The Massachusetts Division of Banks has reissued a regulatory bulletin that provides banks with guidance on how to comply with the provisions of the so-called “18-65 Law” (Section 2, subparagraph 1 of Chapter 167D of the General Laws). Regulatory Bulletin 3.3-101 was reissued on January 6 to address recent amendments to the 18-65 Law, which include additional disclosure requirements.

Notes: The 18-65 Law was most recently amended on August 4, 2010 by Chapter 234 of the Acts of 2010. The amendment requires banks to disclose annually to all depositors the provisions of the law applicable to a person 18 years of age or younger or 65 years of age or older, in addition to the existing notice posting requirement, and removed the authority of the Commissioner of Banks to establish a procedure for demonstrating 18-65 account eligibility.