AN ACT RELATIVE TO PERSONAL LOANS FOR CREDIT UNIONS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Subdivision (A) of section 24 of chapter 171 of the General Laws is hereby
amended by striking out paragraph 1, as appearing in chapter 302 of the acts
of 1980, and inserting in place thereof the following paragraph:-
1. A credit union may make loans to an amount not exceeding seven
thousand five hundred dollars and if the assets of such credit union are
four million dollars or more, to an amount not exceeding ten thousand
dollars, if evidenced by the unendorsed and unsecured note of the borrower.
The second paragraph of paragraph 3 of said subdivision (A) of said
section 24 of said chapter
171, as amended by chapter 408 of the acts of 1981, is hereby further
amended by striking out, in line 12,
the word "sixteen" and inserting in place thereof the word:- twenty-five.