General Laws

Section 12. A bank may receive deposits, under the terms of a written plan approved by the commissioner from any labor union, association, trust, public utility, partnership, corporation, college, university, insurance company, charity, any city, town, county or district of the commonwealth, or by any instrumentality thereof, or individual for the sole purpose of making loans guaranteed in whole or in part by the Massachusetts higher education assistance corporation; provided, however, that no such plan shall discriminate against any applicant otherwise eligible for such a loan; and provided, further, that such deposits shall not exceed twenty per cent of the assets of the bank.