Mass. Gen. Laws » Part I Title XX Chapter 140
Massachusetts General Laws

Mass. Gen. Laws ch. 140, § 114A (2026)

Exceptions; restrictions; voidable loans; composite rates; determination of maximum rate

✓ current as of July 2026
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Section 114A. Trust companies, savings banks, co-operative banks, savings and loan associations, credit unions, national banking associations, federal savings banks and federal savings and loan associations or federal credit unions or any subsidiary of the foregoing shall not be subject to the provisions of sections ninety-six to one hundred and fourteen, inclusive; provided, that such institutions may not take, receive, reserve or charge interest, expenses and other considerations for making or securing a loan of six thousand dollars or less in excess of those permitted by section one hundred. Any loan of six thousand dollars or less made by any trust company, savings bank, co-operative bank, savings and loan association, credit union, national banking association or federal savings and loan association on which charges for interest, expenses and other considerations exceed those permitted by section one hundred may be declared void by the supreme judicial or superior court in equity upon petition by the person to whom the loan was made, and any such trust company, bank, association or credit union making such loan shall be subject to a fine of not more than five hundred dollars. This section shall not be construed as preventing a rate of charge for interest, expenses and other consideration on one or more portions of a loan in excess of the permitted maximum rate of charge applicable to said portion or portions, provided, that the composite rate of charge on the whole loan produces an amount equal to or less than that which would be produced were said maximum rate of charge applied to said loan. Extension, default or deferment charges shall not be deemed to be interest, expenses and other considerations in determining the maximum rate of charge that may be taken, received, reserved or charged for said loan.

Notes of Decisions
Cited in 5 cases, 1965–1980 · leading case: Begelfer v. Najarian, 409 N.E.2d 167 (Mass. 1980).
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Begelfer v. Najarian, 409 N.E.2d 167 (Mass. 1980). “255D, §§ 9C (12) (4), 20, 21 (Retail Installment Sales *183 Act); G. L. c. 140, § 114A. Statutes regulating small loans and certain home mortgage loans do not mention default charges specifically, but their language requires that the maximum charge permitted under these…”
Greenleaf Fin. Co. v. Small Loans Regulatory Bd., 385 N.E.2d 1364 (Mass. 1979). “Indeed, as indicated in our text, by G. L. c. 140, § 114A, banks and credit unions are expressly made subject to the board’s rate order.”
Northampton Nat'l Bank v. Attorney Gen., 397 N.E.2d 1149 (Mass. App. Ct. 1979). “689, § 4, and the first two sentences of G. L. c. 140, § 114A, as appearing in St.”
Pioneer Credit Corp. v. Comm'r of Banks, 207 N.E.2d 51 (Mass. 1965). “646, “ [T]rust companies, savings banks, co-operative banks, savings and loan associations, credit unions, national banking associations and federal savings and loan *223 associations” need not be licensed as small loans businesses under G.”
Valley Bank & Trust Co. v. Hall, 1980 Mass. App. Div. 169 (Mass. Dist. Ct., App. Div. 1980). “We believe that the District Court was correct in its determination that M.G.L. c. 140, § 114A was relevant and controlling on the issue of the amount of the attorney’s fees.”
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