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Mass. General Laws c.171

Credit unions

This page links to the current version of each section of G.L. c.171.

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§ 1 Definitions 

Amended by St.2020, c.338, §§ 10-16, effective April 2, 2021

§ 2 Incorporation; agreement of association 

Amended by St.2020, c.338, §§ 17-18, effective April 2, 2021

§ 3 Notice to commissioner; investigation fee 

Amended by St.2020, c.338, §19, effective April 12, 2021

§ 4 First meeting of incorporators; notice 

Amended by St.2020, c.338, § 20, effective April 12, 2021

§ 5 Articles of organization; certificate of incorporation 
§ 6 Transaction of business; authorization; approval of by-laws; failure to commence 

Amended by St.2020, c.338, § 21, effective April 12, 2021

§ 6A Powers and permissible activities; regulations 

Amended by St.2020, c.338, § 22, effective April 12, 2021

§ 6B Savings promotion raffles 
§ 7 Use of words ''credit union'' restricted; penalties 
§ 8 Location changes; branches and depots; consolidations or mergers; mobile branch banking 

Amended by St.2020, c.338, § 23, effective April 12, 2021

§ 8A Purchase, establishment, installation, etc. of electronic branches; location; safeguards 
§ 8B Educational credit union, student savings deposit and school branch office programs 
§ 8C Application by foreign credit union or out-of-state federal credit union to establish new branch in the commonwealth 
§ 8D Examination of affairs of foreign credit union or out-of-state federal credit union 
§ 8E Registration of foreign credit union or out-of-state federal credit union operating a branch in the commonwealth 
§ 8F Injunction to restrain foreign credit union or out-of-state federal credit union from further proceeding with business 
§ 9 By-laws 

Amended by St.2020, c.338, §§ 24-25, effective April 12, 2021

§ 10 Amendment of by-laws 

Amended by St.2020, c.338, § 26, effective April 12, 2021

§ 11 Annual meetings; special meetings; notice; voting 

Amended by St.2020, c.338, § 27, effective April 12, 2021

§ 12 Directors; terms; inability to pay judgment; classes 

Amended by St.2020, c.338, § 28, effective April 12, 2021

§ 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 

Amended by St.2020, c.338, § 29, effective April 12, 2021

§ 14 Expulsion of members 

Amended by St.2020, c.338, § 30, effective April 12, 2021

§ 15 Officers and committee members; election and appointment; loan officers 

Amended by St.2020, c.338, §§ 31-32, effective April 12, 2021

§ 16 Auditing committee; powers and duties 

Amended by St.2020, c.338, §§ 33-34, effective April 12, 2021

§ 17 Credit committee; powers and duties 

Amended by St.2020, c.338, §§ 35-36, effective April 12, 2021

§ 18 Investment committee; powers and duties 

Amended by St.2020, c.338, § 37, effective April 12, 2021

§ 19 Directors and officers; limitations on services with other financial institutions 

Amended by St.2020, c.338, §§ 38-39, effective April 12, 2021

§ 20 Compensation and expense reimbursement; restrictions on loans to directors 
§ 21 Bond requirements 

Amended by St.2020, c.338, § 40, effective April 12, 2021

§ 22 Treasurer's additional duties under chapter 167 and this chapter 
§ 23 Nonfeasance, misfeasance and malfeasance; penalties 
§ 24 Indemnification of directors, officers and employees; liability insurance 
§ 25 Insurance benefits for employees, officers and directors 
§ 26 Annual reports 

Amended by St.2020, c.338, § 41, effective April 12, 2021

§ 27 Balance sheets 
§ 28 Preservation of records 
§ 29 Shares and deposits; dividends 
§ 30 Limitations on shares and deposits 

Amended by St.2020, c.338, § 42, effective April 12, 2021

§ 31 Negotiable withdrawal order accounts 
§ 31A Guarantees 
§ 32 Term share or deposit accounts; written plan 
§ 32A Funeral trust accounts 

Amended by St.2020, c.338, § 43, effective April 12, 2021

§ 32B Accounts for persons 18 and under or 65 or over 

Added by St.2020, c.338, § 43, effective April 12, 2021

§ 35 Trustee or custodian; profit-sharing or retirement plans 

Amended by St.2020, c.338, § 45, effective April 12, 2021

§ 36 Designation of beneficiary; deferred compensation or retirement plans 
§ 37 Plans providing loans guaranteed by Higher Education Assistance Corporation 
§ 38 Accounts for holding residential lease security deposits 
§ 39 Joint accounts 

