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 75 of chapter 171 of the General Laws, as appearing in the 1992 Official Edition, is hereby amended by striking out the fourth paragraph and inserting in place thereof the following paragraph:-

A credit union may expend for any one parcel of real estate, improved with a dwelling designed to be occupied by not more than four families and to which it has acquired title by exercise of a power of sale contained in a mortgage held by it on said real estate and foreclosure thereof, a sum not to exceed five thousand dollars as determined by the directors for repairs thereto for the purpose of the sale of said real estate. Any expenditure greater than five thousand dollars shall require the prior written approval of the commissioner.