Section 001-31-G - Collateral Repayment of a loan shall be secured by the following:
1. A mortgage or security interest in real estate, building and/or personal property of the business, subject only to such other encumbrances, including priority, junior or coordinate liens, as the Commissioner may approve;2. Such other collateral as the Commissioner may require, including without limitation, assignments or pledges of leases, contracts, stock certificates and other instruments, personal or corporate guarantees, insurance, letters of credit and surety bonds;3. Loans may, at the discretion of the Commissioner, be secured by collateral valued at less than the amount of the loan, provided that the borrower, its principals and any guarantors, are of good character and have good credit histories;4. Real estate or stationary machinery or equipment constituting a significant portion of collateral for repayment of a loan shall be located within the State. Mobile machinery or equipment, constituting a significant portion of collateral for repayment of a loan, shall be registered with and taxed by the State or municipal authorities. Other types of collateral constituting a significant portion of collateral for repayment of a loan shall be owned by or provided for the benefit of a person or business association with a place of business in the State.01-001 C.M.R. ch. 31, § G