SECTION 1. Chapter 175 of the General Laws is hereby amended by striking out section 98, as so appearing in the 2012 Official Edition, and inserting in place thereof the following section:-
Section 98. The issuance of a written memorandum of a preliminary contract of insurance, also referred to as a binder of insurance, shall be allowed for a period no longer than thirty days prior to the issuance of the actual insurance policy against loss or damage to a building fire.
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