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Oral response to cost of credit inquiry

M.G.L. c. 140D, § 17
in effect
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c. 140D, § 17. Oral response to cost of credit inquiry Section 17. In responding orally to any inquiry about the cost of credit, a creditor, regardless of the method used to compute finance charges, shall state rates only in terms of the annual percentage rate, except that in the case of an open-end-credit plan, the periodic rate also may be stated and, in the case of an other than open-end-credit plan where a major component of the finance charge consists of interest computed at a simple annual rate, the simple annual rate also may be stated. The commissioner may, by regulation, provide an exception from this section for a transaction or class of transactions for which the creditor cannot determine in advance the applicable annual percentage rate.
Source: Massachusetts General Court (malegislature.gov)URL: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXX/Chapter140D/Section17Fetched: 10/20/2026

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