ADMINISTRATION OF THE GOVERNMENT (Chapters 1 through 182)
ELECTRONIC BRANCHES AND ELECTRONIC FUND TRANSFERS
Regulations; advisory rulings; reconsideration of rulings; model clauses
Section 2. (a) The commissioner may prescribe from time to time such regulations as may be necessary or proper in carrying out the purposes of chapter one hundred and sixty-seven B. Such regulations shall be consistent, where applicable, with the regulations promulgated by the board under the electronic fund transfer act 15 USC 1693 et seq. A regulation adopted by the commissioner is not inconsistent with the regulations promulgated by the board if the protection such regulation affords consumers is equal to or greater than the protection afforded by the board’s regulations. If the commissioner adopts regulations similar to the board’s regulations, and the board subsequently amends any provisions of said regulations, the commissioner shall, as soon as practicable after the board’s promulgation of the amendment, commence an amendment process under section two of chapter thirty A to determine if the provisions of this chapter would be supported by the adoption of a similar amendment to the commissioner’s regulations.
(b) The commissioner may issue from time to time advisory rulings under section eight of said chapter thirty A, interpreting any provision of this chapter or the regulations issued hereunder. Each official board interpretation or official staff interpretation that interprets a provision of the regulations promulgated under said Electronic Fund Transfer Act that is similar in substance to a provision of this chapter or the regulations issued hereunder, shall, until rescinded by the board, be deemed by the commissioner to be an advisory ruling issued by the commissioner under said section eight.
If the commissioner determines that any official board interpretation or official staff interpretation that is deemed to be an advisory ruling is contrary to the purposes or meaning of this chapter or the regulations issued hereunder, the commissioner shall, within sixty days of the effective date of such official board interpretation or official staff interpretation, issue an advisory ruling under said section eight identifying the official board interpretation or official staff interpretation in question, setting forth the reasons why it is deemed to be contrary to the purposes or meaning of this chapter or the regulations issued hereunder and setting forth the commissioner’s interpretation of the provisions of this chapter or the regulations issued hereunder similar in substance to the regulations promulgated under said Electronic Fund Transfer Act. Any advisory ruling issued under this paragraph shall be submitted to the state secretary in accordance with section six A of chapter thirty A, for codification in the Code of Massachusetts Regulations, and shall be published in the Massachusetts Register, in accordance with section six of said chapter thirty A.
Any person may request a reconsideration of an advisory ruling by the commissioner issued under the preceding paragraph by sending a written request for such reconsideration to the commissioner at any time before the expiration of thirty days following the publication of the advisory ruling in the Massachusetts Register which contains a statement setting forth in full the reasons why the person making the request believes reconsideration would be appropriate, and specifying and discussing the applicability of the relevant facts, statutes and regulations. Within fifteen business days of receipt of such request for reconsideration, a response shall be sent to the person making the request, or an acknowledgement shall be sent that sets a reasonable time within which such response shall be given.
(c) The commissioner may issue model clauses, consistent with the model clauses issued by the board, for optional use by financial institutions to facilitate compliance with the disclosure requirements of section eight and to aid consumers in understanding the rights and responsibilities of participants in electronic fund transfers by utilizing readily understandable language.
(d) Regulations prescribed hereunder may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of electronic fund transfers, as in the judgment of the commissioner are necessary or proper to effectuate the purposes of this chapter to prevent circumvention or evasion thereof, or to facilitate compliance therewith.
(e) In the event that electronic fund transfer services are made available to consumers by a person other than a financial institution holding a consumer’s account, the commissioner shall by regulation assure that the disclosures, protections, responsibilities, and remedies created by this chapter are made applicable to such persons and services, and such regulations shall be consistent with the regulations issued by the board, where applicable. A regulation adopted by the commissioner is not inconsistent with the regulations issued by the board if the protection such regulation affords consumers is equal to or greater than the protection afforded by the board’s regulations.