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Can you summarize MGL Chapter 167B?
CORPORATIONS > ELECTRONIC BRANCHES AND ELECTRONIC FUND TRANSFERS
Short Summary
These legal documents, governed by the Massachusetts General Law, cover various aspects of electronic branches and electronic fund transfers. They include provisions for the assessment of electronic branches, determination of assessment rates, and the responsibility of owners or lessors to pay assessments. The documents also address violations related to electronic branches and electronic fund transfers, including giving false or inaccurate information, failure to provide required information, and non-compliance with provisions. Fraudulent activities such as making false statements, unauthorized use or possession of access devices, obtaining money or goods through misrepresentation, and unauthorized use of electronic funds transfer systems are also covered. The penalties for violations include fines, imprisonment, and civil penalties. Actions and proceedings related to violations are outlined, including the authority of the commissioner to request the attorney general to bring an action and the issuance of temporary restraining orders or injunctions. The liability of any person to a consumer is addressed, including the liability for actual damages, minimum and maximum amounts of liability, and the recovery of costs and attorney’s fees. Exemptions are provided for acts done in good faith and for telecommunications common carriers. The liability of financial institutions to consumers in relation to electronic fund transfers is also covered, including liability for failure to make transfers in the correct amount or in a timely manner. Exemptions are provided for certain circumstances such as insufficient funds or technical malfunctions known to the consumer. The liability of consumers for unauthorized electronic fund transfers is outlined, including conditions for liability and the burden of proof on financial institutions. The documents also address requirements and remedies for error resolution, disclosure of information regarding accounts and electronic fund transfers, conditions for effectuating transfers, disclosure of terms and conditions, and conditions for extending credit through electronic fund transfers. Documentation and notice requirements, issuance of access devices, security options, approval process for investments and service contracts, application process for electronic branches, regulations, and model clauses are also covered. Definitions of terms related to electronic branches and electronic fund transfers are provided. Overall, these documents aim to regulate and protect the rights and responsibilities of financial institutions, organizations, and consumers in electronic branches and electronic fund transfers.
Whom does it apply to?
Financial institutions, organizations, consumers, persons involved in electronic fund transfers
What does it govern?
Assessment of electronic branches and electronic fund transfers, violations related to electronic branches and electronic fund transfers, actions and proceedings related to violations, liability of persons to consumers, liability of financial institutions to consumers in relation to electronic fund transfers, liability of consumers for unauthorized electronic fund transfers, requirements and remedies for error resolution for electronic fund transfers, disclosure of information regarding accounts and electronic fund transfers, conditions for effectuating electronic fund transfers, disclosure of terms and conditions for electronic fund transfers, conditions for extending credit through electronic fund transfers, documentation and notice requirements for electronic fund transfers, issuance of access devices for electronic fund transfers, security options for electronic fund transfers, approval process for investments and service contracts related to electronic branches, application process for electronic branches, regulations and model clauses related to electronic branches and electronic fund transfers, definitions of terms related to electronic branches and electronic fund transfers
What are exemptions?
Acts done in good faith in conformity with rules, regulations, or interpretations by the bureau or commissioner, failure to make proper disclosure using an appropriate model clause, acts done in good faith by telecommunications common carriers in conformity with rules, regulations, tariffs, or interpretations by the department of telecommunications and cable or the Federal Communications Commission
What are the Penalties?
Violators may be fined up to $1,000 or imprisoned for up to 1 year, or both. Violation of an injunction or other order can result in a civil penalty of up to ten thousand dollars per violation. The court may award attorney's fees to the defendant if an unsuccessful action is found to be brought in bad faith or for harassment.
Jurisdiction
Massachusetts