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MA S123

Protecting consumers from unsolicited loans


summary

Introduced
01/23/2017
In Committee
01/23/2017
Crossed Over
Passed
Dead
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)

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