Welcome to the new malegislature.gov! Please take a moment to let us know what you think.
Skip to Content
The 189th General Court of the Commonwealth of Massachusetts

Section 7: Use of words ''credit union'' restricted; penalties

Section 7. No person, partnership or association, and no corporation, except one incorporated under this chapter or corresponding provisions of earlier laws or the Federal Credit Union Act or one incorporated as a credit union under the laws of any other state and authorized to do business in the commonwealth, shall hereafter receive payments on shares or deposits from its members and loan such payments on shares and deposits in the manner of a credit union or transact business under any name or title containing the words ''credit union''; provided, however, that an association of credit unions or an organization, corporation or association, whose membership or ownership is primarily limited to credit unions, may transact business in accordance with the purposes for which it was established under any name or title containing the words ''credit union''. Whoever violates any provision of this section shall be punished by a fine of not more than one thousand dollars, and the supreme judicial and superior courts shall have jurisdiction in equity to enforce the provisions of this section.