HOUSE DOCKET, NO. 1473        FILED ON: 1/15/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 912

The Commonwealth of Massachusetts

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PRESENTED BY:

Aaron Michlewitz

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to certain loans by the Federal Home Loan Bank.

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PETITION OF:

HOUSE DOCKET, NO. 1473        FILED ON: 1/15/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 912

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 3810 OF 2013-2014.]

The Commonwealth of Massachusetts

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In the One Hundred and Eighty-Ninth General Court
(2015-2016)

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An Act relative to certain loans by the Federal Home Loan Bank.

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 19G of Chapter 175 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking all references therein to “180A to 180L, inclusive” and replacing such references with “180A to 180L3/4, inclusive”.

SECTION 2. Section 19K of Chapter 175 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking all references therein to “180A to 180L, inclusive” and replacing such reference with “180A to 180L3/4, inclusive”.

SECTION 3. Section 180A of Chapter 175 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking all references therein to “180A to 180L, inclusive” and replacing such references with “180A to 180L3/4, inclusive”.

SECTION 4. Chapter 175 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after section 180 L1/2, the following new section:-

          Section 180L3/4. (a) Notwithstanding any other provision of sections 180A to 180L1/2, inclusive, no person shall be stayed, enjoined or prohibited from exercising or enforcing any right or cause of action under any pledge, security, credit, collateral, loan, advances, reimbursement or guarantee agreement or arrangement or any similar agreement, arrangement or other credit enhancement to which a Federal Home Loan Bank, as defined under 12 U.S.C. 1422, is a party.

                                    (b) Notwithstanding any other provision of sections 180A to 180L1/2, inclusive, no receiver, rehabilitator, liquidator, or any other person shall avoid any transfer of, or any obligation to transfer, money or any other property arising under or in connection with any pledge, security, credit, collateral, loan, advances, reimbursement or guarantee agreement or arrangement or any similar agreement, arrangement or other credit enhancement to which a Federal Home Loan Bank, as defined under 12 U.S.C. 1422, is a party, that is made, incurred or assumed before or after the commencement of a delinquency proceeding under this chapter; provided, however, that a transfer may be avoided under chapter 109A if the transfer was made with actual intent to hinder, delay or defraud the insurer, a receiver appointed for the insurer, or existing or future creditors.

SECTION 5. Section 20 of Chapter 176G of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking all references therein to “180A to 180L, inclusive” and replacing such references with “180A to 180L3/4, inclusive”.