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Transfer of funds following default of debt; written notice; applicability

M.G.L. c. 140D, § 23
in effect
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c. 140D, § 23. Transfer of funds following default of debt; written notice; applicability Section 23. No bank or credit union shall transfer any funds held in any account of the customer in said bank or credit union as a consequence of a default of a debt owed to such institution unless the customer has been provided a written notice, prior to the time the loan is made, which states the institution may transfer such funds to reduce or extinguish such a debt. The provisions of this section shall not apply to open-end-credit plans which are subject to section twenty-one.
Source: Massachusetts General Court (malegislature.gov)URL: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXX/Chapter140D/Section23Fetched: 10/20/2026

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