MASSACHUSETTS STATE-CHARTERED CREDIT UNIONS
SHOULD COMPLETE THIS FORM,
SIGN, AND MAIL TO THE DIVISION OF BANKS
1000 WASHINGTON STREET, 10TH FLOOR, BOSTON, MA 02118-6400
FEDERALLY-CHARTERED CREDIT UNIONS SHOULD CONSULT
THE DIVISION OF INSURANCE WEBSITE AT WWW.MASS.GOV/DOI
AMENDMENT TO PLAN OF OPERATION FOR INSURANCE SALES ACTIVITIES
(FOR MASSACHUSETTS STATE-CHARTERED CREDIT UNIONS)
The Plan of Operation for Insurance Sales Activities (the "Plan") filed by (Credit Union) _______________________________ is hereby amended in accordance with the Waiver issued pursuant to SECTION 9 of Chapter 423 of the Acts of 2008, An Act Relative To The Operation Of Credit Unions, which waived the applicability of Mass. Gen. Laws ch. 171, §75B(b)(2) (the "Referral and Referral Fee Prohibition"); Mass. Gen. Laws ch. 171, §75B(b)(3) (the "Separation Restriction"); Mass. Gen. Laws ch. 171, §75B(b)(4)(B) and Mass. Gen. Laws ch. 171, §75B(b)(4)(C) (together the "Waiting Period Restrictions") and related provisions in regulations set forth in 209 CMR 49.00 et seq. to credit unions chartered by the Commonwealth.  Said Waiver, issued jointly by the Commissioner of Banks and the Commissioner of Insurance, is effective on October 30, 2009. Insofar as the aforementioned prohibitions and restrictions have been waived for credit unions chartered by the Commonwealth pursuant to SECTION 9 of said Chapter 423, all provisions in the Plan that contain such restrictions are deleted.
Whereas the prohibitions and restrictions have been waived for Massachusetts state-chartered credit unions in accordance with SECTION 9 of said Chapter 423, (Credit Union) __________________ hereby represents and affirms in lieu of the waived provisions of state law and regulation that it shall comply with the conditions and limitations set forth in 209 CMR 49.06(3); 209 CMR 49.06(4)(a); and 209 CMR 49.06(5), as well as other applicable laws and regulations.
Subscribed this _____________ day of _______________, _______ under the penalties of perjury.
State-Chartered Credit Union Officer
Tel. No. ( )___________________
Effective Date: Amendments shall be effective upon receipt by the Division of Banks.
All provisions of said Waiver are hereby incorporated by reference.
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