Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Section 14 of chapter 255B of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- A retail seller may charge, receive and collect for any new or used motor vehicle, a finance charge not in excess of an annual percentage rate of twenty-one per cent.

SECTION 2. Section 11 of chapter 255D of the General Laws, as so appearing, is hereby amended by striking out subsection B and inserting in place thereof the following subsection:-

B. An installment seller may, in a retail installment sales agreement, contract for, and if so contracted for the holder thereof may charge, receive, and collect a finance charge computed on the original amount financed of the contract or obligation not in excess of an annual percentage rate of twenty-one per cent.