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loans and lending

Banks and credit unions are two of the most common sources of consumer and business loans. These loans may be secured or unsecured, and may take the form of home mortgages, home equity loans, installment loans (loans repaid in monthly installments), auto loans, student loans, and credit cards.

In Massachusetts, banks and credit unions are regulated entities that provide various types of loans to consumers and businesses. These loans can be either secured, with collateral such as property or a vehicle, or unsecured, without collateral. Home mortgages and home equity loans are secured by the borrower's property and are commonly used for purchasing or refinancing a home or borrowing against the equity in a home. Installment loans are repaid over time with a set number of scheduled payments and can be used for personal, auto, or student loans. Auto loans are specifically tied to the purchase of a vehicle and are secured by the vehicle itself. Student loans can be either federal or private, with different terms and conditions. Credit cards represent a form of revolving credit, which can be used repeatedly up to a certain limit and are typically unsecured. The Massachusetts Division of Banks oversees the operation of banks and credit unions in the state, ensuring compliance with state statutes and federal laws, including the Truth in Lending Act, which requires clear disclosure of loan terms and costs.

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Creditor / Debtor

loans and lending

Individual & Family Legal Plan

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Massachusetts State Code

Massachusetts State Code

Creditor / Debtor

loans and lending

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