The 188th General Court of
The Commonwealth of Massachusetts
The Commonwealth of Massachusetts
Session Laws
CHAPTER 488 AN ACT INCREASING THE TOTAL OBLIGATION OF MEMBERS OF CREDIT UNIONS ON CREDIT CARDS.
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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, as appearing in the 1992 Official Edition, 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 ten 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.