Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for exempting the commonwealth from the alternative mortgage transaction preemption provisions of the Depository Institutions Act of 1982, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The commonwealth hereby declares and explicitly states by the terms of this act that it does not want the preemption provided in section 804 of Public Law 97-320 to apply with respect to alternative mortgage transactions, as defined in said law, subject to the provisions of chapter one hundred and sixty-seven E or section sixty of chapter one hundred and eighty-three of the General Laws.
SECTION 2. This act shall take effect on October first, nineteen hundred and eighty-five.