AN ACT RELATIVE TO LIMITATIONS ON TOTAL OBLIGATIONS OF 1 BORROWER TO A STOCK CORPORATION OR THRIFT INSTITUTION.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Subsection C of section 14 of chapter 167E of the General Laws, as appearing in the 2000
Edition, is hereby amended by adding the following
10. Obligations to the extent that they are secured by securities issued or
guaranteed by a United States government-sponsored entity, including the
National Mortgage Association and the Federal Home Loan Mortgage Corporation.
11. Obligations to provide securities, incurred in connection with
loans, which obligations are fully secured by securities convertible at the
option of the bank acting as principal or agent into securities of the same
and class as the securities that are the subject matter of the obligation.