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  • Acts
  • 2001
  • Chapter 166 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, as follows:


Subsection C of section 14 of chapter 167E of the General Laws, as appearing in the 2000 Official Edition, is hereby amended by adding the following 2 paragraphs:-

10. Obligations to the extent that they are secured by securities issued or guaranteed by a United States government-sponsored entity, including the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

11. Obligations to provide securities, incurred in connection with securities 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 issue and class as the securities that are the subject matter of the obligation.

Approved November 30, 2001.