Chapter 171

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 65A 1/2 Mortgage loans participation
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 65C 1/2 Reverse mortgage loan requirements
Section 65D Mortgage loans which provide for variation in interest rate; conditions; variation in rate of amortization
Section 65E Powers of credit unions
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

Chapter 171

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Chapter 171: CREDIT UNIONS