Massachusetts State Seal An official website of the Commonwealth of Massachusetts Here's how you know

Official websites use .mass.gov

A .mass.gov website belongs to an official government organization in Massachusetts.

Secure websites use HTTPS

A lock icon or https:// means you've safely connected to the official website. Share sensitive information only on official, secure websites.

Skip to main content

Mass. General Laws c.171

Credit unions

This page links to an unofficial version of each section of G.L. c. 171. Please note that sections that appear missing have been either reserved for future use or repealed.

Skip table of contents
You skipped the table of contents section.
§ 1 Definitions
§ 2 Incorporation; agreement of association
§ 3 Notice to commissioner; investigation fee
§ 4 First meeting of incorporators; notice
§ 5 Articles of organization; certificate of incorporation
§ 6 Transaction of business; authorization; approval of by-laws; failure to commence
§ 6A Powers and permissible activities; regulations
§ 6B Savings promotion raffles
§ 7 Use of words ''credit union'' restricted; penalties
§ 8 Location changes; branches and depots; consolidations or mergers; mobile branch banking
§ 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
§ 10 Amendment of by-laws
§ 11 Annual meetings; special meetings; notice; voting
§ 12 Directors; terms; inability to pay judgment; classes
§ 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
§ 14 Expulsion of members
§ 15 Officers and committee members; election and appointment; loan officers
§ 16 Auditing committee; powers and duties
§ 17 Credit committee; powers and duties
§ 18 Investment committee; powers and duties
§ 19 Directors and officers; limitations on services with other financial institutions
§ 20 Compensation and expense reimbursement; restrictions on loans to directors

Amended by St. 2026, c. 195, effective August 26, 2026

§ 21 Bond requirements
§ 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
§ 27 Balance sheets
§ 28 Preservation of records
§ 29 Shares and deposits; dividends
§ 30 Limitations on shares and deposits
§ 31 Negotiable withdrawal order accounts
§ 31A Guarantees
§ 32 Term share or deposit accounts; written plan
§ 32A Acceptance of funeral trust account
§ 32B Demand deposit account and savings account; joint accounts; terms; fees; notice of availability
§ 35 Trustee or custodian; profit-sharing or retirement plans
§ 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
§ 40 Trust accounts
§ 41 Minors' accounts
§ 41A Assessment of fees and charges
§ 42 Deceased depositors and shareholders
§ 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
§ 50 Shares or accounts pledged as security; transfer, assignment or credit at foreclosure
§ 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
§ 57 Loans to members; applications; preferences; limitations
§ 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 participation
§ 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

Amended by St. 2024, c. 392, § 148, effective January 9, 2025

§ 65D Mortgage loans which provide for variation in interest rate; conditions; variation in rate of amortization
§ 65E Powers of credit unions
§ 66 Person obligated to make payments under mortgage to be member of credit union
§ 67 Investments
§ 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
§ 74 Sale, transfer and assignment of loans, investments and other assets
§ 75 Investments in building, improvements and equipment; purchase of insurance covering debtors; safe deposit vaults
§ 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
§ 77 Massachusetts Credit Union Share Insurance Corporation; insurance of shares and deposits
§ 78 Consolidation
§ 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
§ 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
§ 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
§ 83 Credit Union Employees Retirement Association; by-laws; reports
§ 84 Credit Union Employees Retirement Association; tax exemption; attachment

Contact

Online

Library locations and phone numbers
Chat with a law librarian online
Email a reference librarian: lawlibraries@jud.state.ma.us

Help Us Improve Mass.gov  with your feedback

Please do not include personal or contact information.
Feedback