HOUSE DOCKET, NO. 179        FILED ON: 1/12/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 259

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Dennis A. Rosa

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act disclosing expiration of credit cards and revolving credit agreements.

_______________

PETITION OF:

 

Name:

District/Address:

Dennis A. Rosa

4th Worcester

Timothy R. Madden

Barnstable, Dukes and Nantucket

Brian M. Ashe

2nd Hampden

Chris Walsh

6th Middlesex

Marjorie C. Decker

25th Middlesex

Stephen L. DiNatale

3rd Worcester


HOUSE DOCKET, NO. 179        FILED ON: 1/12/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 259

By Mr. Rosa of Leominster, a petition (accompanied by bill, House, No. 259) of Dennis A. Rosa and others relative to the prevention of credit card company unfair business practices.  Consumer Protection and Professional Licensure.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Eighty-Ninth General Court
(2015-2016)

_______________

 

An Act disclosing expiration of credit cards and revolving credit agreements.

 

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 11 of chapter 140D of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by adding the following paragraph:-

(11) Every card issuer or creditor shall notify the cardholder or co-signor to an accepted credit card, credit, credit sale or open-ended credit plan no less than 120 days prior to the expiration of any credit agreement pursuant to this chapter of any expiration date of said agreement.

SECTION 2.  Subsection (a) of section 12 of said chapter 140D, as so appearing, is hereby amended by adding the following paragraph:-

(14) Every card issuer or creditor shall notify the cardholder or co-signor to an accepted credit card, credit, credit sale or open-ended credit plan no less than 120 days prior to the expiration of any credit agreement pursuant to this chapter of any expiration date of said agreement.

SECTION 3.  Subsection A of section 27 of chapter 255D of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after clause (6) the following clause:-

(7) You, and every cosigner to this agreement has the right to be notified of the expiration date of this agreement no less than 120 days prior to its expiration.

SECTION 4. Subsection B of said section 27 of said chapter 255D, as so appearing, is hereby further amended by inserting after clause (3) the following clause:-

(8) Every sales finance company or holder shall notify any signor of a credit no less than 120 days prior to the expiration of any revolving credit agreement of any expiration date of said agreement.