General Laws of Massachusetts - Chapter 171 Credit Unions - Section 65 Definitions for Secs. 65 to 65E

Section 65. As used in sections 65 to 65E, inclusive, the following words shall, unless the context otherwise requires, have the following meanings:—

“Commissioner”, the commissioner of banks.

“Loan”, a loan or line of credit, whether secured by collateral or security of any nature or unsecured, for consumer or other purposes other than a real estate loan.

“Real estate”, land or property, including improved land with a dwelling, owner occupied or unoccupied dwellings, unimproved land, farmland, a unit of a condominium, shares of stock issued by a co-operative housing corporation, leasehold interests under a lease which does not expire for at least 5 years beyond the maturity date of the loan, leasehold interests created in air rights over land, and any other interest in land.

“Mortgage loan”, a loan, line of credit, or borrowing secured primarily by a lien on an interest in real estate, with the exception of a loan described in subsection (c) of section 65A.

“Non-recourse reverse mortgage loan”, a reverse mortgage loan which limits the lender’s recovery solely to the value of the property at the time the loan becomes due and payable.

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Last modified: September 11, 2015