Massachusetts Consumer Loan Agreement
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FAQ
Massachusetts has a statute that specifically enables the Attorney General and consumers to take legal action against unfair or deceptive conduct in the marketplace, called Massachusetts Consumer Protection law, Massachusetts General Laws Chapter 93A.
However, the rate for consumer loans is capped at 12 percent unless they are ?supervised loans,? which includes credit card debt, made by a ?supervised lender.? These loans are capped at 36%.
These usury laws (also known as interest rate limits) are common throughout the country. In Massachusetts, the maximum amount of interest a borrower can charge is 6%. This may seem low at first, and that is because Massachusetts allows borrowers and creditors to enter into written contracts for higher interest rates.
The Attorney General's debt collection regulations prohibit: Calling you at home more than twice for each debt in any seven-day period, or more than twice for each debt in any 30-day period at some place other than your home, such as your place of work. Calling you at work if you have requested that they not call.
A usury interest rate is an interest rate deemed to be illegally high. To discourage predatory lending and promote economic activity, states may enact laws that set a ceiling on the interest rate that can be charged for certain types of debt.
Annual Percentage Rate (APR), is the total average cost of the loan including all finance charges and the interest rate. APR is capped at a maximum of 21% in Massachusetts. This means the interest rate, with any additional finance charges added to it, may not be higher than 21% for an automobile.
Massachusetts laws The statute of limitations for consumer-related debt is six years.
Usury laws set a limit on how much interest can be charged on a variety of loans, such as credit cards, personal loans, or payday loans. Usury laws are mostly regulated and enforced by the states, rather than on a federal level.
