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:

SECTION 1. Subdivision (D) of section 24 of chapter 171 of the General Laws is hereby amended by striking out the second sentence, as appearing in the 1988 Official Edition, and inserting in place thereof the following sentence:- Such loan shall not exceed forty thousand dollars, exclusive of interest or discount from the date of the note, with respect to any one parcel of such real estate.

SECTION 2. Said subdivision (D) of said section 24 of said chapter 171 is hereby further amended by striking out the fifth sentence, as so appearing, and inserting in place thereof the following sentence:- The aggregate balance of principal outstanding at any one time on loans of this class shall not exceed forty percent of the deposits, shares and undivided earnings of such credit union.