AN ACT RELATIVE TO THE OPERATION OF CREDIT UNIONS.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1.Section 34F of chapter 168 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by striking out, in line 37, the words “two-thirds” and inserting in place thereof the following words:- a majority.
SECTION 2. Section 26F of chapter 170, as so appearing, is hereby amended by striking out, in line 35, the words “two-thirds” and inserting in place thereof the following words:- a majority.
SECTION 3. Section 10 of chapter 171, as so appearing, is hereby amended by striking out, in line 2, the words “three-fourths” and inserting in place thereof the following word:- majority.
SECTION 4. Section 13 of said chapter 171, as so appearing, is hereby amended by adding the following paragraph:-
Unless the by-laws otherwise provide, a member of the board of directors or any committee designated thereby may participate in a meeting of the board or committee by means of a conference telephone or similar electronic communications equipment by means of which persons participating in the meeting may simultaneously hear each other, and participation by those means shall constitute presence in person at a meeting. A member may transmit a written authorization that may be required during the meeting by electronic facsimile or other commercially acceptable transmission.
SECTION 5. Section 29 of said chapter 171, as so appearing, is hereby amended by striking out the fifth paragraph and inserting in place thereof the following paragraph:-
The board of directors shall determine the rate of interest to be paid on deposits.
SECTION 6. Section 59A of said chapter 171, as so appearing, is hereby amended by striking out the first paragraph.
SECTION 7. The second paragraph of said section 59A of said chapter 171, as so appearing, is hereby amended by striking out the last sentence and inserting in place thereof the following sentence:- The credit cards, loans, advances and documents used in connection therewith shall be in a form and upon terms and conditions as the board of directors shall determine and set forth in a written plan including, but not limited to, terms and conditions as to revocation, rates of interest and other charges, maturity dates and security, if any.
SECTION 8. Section 75 of said chapter 171, as so appearing, is hereby amended by striking out the eleventh and twelfth paragraphs and inserting in place thereof the following 2 paragraphs:-
A credit union may collect payments on bills representing indebtedness to a utility company doing business in the commonwealth, at its main office or at a branch office, with the written approval of the utility company.
A credit union may establish and maintain safe deposit vaults and rent boxes or storage space therein under conditions prescribed by the commissioner.
SECTION 9. Section 75B of said chapter 171, as so appearing, is hereby amended by adding the following subsection:-
(g) In the event that any of the provisions of this section or of section 2A of chapter 167F, are preempted by the National Credit Union Administration, by the Comptroller of the Currency of the United States pursuant to section 114 of the federal Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994 (P.L.103-328), by section 104 of the federal Gramm-Leach-Bliley Act of 1999 (P.L. 106-102), by a court of competent jurisdiction or by any other applicable law, the commissioner of banks, with respect to this section, and the commissioner of insurance, with respect to sections 209 and 210 of chapter 175 may waive, in writing, the applicability of the preempted provisions to credit unions and to federal credit unions if it is determined the waiver is necessary in order to permit the entities to engage in the solicitation and sale of insurance under similar laws as banks chartered by the commonwealth pursuant to chapter 168, 170 or 172 or chartered by the laws of the United States. The waiver shall be filed with the state secretary and shall, unless otherwise provided by law, become effective on the sixtieth day following the date of the filing. A copy of the waiver shall be filed simultaneously with the committee on financial services of the general court.
SECTION 10. Section 78 of said chapter 171, as so appearing, is hereby amended by striking out, in line 6, the words “two-thirds” and inserting in place thereof the following words:- a majority.
SECTION 11. Section 81 of chapter 171, as so appearing, is hereby amended by striking out, in line 3, the words “two-thirds” and inserting in place thereof the following word:- majority.
Approved December 23, 2008