Bill > S193

This bill amends Chapter 142A of the general laws to regulate partial payments in consumer contracts. It limits the amount of any deposit required in advance to one-third of the total contract price or the actual cost of any special order materials, whichever is greater. However, this limit does not apply to contractors who provide a performance and payment bond, lien and/or completion bond, or a bond equivalent of at least $2 million approved by the Director of Consumer Affairs and Business Regulation. Additionally, the bill requires that the contract include a time schedule of payments and the amount of each payment stated in dollars, including all finance charges. Any violation of these provisions would constitute an unfair or deceptive act or practice under Chapter 93A.

Labor and Employment

https://malegislature.gov/Bills/192/S193