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Session Laws

1989

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CHAPTER 281 AN ACT INCREASING THE AGGREGATE AMOUNT OF SECOND MORTGAGE LOANS BY CREDIT UNIONS.

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

Paragraph 7 of subsection (a) of subdivision (B) of section 24 of chapter 171 of the General Laws is hereby amended by striking out the last sentence, as appearing in the 1988 Official Edition, and inserting in place thereof the following sentence:- The aggregate amount of loans made by such credit union pursuant to this paragraph shall not exceed twenty-five percent of its assets.

Approved July 25, 1989.