Skip to Content


HOUSE DOCKET, NO. 2851         FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 850

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Garrett J. Bradley

_______________

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 public funds.

_______________

PETITION OF:

 

Name:

District/Address:

Garrett J. Bradley

3rd Plymouth


HOUSE DOCKET, NO. 2851        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 850

By Mr. Bradley of Hingham, a petition (accompanied by bill, House, No. 850) of Garrett J. Bradley relative to public funds.  Financial Services. 


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Thirteen

_______________

 

An Act relative to public funds.
 

              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 2010 Official Edition, is hereby amended by inserting after the words “federal savings banks”, in line 3, the following words:-- federal credit unions,.

              SECTION 2.  Said Section 34 of said Chapter 29, as so appearing, is hereby further amended by striking out the words “and co-operative banks” in line 5 and inserting thereof the following words:-- cooperative banks and credit unions.

              SECTION 3. Section 54 of Chapter 44 of the General Laws, as so appearing, is hereby amended by inserting after the word “banks,”, in line 9, 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 said Chapter 44, as so appearing, is hereby amended by striking the words, “or co-operative banks” in lines 25 and 26 and inserting in place thereof the following words:-- co-operative banks, credit unions or federal credit unions. 

              SECTION 5. Section 55A of said Chapter 44, as so appearing, is hereby amended by inserting after the word “banks” in line 5 the following words:--credit unions or federal credit unions,. 

              SECTION 6. Section 29 of Chapter 171 of the General Laws, as so appearing, is hereby amended by adding 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.

The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

Error