SENATE DOCKET, NO. 781        FILED ON: 1/18/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 652

The Commonwealth of Massachusetts

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PRESENTED BY:

Adam Gomez

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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 to allow municipalities to deposit into credit unions.

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PETITION OF:

SENATE DOCKET, NO. 781        FILED ON: 1/18/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 652

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 1213 OF 2021-2022.]

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Third General Court
(2023-2024)

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An Act to allow municipalities to deposit into 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 34 of Chapter 29 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended in line 4 by inserting after the words “federal savings banks” the following words:- federal credit unions,

SECTION 2. Section 34 of Chapter 29 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended in line 6 by striking out the words “and cooperative banks” and inserting in place thereof the following words:- , cooperative banks, and credit unions

SECTION 3. Section 54 of Chapter 44 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting in line 15 after the word “banks” the following words:- , or in paid up shares or deposits of credit unions, or in paid up shares or deposits of federal credit unions doing business in the commonwealth

SECTION 4. Section 55 of Chapter 44 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended in line 27 by inserting after the word “banks,” the following words:- credit unions or federal credit unions,

SECTION 5. Section 55A of Chapter 44 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended in line 4 by inserting after the words “savings bank,” the following words:- credit unions or federal credit unions,

SECTION 6. Section 29 of Chapter 171 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting after the fifth paragraph the following paragraph:-

Notwithstanding any other provisions of law, any credit union or federal credit union may accept public funds pursuant to Section 34 of Chapter 29 and Sections 54, 55 and 55A of Chapter 44 as provided for therein; provided, however, that the total of such public funds received shall not exceed, at any time, twenty-five percent of the assets of the credit union or federal credit union.