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By Mr. Mariano of Quincy, petition (accompanied by bill, House, No. 1016) of Ronald Mariano relative to the sale of insurance by credit unions. Financial Services. |
The Commonwealth of Massachusetts
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PETITION OF:
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By Mr. Mariano of Quincy, petition (accompanied by bill, House, No. 1016) of Ronald Mariano relative to the sale of insurance by credit unions. Financial Services. |
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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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.Chapter 454 of the Acts of 2002 is hereby amended by adding the following SECTION:
Section 7. In the event that any of the provisions of Chapter 454 of the Acts of 2002 or Chapter 129 of the Act of 1998, as they relate to credit unions chartered by the United States or national banks, are preempted by the National Credit Union Administration, or the Comptroller of the Currency of the United States pursuant to section 114 of the federal Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994, or, or by a court of competent jurisdiction, the commissioner of banks, with respect to section 75B of chapter 171 of the General Laws, and the commissioner of insurance, with respect to sections 209 and 210 of chapter 175 of the General Laws, may waive, in writing, the applicability of such preempted provisions to credit unions chartered by the commonwealth and credit unions chartered by the United States if it is determined such waiver is necessary in order to permit credit unions in the commonwealth to sell insurance subject to the same governing laws and regulations as are applicable to banks selling insurance in the commonwealth. Such waiver shall be filed with the state secretary and shall, unless otherwise provided by law, become effective on the sixtieth day following the date of said filing. A copy of any such waiver shall be filed simultaneously with the committee on financial services of the general court. Upon the effective date of the waiver, credit unions chartered by the commonwealth and credit unions chartered by the United States shall be subject to compliance with applicable federal law with respect those preempted provisions.
SECTION 2 This act shall take effect upon its passage.