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Code · Massachusetts · Part I — ADMINISTRATION OF THE GOVERNMENT · Title XX — PUBLIC SAFETY AND GOOD ORDER · Chapter 140

Section 131B: Penalty for loan of money secured by weapons

118 words·~1 min read·/ma/part-i/title-xx/chapter-140/131b·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 131B. Whoever loans money secured by mortgage, deposit or pledge of a firearm shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than one year, or by both; provided, however that nothing herein shall prohibit a bank or other institutional lender from loaning money secured by a mortgage, deposit, or pledge of a firearm to a manufacturer, wholesaler, or dealer of firearms, rifles, or shotguns. The provisions of section one hundred and twenty-three shall not be applicable to any such mortgage, deposit or pledge unless or until the lender takes possession of the collateral upon default or the collateral is removed from the premises of the debtor.
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