Chapter 171: CREDIT UNIONS
- Section 1 Definitions
- Section 2 Incorporation; agreement of association
- Section 3 Notice to commissioner; investigation fee
- Section 4 First meeting of incorporators; notice
- Section 5 Articles of organization; certificate of incorporation
- Section 6 Transaction of business; authorization; approval of by-laws; failure to commence
- Section 6A Powers and permissible activities; regulations
- Section 6B Savings promotion raffles
- Section 7 Use of words ''credit union'' restricted; penalties
- Section 8 Location changes; branches and depots; consolidations or mergers; mobile branch banking
- Section 8A Purchase, establishment, installation, etc. of electronic branches; location; safeguards
- Section 8B Educational credit union, student savings deposit and school branch office programs
- Section 8C Application by foreign credit union or out-of-state federal credit union to establish new branch in the commonwealth
- Section 8D Examination of affairs of foreign credit union or out-of-state federal credit union
- Section 8E Registration of foreign credit union or out-of-state federal credit union operating a branch in the commonwealth
- Section 8F Injunction to restrain foreign credit union or out-of-state federal credit union from further proceeding with business
- Section 9 By-laws
- Section 10 Amendment of by-laws
- Section 11 Annual meetings; special meetings; notice; voting
- Section 12 Directors; terms; inability to pay judgment; classes
- Section 13 Powers and duties of directors; quorum; removal from office; honorary president; participation in meetings by means of conference telephone or similar electronic communications equipment
- Section 14 Expulsion of members
- Section 15 Officers and committee members; election and appointment; loan officers
- Section 16 Auditing committee; powers and duties
- Section 17 Credit committee; powers and duties
- Section 18 Investment committee; powers and duties
- Section 19 Directors and officers; limitations on services with other financial institutions
- Section 20 Compensation and expense reimbursement; restrictions on loans to directors
- Section 21 Bond requirements
- Section 22 Treasurer's additional duties under chapter 167 and this chapter
- Section 23 Nonfeasance, misfeasance and malfeasance; penalties
- Section 24 Indemnification of directors, officers and employees; liability insurance
- Section 25 Insurance benefits for employees, officers and directors
- Section 26 Annual reports
- Section 27 Balance sheets
- Section 28 Preservation of records
- Section 29 Shares and deposits; dividends
- Section 30 Limitations on shares and deposits
- Section 31 Negotiable withdrawal order accounts
- Section 31A Guarantees
- Section 32 Term share or deposit accounts; written plan
- Section 32A Acceptance of funeral trust account
- Section 32B Demand deposit account and savings account; joint accounts; terms; fees; notice of availability
- Section 33,34 Repealed, 2020, 338, Sec. 44
- Section 35 Trustee or custodian; profit-sharing or retirement plans
- Section 36 Designation of beneficiary; deferred compensation or retirement plans
- Section 37 Plans providing loans guaranteed by Higher Education Assistance Corporation
- Section 38 Accounts for holding residential lease security deposits
- Section 39 Joint accounts
- Section 40 Trust accounts
- Section 41 Minors' accounts
- Section 41A Assessment of fees and charges
- Section 42 Deceased depositors and shareholders
- Section 43 Withdrawal of shares or deposits; notice
- Section 44,45 Repealed, 2020, 338, Sec. 49
- Section 46 Lost, stolen or destroyed passbooks; application for payment or issuance of duplicate
- Section 47 Agreements exculpating credit union for wrongful payment of account
- Section 48 Proceeding for collection of indebtedness; set off
- Section 49 Transfer of funds to reduce debt; notification
- Section 50 Shares or accounts pledged as security; transfer, assignment or credit at foreclosure
- Section 51 Adverse claims to shares or deposits; process; bond
- Section 52 Reduction of accounts for equitable division of loss
- Section 53 Disclosure to account holders of availability of funds
- Section 54 to 56 Repealed, 2020, 338, Sec. 54
- Section 57 Loans to members; applications; preferences; limitations
- Section 58 Liabilities of members; limitations
- Section 59 to 62 Repealed, 2020, 338, Sec. 56
- Section 63 Education loans
- Section 64 Repealed, 2020, 338, Sec. 56
- Section 65 Definitions applicable to Secs. 65 to 65E
- Section 65A Mortgage loans by credit unions authorized; types; comprehensive written loan policies
- Section 65B Inspection of real estate securing loan upon default; appraisal of real estate upon excessive loan
- Section 65C Reverse mortgages; disbursement of proceeds; program requirements; written materials provided to borrower; counseling program; priority of liens
- Section 65D Mortgage loans which provide for variation in interest rate; conditions; variation in rate of amortization
- Section 65E Powers of credit unions
- Section 65A1/2 Mortgage loans participation
- Section 65C1/2 Reverse mortgage loan requirements
- Section 66 Person obligated to make payments under mortgage to be member of credit union
- Section 67 Investments
- Section 67A Membership in associations benefitting credit union or providing services
- Section 67B Investment in shares of stock registered on a national securities exchange or for which quotations are available through the financial Industry Regulatory Authority, Inc., or any comparable service; application to commissioner for prudent person authority; due diligence
- Section 68 Registration of securities in name of partnership or corporate nominee
- Section 69 Allowance or reserve for loan losses
- Section 70 Reserve for losses on investments
- Section 71 Cash on hand requirements and enumerated investments
- Section 72 Contingent fund; liability on loan upon death of member
- Section 73 Borrowing on behalf of credit union
- Section 74 Sale, transfer and assignment of loans, investments and other assets
- Section 75 Investments in fixed assets; investment in other corporations, associations or financial institutions; purchase of insurance covering debtors; checks and money orders; safe deposit vaults
- Section 75A Credit union as agent or broker for The Savings Bank Life Insurance Company of Massachusetts
- Section 75B Definitions; credit union as seller of insurance products; license requirement; officers, tellers and employees; limitations; insurance to secure credit secured by mortgage; waiver of applicability of preempted provisions
- Section 76 National Credit Union Administration Central Liquidity Facility; membership
- Section 77 Massachusetts Credit Union Share Insurance Corporation; insurance of shares and deposits
- Section 78 Consolidation
- Section 78A Merger or consolidation of credit unions with savings bank, co-operative bank or subsidiary banking institution
- Section 78B Repealed, 2014, 482, Sec. 57
- Section 79 Merger of credit unions under possession of commissioner or Massachusetts Share Insurance Corporation
- Section 80 Foreign credit unions; consent for incorporation
- Section 80A Conversion of credit union into mutual savings bank, mutual co-operative bank, mutual federal savings bank or mutual federal savings and loans association
- Section 80B Credit union chartered in commonwealth converted to federal charter
- Section 81 Liquidation
- Section 82 Credit Union Employees Retirement Association; eligibility; contributions; plans offered by providers other than the association
- Section 83 Credit Union Employees Retirement Association; by-laws; reports
- Section 84 Credit Union Employees Retirement Association; tax exemption; attachment