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 14 of chapter 167E of the General Laws is hereby amended by striking out paragraph A, as most recently amended by section 25 of chapter 371 of the acts of 1983, and inserting in place thereof the following paragraph:-

A. The total obligations of one borrower to a stock corporation under this chapter and chapter one hundred and sixty-seven F shall not exceed the limitations prescribed in the following table:

`tcol(*)=2,B;c1=1,35,tf;c2=40,39,tf `tc1 1. $LCObligations of one person including in the liabilities of a firm the liabilities of its several members. `tc2 (a) $LC20% of the total of the capital stock, surplus account and undivided profits, if the capital stock of such corporation is $500,000; or more; `tc1 `tc2 (b) $LC20% of the capital stock, or 10% of the total of the capital stock, surplus account and undivided profits, whichever is greater, if the capital stock of such corporation is less than $500,000; `tc1 `tc2 (c) $LC25% of the total of the capital stock, surplus account and undivided profits, if the amount of such obligations in excess of the limitations set forth in (a) or (b) is fully secured by obligations of the United States of like value; `tc1 `tc2 (d) $LC100% of the total of the capital stock, surplus account and undivided profits, if the amount of such obligations in excess of the limitations set forth in (a) or (b) is fully secured by obligations of the United States of like value, due within three years of the date of the note of the borrower; `tc1 `tc2 (e) $LCIn addition to the limitations prescribed in (a), (b), (c) or (d), 2% of the total amount of savings deposits, if the amount of such obligations in excess of such prescribed limitations is secured by collateral of the classes specified in section thirty-eight of chapter one hundred and sixty-eight. `tc1 2. $LCObligations of a state or a political subdivision of a state other than a New England state or a state contiguous thereto. `tc2 $LC10% of capital stock, surplus account, and undivided profits. `tc1 3. $LCObligations of a political subdivision of a New England state other than this commonwealth. `tc2 $LC20% of capital stock, surplus account, and undivided profits. `tc1 4. $LCObligations of a political subdivision of a state contiguous to any of the New England states. `tc2 $LC20% of capital stock, surplus account, and undivided profits. `tc1 5. $LCObligations of a foreign government or a political subdivision thereof. `tc2 $LC10% of capital stock, surplus account, and undivided profits. `tc1 6. $LCObligations of all foreign governments and the political subdivisions thereof. `tc2 $LC20% of capital stock, surplus account, and undivided profits. `tcol;end @t `t+1