Bill Text: MA H287 | 2009-2010 | 186th General Court | Introduced
Bill Title: The protection of consumers in deferred interest transactions
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-06-15 - Read second and ordered to a third reading [H287 Detail]
Download: Massachusetts-2009-H287-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Vincent A. Pedone
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act relative to the protection of customers.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Vincent A. Pedone |
15th Worcester |
|
Michael O. Moore |
Second Worcester |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE HOUSE, NO. 295 OF 2007-2008.]
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act relative to the protection of customers.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1. Notwithstanding any General or special law, or any rule or regulation, to the contrary, every contract for the sale of any item in the Commonwealth, which has been advertised or promoted in any way to permit a purchaser to defer any interest relating to the sale such item until either the time specified in said contract has passed or the principle price ,or any portion thereof, has been paid off, shall state conspicuously on said contract, in a similar style and size of print, the total amount of interest in dollars due and is required to be paid by said purchaser at the time said deferment and what the difference would to be in total dollars to be paid on such a sale if such a purchaser had paid for said item in full at the time of the sale and had not deferred such payment. Any such contract shall in likewise manner, and in keeping with this section, state if the amount of interest is to be started and calculated from the time of the sale of the item or if from the date of the deferment.
