Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Paragraph 17 of section 2 of chapter 167F of the General Laws, as appearing in the 1984 Official Edition, is hereby further amended by adding the following paragraph:-
A bank which has purchased such group accident and health insurance shall send written notice to each such insured debtor thirty days prior to the effective date of any amendment to or cancellation of such insurance. Such notice shall be sent by mail to the last known address of the debtor and shall clearly state the effect such amendment or cancellation will have on the insured debtor. Such notice shall also be given by an advertisement in newspapers published daily or weekly and of general distribution in cities and towns in which the bank has an office, or if there be no such newspaper, then in a newspaper published in the county wherein the city or town is situated and of general distribution. Such notice shall be published at least seven days prior to the effective date of the amendment or cancellation and shall clearly state the effect on the insured debtors.