Chap. 0047 An Act relative to loans by credit unions secured by assignments of life insurance policies.

Be it enacted, etc., as follows:

Paragraph 5 of subsection (A) of section twenty-four of chapter one hundred and seventy-one of the General Laws, as appearing in chapter one hundred and two of the acts of nineteen hundred and forty-one, is hereby amended by adding at the end the following: - , or policies issued by life insurance companies authorized to transact business in this commonwealth, valued at not more than their cash surrender value, - so as to read as follows: - 5. To an amount not exceeding three thousand dollars, if evidenced by the note of the borrower and with sufficient collateral pledged to secure the same made up of bonds or notes of the United States, or of any state or subdivision thereof, which are legal investments for savings banks in this commonwealth valued at not more than eighty per cent of their market value, or by the assignment of the pass book of a depositor in a savings bank doing business in any of the New England states or in the savings department of a trust company or national banking association doing business in this commonwealth, or the pass book of a depositor in a co-operative bank incorporated under chapter one hundred and seventy, or policies issued by life insurance companies authorized to transact business in this commonwealth, valued at not more than their cash surrender value. Approved February 20, 1946.