Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 32.00 - Disclosure Of Consumer Credit Costs And Terms
OPEN END CREDIT
Section 32.12 - Special Credit Card Provisions

(1) Issuance of Credit Cards. Compliance with 12 CFR 1026.12(a) constitutes compliance with 209 CMR 32.12(1).

(2) Liability of Cardholder for Unauthorized Use. Compliance with 12 CFR 1026.12(b) constitutes compliance with 209 CMR 32.12(2).

(3) Right of Cardholder to Assert Claims or Defenses Against Card Issuer. Compliance with 12 CFR 1026.12(c) constitutes compliance with 209 CMR 32.12(3); provided, however, the limitations stated in 12 CFR 1026.12(c)(3) shall not apply if the creditor knowingly participated in or was directly connected with the consumer sale or lease transaction.

(4) Offsets by Card Issuer Prohibited. Compliance with 12 CFR 1026.12(d) constitutes compliance with 209 CMR 32.12(4); provided, however, for any plan pursuant to 12 CFR 1026.12(d)(3) under which the card issuer may periodically deduct all or part of the cardholder's credit card debt from a deposit account held with the card issuer (subject to the limitations in 12 CFR 1026.13(d)(1)) , such action may not be taken unless previously authorized by the cardholder in a separately signed agreement. Such action shall not be taken with respect to a disputed item if the cardholder so requests. This agreement shall contain the following statement appearing conspicuously on the face thereof:

(5) Prompt Notification of Returns and Crediting of Refunds. Compliance with 12 CFR 1026.12(e) constitutes compliance with 209 CMR 32.12(5).

(6) Discounts; Tie in Arrangements. Compliance with 12 CFR 1026.12(f) constitutes compliance with 209 CMR 32.12(6).

(7) Relation to Electronic Fund Transfers Act, Regulation E and M.G.L. c. 167B. Guidance provided at 12 CFR 1026.12(g) constitutes guidance at 209 CMR 32.12(7).