Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Subdivision (D) of section 24 of chapter 171 of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by striking out the last sentence and inserting in place thereof the following sentence:- Loans made under this paragraph may be secured by a first or subordinate mortgage on the real estate to be improved.
SECTION 2. The provisions of section one shall apply to loans made on or after the effective date of this act.