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December 22, 2024 Clear | 15°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 19: Statement of account; contents

Section 19. A. Within six months after the execution of the retail installment sale agreement or revolving credit agreement and within every six-month period thereafter until the buyer has discharged all his obligations under the agreement, the holder shall send to the buyer upon request a statement of account which shall list the following items designated as such:

(1) The amounts paid by or on behalf of the buyer, setting forth any refund and any payment of charges for delinquencies, expenses of repossession and extensions, to the date of the statement of account;

(2) The amounts, if any, which have become due but remain unpaid, setting forth any charges for delinquencies, expenses of repossession and extensions;

(3) The number of installment payments and the dollar amount of each installment not due but still to be paid and the remaining period the agreement is to run.

B. The buyer shall be entitled to only one such statement in any six-month period free of charge. The holder shall be entitled to the sum of one dollar for each additional written statement requested by the buyer before supplying such additional written statement.

C. If the buyer requests information for income tax purposes as to the amount of the finance charges, the holder shall provide such information without charge once in every calendar year.