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. Section 114A of chapter 140 of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by inserting after the word "associations", in lines 2 and 3, the words:- , federal savings banks.

SECTION 2. Section 2 of chapter 255B of the General Laws, as so appearing, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- No person, other than a bank as defined in section one of chapter one hundred and sixty-seven, a national banking association, federal savings bank, federal savings and loan association or federal credit union, shall engage in the business of a sales finance company without first obtaining from the commissioner a license to carry on said business in the city or town where the business is to be transacted as provided herein.

SECTION 3. Section 2 of chapter 255C of the General Laws, as so appearing, is hereby amended by inserting after the word "association", in line 3, the second time it appears, the words:- , a federal savings bank.

SECTION 4. Section 2 of chapter 255D of the General Laws, as so appearing, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- No person, other than a bank as defined in section one of chapter one hundred and sixty-seven or a national banking association, federal savings bank, federal savings and loan association or federal credit union, shall engage in the business of a sales finance company without first obtaining from the commissioner a license to carry on said business in each city or town where the business is to be transacted as provided herein.