Massachusetts § 23 Transfer of funds following default of debt; written notice; applicability

Massachusetts Statutes

§ 23 — Transfer of funds following default of debt; written notice; applicability

Massachusetts § 23

Part IADMINISTRATION OF THE GOVERNMENT

Title XXPUBLIC SAFETY AND GOOD ORDER

Ch. 140DCONSUMER CREDIT COST DISCLOSURE

This text of Massachusetts § 23 (Transfer of funds following default of debt; written notice; applicability) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mass. Gen. Laws ch. 140D, § 23 (2026).

Text

Section 23. No bank or credit union shall transfer any funds held in any account of the customer in said bank or credit union as a consequence of a default of a debt owed to such institution unless the customer has been provided a written notice, prior to the time the loan is made, which states the institution may transfer such funds to reduce or extinguish such a debt.  The provisions of this section shall not apply to open-end-credit plans which are subject to section twenty-one.

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Section 23. No bank or credit union shall transfer any funds held in any account of the customer in said bank or credit union as a consequence of a default of a debt owed to such institution unless the customer has been provided a written notice, prior to the time the loan is made, which states the institution may transfer such funds to reduce or extinguish such a debt. The provisions of this section shall not apply to open-end-credit plans which are subject to section twenty-one.

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Bluebook (online)

Massachusetts § 23, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/140D/23.