Bill > H201

This bill amends Chapter 140D of the General Laws to establish new rules regarding the disclosure of financial information related to open-ended credit plans involving credit cards. Generally, creditors, their officers, employees, agents, and directors are prohibited from disclosing a customer's financial information to any person, and they must implement procedures to ensure compliance. However, this prohibition does not apply to a comprehensive list of exceptions, including disclosures made directly to the customer, with the customer's authorization, to child support enforcement divisions, the division of medical assistance, or the office of student financial assistance, or for internal creditor operations, audits by certified public accountants, debt collection efforts, regulatory agency examinations, or when information is anonymized. The bill also permits disclosures for specific purposes like reporting to credit reporting agencies, account verification services, or mercantile agencies for business creditworthiness, as well as for loan closings, suspected criminal activity, trustee process summons, and court-ordered disclosures. Notably, for disclosures requested via subpoena, creditors must notify the customer 10 days prior, unless the subpoena is from a regulatory, criminal, or civil law enforcement agency. Finally, the bill allows for disclosure among affiliated creditors for business purposes, in connection with mergers or reorganizations, and to the department of revenue and department of elder affairs under specific legal authorities.