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Opinion

Opinion Summary of Selected Opinion 97-226

Date: 10/01/1997
Organization: Division of Banks
Docket Number: 97-226

This opinion was issued int he fourth quarter of 1997.

Table of Contents

State-chartered credit union authority to offer mortgage loans funded, underwritten and closed in the name of a third party

It is the position of the Division of Banks that a state-chartered credit union has the authority to make real estate mortgage loans under the provisions of Massachusetts Gen. Laws chapter 171, § 65. The authority to make mortgage loans available to members through a third party lender would be included in the credit union's authority to make mortgage loans. The credit union's authority to conduct such activities is clearly a lesser included power related to its mortgage lending authority.

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