Amended by St.2020, c.338, § 46, effective April 12, 2021

§ 40 Trust accounts 
§ 41 Minors' accounts 

Amended by St.2020, c.338, § 47, effective April 12, 2021

§ 41A Assessment of fees and charges 
§ 42 Deceased depositors and shareholders 

Amended by St.2020, c.338, § 48, effective April 12, 2021

§ 43 Withdrawal of shares or deposits; notice 
§ 46 Lost, stolen or destroyed passbooks; application for payment or issuance of duplicate 
§ 47 Agreements exculpating credit union for wrongful payment of account 
§ 48 Proceeding for collection of indebtedness; set off 
§ 49 Transfer of funds to reduce debt; notification 

Amended by St.2020, c.338, §§ 50-51, effective April 12, 2021

§ 50 Shares or accounts pledged as security; transfer, assignment or credit at foreclosure 

Amended by St.2020, c.338, § 52, effective April 12, 2021

§ 51 Adverse claims to shares or deposits; process; bond 
§ 52 Reduction of accounts for equitable division of loss 
§ 53 Disclosure to account holders of availability of funds 

Amended by St.2020, c.338, § 53, effective April 12, 2021

§ 57 Loans to members; applications; preferences; limitations 

Amended by St.2020, c.338, § 55, effective April 12, 2021

§ 58 Liabilities of members; limitations 
§ 63 Education loans 
§ 65 Definitions for Secs. 65 to 65E 
§ 65A Mortgage loans by credit unions authorized; types; comprehensive written loan policies 
§ 65A 1/2 Mortgage loans; membership 
§ 65B Inspection of real estate securing loan upon default; appraisal of real estate upon excessive loan 
§ 65C Reverse mortgages; disbursement of proceeds; program requirements; written materials provided to borrower; counseling program; priority of liens 
§ 65C 1/2 Reverse mortgage loan requirements 
§ 65D Mortgage loans which provide for variation in interest rate; conditions; variation in rate of amortization 
§ 65E Powers of credit unions 

Amended by St.2020, c.338, § 58, effective April 12, 2021

§ 66 Restrictions on real estate mortgage loans; credit union membership; location of mortgaged real estate; capitalization of assets 

Amended by St.2020, c.338, § 58, effective April 12, 2021

§ 67 Investments 

Amended by St.2020, c.338, §§ 59-67, effective April 12, 2021

§ 67A Membership in associations benefitting credit union or providing services 
§ 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 
§ 68 Registration of securities in name of partnership or corporate nominee 
§ 69 Allowance or reserve for loan losses 
§ 70 Reserve for losses on investments 
§ 71 Cash on hand requirements and enumerated investments 
§ 72 Contingent fund; liability on loan upon death of member 
§ 73 Borrowing on behalf of credit union 

Amended by St.2020, c.338, § 68, effective April 12, 2021

§ 74 Sale, transfer and assignment of loans, investments and other assets 

Amended by St.2020, c.338, § 69, effective April 12, 2021

§ 75 Investments in building, improvements and equipment; purchase of insurance covering debtors; safe deposit vaults 

Amended by St.2020, c.338, § 70, effective April 12, 2021

§ 75A Credit union as agent or broker for The Savings Bank Life Insurance Company of Massachusetts 
§ 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 
§ 76 National Credit Union Administration Central Liquidity Facility; membership 

Amended by St.2020, c.338, § 71, effective April 12, 2021

§ 77 Massachusetts Credit Union Share Insurance Corporation; insurance of shares and deposits 
§ 78 Consolidation 

Amended by St.2020, c.338, § 72, effective April 12, 2021

§ 78A Merger or consolidation of credit unions with savings bank, co-operative bank or subsidiary banking institution 
§ 79 Merger of credit unions under possession of commissioner or Massachusetts Share Insurance Corporation 

Amended by St.2020, c.338, § 73, effective April 12, 2021

§ 80 Foreign credit unions; consent for incorporation 
§ 80A Conversion of credit union into mutual savings bank, mutual co-operative bank, mutual federal savings bank or mutual federal savings and loans association 

Amended by St.2020, c.21, § 4, February 14, 2020

§ 80B Credit union chartered in commonwealth converted to federal charter 
§ 81 Liquidation 
§ 82 Credit Union Employees Retirement Association eligibility; contributions; pensions and annuities; supplemental benefits 

Amended by St.2020, c.338, § 74, effective April 12, 2021

§ 83 Credit Union Employees Retirement Association; by-laws; reports 

Amended by St.2020, c.338, § 74, effective April 12, 2021

§ 84 Credit Union Employees Retirement Association; tax exemption; attachment 

Amended by St.2020, c.338, §§ 75-76, effective April 12, 2021

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