SENATE DOCKET, NO. 214        FILED ON: 1/13/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 584

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Michael J. Rodrigues

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to interstate branching of a credit union and the Massachusetts Credit Union Share Insurance Corporation.

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PETITION OF:

 

Name:

District/Address:

 

Michael J. Rodrigues

First Bristol and Plymouth

 

Paul A. Schmid, III

8th Bristol

 

Patricia A. Haddad

5th Bristol

2/3/2017

Patrick M. O'Connor

Plymouth and Norfolk

2/3/2017

Carole A. Fiola

6th Bristol

2/3/2017


SENATE DOCKET, NO. 214        FILED ON: 1/13/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 584

By Mr. Rodrigues, a petition (accompanied by bill, Senate, No. 584) of Michael J. Rodrigues, Paul A. Schmid, III, Patricia A. Haddad, Patrick M. O'Connor and others for legislation relative to interstate branching of a credit union and the Massachusetts Credit Union Share Insurance Corporation.  Financial Services.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

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An Act relative to interstate branching of a credit union and the Massachusetts Credit Union Share Insurance Corporation.

 

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 1 of chapter 171 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by striking out, in lines 43 and 44, the words “, having a usual place of business within the commonwealth and”.

SECTION 2.  Section 6D of chapter 294 of the acts of 1961 as appearing in section 4 of chapter 115 of the acts of 1996 is hereby amended by striking out the first paragraph and inserting in place thereof the following paragraph:-

The excess shares and deposits of excess members deposited in the main office or any branch office thereof shall be insured in full by the corporation, subject to the following conditions and limitations:

SECTION 3.  Said chapter 294 of the acts of 1961 is hereby amended by striking out section 1 and inserting in place thereof the following section:-

Section 1.  There is hereby constituted a corporation under the name of Massachusetts Credit Union Share Insurance Corporation, hereinafter referred to as the corporation, for the purpose of creating and maintaining a fund for the insurance of shares and deposits of members of the Central Credit Union Fund, Inc. and of credit unions which are established under the laws of the commonwealth or of any other state or of the United States and which become regular or excess members of the corporation, as hereinafter provided.