Mass. Gen. Laws ch. 140, § 114C

A card issuer as defined in section one of chapter one hundred and forty D, whether located within or without the commonwealth, may assess an annual fee provided that the cardholder as defined by said section one, is notified of the amount of any such fee on or with the billing statement for the billing period prior to that in which the annual fee is billed to the cardholder's account. A cardholder may cancel his credit card agreement at any time during this period without penalty. If the cardholder cancels the agreement at any other time during the year, he shall receive a refund on a pro-rata basis of two-thirds of the annual fee.