Massachusetts Consumer Agencies Collect $13.9M in 2012

Massachusetts consumer affairs agencies collected over $13.9 million through awards, settlements, refunds and fines in 2012.

The Office of Consumer Affairs and Business Regulation oversees the divisions of banks, insurance, professional licensure, standardsand telecommunications and cable. The recoveries are a result of the agencies’ responses to nearly 57,000 consumer inquiries and complaints on issues including home improvement contractor registration, insurance and banking issues.

The recoveries included: $387,000 in awards and settlements to consumers under a new and used car arbitration program and $361,000 to 26 homeowners in a program that resolves disputes between homeowners and registered contractors.

Money generated through fines and settlements with an agency goes to the state’s General Fund. Settlements, arbitration wins and other payments for consumers go directly to that consumer.