26-239 C.M.R. ch. 100, § 9 - Notice of Credit Rejection or Change of Terms Required

Current through 2022-14, April 6, 2022

If credit is denied, the dealer must so inform the credit applicant in writing. This notice must be given within 4 business days or if a dealer uses a credit bureau, within 2 days of receiving the bureau's report. Notice shall state the reasons for denial or inform the applicant of his right to request such reasons.

If the applicant requests the reasons credit was denied, the dealer must respond within 2 business days. The dealer's response must be in writing if the applicant so requests.

A dealer must give 5 days advance notice of termination or alteration of credit terms and the reasons why.

If a person demands a credit oil delivery within the 5 days notice of termination period, the dealer need not sell him more oil than he needs to last through the notice period.

Notes

26-239 C.M.R. ch. 100, § 9

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