LegalFix

Section 14 - Disclosure to Depositors That Information Has Been Provided to Commissioner; Penalty

MA Gen L ch 62e § 14 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Section 14. Unless otherwise required by applicable law, an institution furnishing a report or providing information to the commissioner under either subsection (a) or subsection (b) of section four shall not disclose to a depositor or an account holder that the name of such person has been received from or furnished to the commissioner; provided, however, that an institution may disclose to its depositors or account holders that under the financial institution match system the commissioner has the authority to request certain identifying information on certain depositors or account holders. If an institution willfully violates the provisions of this section, such institution shall pay to the commissioner the lesser of one thousand dollars or the amount on deposit or in the account of the person to whom such disclosure was made. An institution shall incur no obligation or liability to a depositor or account holder or any other person arising from the furnishing of a report or information to the commissioner under section four, or from the failure to disclose to a depositor or account holder that the name of such person was included in a list furnished by the commissioner or in a report furnished by the institution to the commissioner. An institution may charge an account levied on by the commissioner a fee, as determined by the commissioner, of not less than twenty nor more than fifty dollars which shall be deducted from such account prior to remitting any funds to the commissioner.

LegalFix

Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.

LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.

The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.

You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.

The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.

Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.

We have updated our Terms of Service, Privacy Policy, and Disclosures. By continuing to browse this site, you agree to our Terms of Service, Privacy Policy, and Disclosures.
Section 14 - Disclosure to Depositors That Information Has Been Provided to Commissioner; Penalty