Session Laws

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

Section 24 of chapter 171 of the General Laws is hereby amended by striking out subdivision (F), as most recently amended by chapter 407 of the acts of 1981, and inserting in place thereof the following subdivision:-

`tuc (F) RECREATIONAL VEHICLES LOANS.

A credit union may make a loan for the purpose of financing the purchase of a boat, camper or trailer to an amount not exceeding, on each loan, one per cent of its assets, or thirty thousand dollars, whichever is less. Loans on such vehicles shall be required to be repaid in substantially equal weekly or monthly installments within a period of not more than seven years from the date of such purchase, and such loans shall be secured by a security interest on such recreational vehicle. The credit union shall promptly upon making any such loan, take all action necessary to perfect its security interest.