Section 65 Definitions for Secs. 65 to 65E - Massachusetts Statutes

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.