Massachusetts General Laws ch. 140D sec. 8 – Disclosure of information; clear and conspicuous statements
Section 8. (a) Information required by this chapter shall be disclosed clearly and conspicuously, in accordance with regulations of the commissioner. The terms annual percentage rate and finance charge shall be disclosed more conspicuously than other terms, data or information provided in connection with a transaction, except information relating to the identity of the creditor. Regulations of the commissioner need not require that disclosures pursuant to this chapter be made in the order set forth in this chapter and, except as otherwise provided, may permit the use of terminology different from that employed in this chapter if it conveys substantially the same meaning.
Terms Used In Massachusetts General Laws ch. 140D sec. 8
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
(b) Any creditor may supply additional information or explanation with any disclosures required under this chapter, or regulations promulgated thereunder, except as provided under clause (1) of subsection (b) of section twelve.