Chap. 56.     AN ACT PERMITTING CREDIT UNIONS TO MAKE ,    LOANS FOR PURCHASES OF RECREATIONAL VEHICLES.
Be it enacted, etc., as follows:
SECTION 1. The first paragraph of section 24 of chapter 171 of the General Laws, as appearing in section 6 of chapter 420 of the acts of 1971, is hereby amended by adding after clause (e) the following clause:^
(/) Recreational vehicle loans.
SECTION 2. Said section 24 of said chapter 171 is hereby further amended by adding the following subdivision: —
(F) RECREATIONAL VEHICLE LOANS.
A credit union may make a loan for the purpose of financing the purchase of a boat, camper, trailer, to an amount not exceeding, on each such loan, one per cent of its assets, or twelve thousand dollars, whichever is smaller. Loans on such vehicles shall be required to be repaid in substantially equal weekly or monthly installments within a period of not more than five years from the date of such purchase, and such loan 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.
Approved March 21, 1974.