Consumer Credit Regulation: Mass. Gen. Laws ch. 255B, §§ 1 to 25 (Retail Installment Sales of Motor Vehicles).
Scope: Installment sales of motor vehicles upon or by which any person may be transported or drawn upon a highway, and which is used or bought for use primarily for personal, family, or household purposes. § 1.
Licensure requirements: Sales finance companies must be licensed. Includes retail sellers holding contracts. § 2.
Credit terms: A retail seller may charge for any new or used motor vehicle a finance charge not in excess of an annual percentage rate of 21%. § 14.