is hereby declared to be contrary to public policy and void.

M.G.L. c. 167D, § 15 Designation of beneficiary for pension, profit-sharing, etc. plans

c. 167D, § 15. Designation of beneficiary for pension, profit-sharing, etc. plans Section 15. For the purposes of this section, the term ''Internal Revenue Code'' shall mean section 401(a), section 401(f), section 403(b)(7), section 408(a) or section 408(h) of the Internal Revenue Code. Any designation of a beneficiary in connection with and as provided by an instrument intended to establish a pension, profit-sharing or other deferred compensation or retirement plan, trust or custodial account described in the Internal Revenue Code, and in effect from time to time, shall be effective according to its terms, notwithstanding any purported testamentary disposition allowed by statute, by operation of law or otherwise to the contrary. Nothing in this section shall limit, by implication or otherwise, any nonstatutory right of an employee to designate 1 or more beneficiaries of the employee's interest under any retirement plan not described in this section or under any other employee benefit plan.

M.G.L. c. 167D, § 16 Transfer of funds of depositor or shareholder as consequence of default of debt owed to bank; notice

c. 167D, § 16. Transfer of funds of depositor or shareholder as consequence of default of debt owed to bank; notice Section 16. If a bank as a consequence of a default of a debt owed to said bank by a depositor or shareholder, makes a transfer of funds of such depositor or shareholder to reduce or extinguish said debt, such depositor or shareholder shall be notified forthwith of such transfer by written notice sent by first class mail directed to the last known address of such depositor; provided, however, that if the debt is the result of consumer credit granted under the federal Truth in Lending Act, 15 U.S.C. 1601 et. seq., any required notice shall be made in compliance with federal law and the regulations promulgated thereunder. A depositor or shareholder to whom such notice has not been sent shall be entitled to recover the amount of any actual damages.

M.G.L. c. 167D, § 17 Set off or recoupment by person indebted to bank

c. 167D, § 17. Set off or recoupment by person indebted to bank Section 17. A person indebted to a bank may, when proceeded against for the collection of such indebtedness or for the enforcement of any security therefor, set off or recoup the amount of a deposit in such bank held and owned by that person at the time of the commencement of such proceeding; provided, however, that if a proceeding in equity has been commenced to restrain the bank from doing its actual business, or if possession of such bank has been taken over by the commissioner, pursuant to section 22 of chapter 167, or as otherwise provided by law, no deposit shall be so set off or recouped by any such person unless the person held and owned the deposit on the date of the commencement of such proceeding or of possession so taken, and the right of set off or recoupment shall be determined as of such date whether the indebtedness of the depositor, or the deposit, is then due or payable or becomes due or payable at a later date. Any indebtedness against which a deposit is permitted to be set off or recouped as aforesaid may be secured or unsecured. Section 3 of chapter 232 shall not apply to a set off under this section; provided, however, that any party to a joint account may set off the joint deposit against the individual's debt to such bank. Notwithstanding the foregoing, a judgment shall not be rendered against such bank in favor of the defendant for any balance found due from it if a proceeding in equity has been commenced against the bank or possession thereof has been taken as aforesaid. The word ''deposit'', as used in this section, shall include interest due thereon.

M.G.L. c. 167D, § 18 Multiple claimants for deposited funds

c. 167D, § 18. Multiple claimants for deposited funds Section 18. If, in an action against a bank for money on deposit therewith, it appears that the same fund is claimed by another party than the plaintiff, whether by the husband or wife of the plaintiff, or otherwise, the court in which such action is pending, on the petition of the bank and on such notice to the plaintiff and to such claimants as the court considers proper, may order the proceedings to be amended by making such claimants defendants thereto, and thereupon the rights and interests of the several parties in and to said funds shall be heard and determined. Such deposits may remain with the bank until final judgment and shall be paid as the court orders, or may be paid into court to await final judgment, and when so paid into court, the action shall be discontinued as to such bank and its liability for such deposit shall cease. The taxable costs of the bank in such actions shall be in the discretion of the court and may be charged upon the fund.

M.G.L. c. 167D, § 19 Recognition by bank of adverse claimants to deposits

c. 167D, § 19. Recognition by bank of adverse claimants to deposits Section 19. No bank, federally-chartered bank or other corporation doing a banking business in the commonwealth, in this section called the depository, shall be required to recognize an adverse claim to a deposit standing on the depository's books to the credit of or to securities held for the account of any person, except by virtue of the service upon the depository of appropriate process issued by a court of competent jurisdiction in a suit or action to which such person, or the person's executors or administrators, has been made a party, unless the adverse claimant gives bond satisfactory to the depository and the adverse claimant to hold harmless and indemnify it from any liability, loss, damage, costs and expenses whatsoever on account of such adverse claim, or files with the depository an affidavit setting forth facts showing a reasonable cause for belief that a fiduciary relationship exists between such person and said adverse claimant and that such person is about to misappropriate the deposit or securities in question.

M.G.L. c. 167D, § 20 Repayment of deposits made at branch located in foreign country prevented by acts of war, impairment of operation of civil authority, etc.

c. 167D, § 20. Repayment of deposits made at branch located in foreign country prevented by acts of war, impairment of operation of civil authority, etc. Section 20. Notwithstanding any general or special law to the contrary, a bank, a federal bank or a Massachusetts branch, as defined in section 1 of chapter 167, shall not be required to repay any deposit made at a branch of such bank, federal bank or Massachusetts branch located in a foreign country, or any deposit made with any of the foregoing in the currency of a foreign country if repayment of such deposit or the use of such assets denominated in said foreign currency is prevented, prohibited or otherwise blocked due to: (a) an act of war, insurrection or civil strife; (b) any action by a foreign government or instrumentality, or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of such foreign branch in order to prevent, in the reasonable judgment of the bank, harm to the bank's employees or property. The obligation to repay any such deposit shall not be transferred to and shall not be enforced against any other branch of such bank, federal bank or Massachusetts branch. Prior to the opening of any account for a retail customer that is subject to this section and with respect to any such account in existence on the effective date of this section, upon said effective date, such bank, federal bank or Massachusetts branch shall disclose to the prospective account holder the effect of this section. Such bank, federal bank or Massachusetts branch shall also disclose to all current account holders the effect of this section. Any such bank, federal bank or Massachusetts branch which fails to provide such disclosure shall not be entitled to avail itself of this section.

M.G.L. c. 167D, § 21 to 24 Repealed, 2014, 482, Sec. 35

M.G.L. c. 167D, § 25 Repealed, 1990, 506, Sec. 1

M.G.L. c. 167D, § 26 to 36 Repealed, 2014, 482, Sec. 35

Source: Massachusetts General Court (malegislature.gov)URL: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXXII/Chapter167DFetched: 10/20/2026