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 59A of chapter 171 of the General Laws, inserted by section 1 of chapter 79 of the acts of 1990, is hereby amended by striking out the third paragraph and inserting in place thereof the following paragraph:-

The total obligation of one or more members pursuant to any credit card agreement entered into under the provisions of this subdivision shall not exceed five thousand dollars; and the aggregate balance of such loans and advances made by any such corporation at any time outstanding shall not exceed twenty percent of its deposits and shares.