Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Chapter 385 of the acts of 1980 is hereby amended by striking out section 2, as most recently amended by section 18 of chapter 795 of the acts of 1981, and inserting in place thereof the following section:-

Section 2. The commonwealth of Massachusetts hereby declares and explicitly states by the terms of this act that it does not want any of the provisions of paragraph (1) of subsection (a) of Section 501 of Part A of Public Law 96-221 to apply with respect to loans, mortgages, credit sales and advances made in this commonwealth; and that it does not want the provisions of subsection (a) of Section 511 of Part B of said Public Law to apply with respect to loans made in this commonwealth. It is the intent of the commonwealth under the provisions of this section to exercise all authority granted by the Congress of the United States and to satisfy all requirements imposed by said Congress in paragraph (2) of subsection (b) of Section 501 of Part A and Section 512 of Part B for the purpose of rendering the above provisions of Public Law 96-221 Title V inapplicable in this commonwealth.