Section 3. (a) The commissioner shall prescribe from time to time such rules and regulations as may be necessary or proper in carrying out the provisions of this chapter. Such rules and regulations may contain such classifications, differentiations or other provisions, and may provide for such adjustments and exceptions for any class of transactions, as in the judgement of the commissioner are necessary or proper to carry out the purposes of this chapter, to prevent circumvention or evasion thereof, or to facilitate compliance therewith; provided, however, that no such rule or regulation shall contain any classification, differentiation or other provision with respect to, or provide for any judgement or exception for, any class of transaction which would result in less stringent disclosure requirements than afforded that class of transaction under the Federal Consumer Protection Act and Regulation Z issued by the bureau.

If a provision of the federal Truth in Lending Act, 15 U.S.C. section 1601 et seq., the bureau's Regulation Z, 12 C.F.R. section 1026 et seq., the official staff commentary or a disclosure or model form provided by a creditor thereunder is in conflict with a provision of this chapter or 209 CMR 32.00 et seq. and if the commissioner does not deem said federal provision to be substantially less consumer protective, the commissioner may waive, in writing, the provision of this chapter or 209 CMR 32.00 et seq. The waiver shall be filed with the state secretary and shall, unless otherwise provided by law, become effective on the sixtieth day following the date of the filing. A copy of the waiver shall be filed simultaneously with the house and senate chairs of the joint committee on financial services.

Creditors in the commonwealth shall comply with the federal Truth in Lending Act, 15 U.S.C. section 1601 et seq., and regulations implemented by the bureau unless and until the commissioner promulgates regulations that are substantially similar to or afford more protection to consumers than those issued by the bureau.

(b) The commissioner may issue from time to time advisory rulings under section eight of chapter thirty A interpreting any provision or the regulations issued hereunder. Each official bureau interpretation or official staff interpretation that interprets a provision of the regulations issued under the Truth-in-Lending Act (15 USC 1601 et seq.) (Title VI of Public Law 96–221) that is similar in substance to a provision of this chapter or the regulation issued thereunder, shall, until rescinded by the bureau, be deemed by the commissioner to be an advisory ruling issued under said section eight of said chapter thirty A; provided, however, that the commissioner may reject a bureau or staff interpretation.