summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
For legislation to protect consumers from unsolicited loans. Consumer Protection and Professional Licensure.
AI Summary
This bill aims to protect consumers from unsolicited loans by establishing various provisions. It prohibits the issuance of unsolicited loan instruments, such as negotiable checks or drafts, unless the consumer requested or applied for them. It allows consumers to rescind the contract within 10 days of negotiating the instrument and holds them not liable for any unauthorized or fraudulent use of the unsolicited instrument. The bill also requires the issuing institution to repair any adverse impact on the consumer's credit and prohibits the institution from transferring funds from the consumer's account to cover the debt. Additionally, the bill establishes penalties for knowingly sending unsolicited loan instruments and designates violations as unfair or deceptive acts under the state's consumer protection laws.
Committee Categories
Labor and Employment
Sponsors (2)
Last Action
Hearing scheduled for 09/26/2017 from 01:00 PM-04:00 PM in B-1 (on 09/12/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://malegislature.gov/Bills/190/S123 |
Bill | https://malegislature.gov/Bills/190/S123.pdf |
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