Skip to Content

Session Law

2006

Jump to:

Chapter 370 AN ACT RELATIVE TO LENDING LIMITS.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:

SECTION 1.
Subsection (a) of section 6 of chapter 167E of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by striking out clauses (4) and (5) and inserting in place thereof the following 2 clauses:-

(4) Obligations of a foreign government or a political subdivision thereof shall be limited to 10 per cent of capital; but a well capitalized bank engaged in a global custody business that has no less than $5,000,000,000 of foreign currency denominated deposits shall be limited to 40 per cent of capital.

(5) Obligations of all foreign governments and political subdivisions thereof shall not exceed a total of 50 per cent of capital; but a well capitalized bank engaged in a global custody business that has no less than $5,000,000,000 of foreign currency denominated deposit shall not be subject to that limitation.

Approved November 27, 2006.


Error