Massachusetts Chapter 171 — Credit Unions

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Mass. Gen. Laws ch. 171, § 1— Definitions
Mass. Gen. Laws ch. 171, § 2— Incorporation; agreement of association
Mass. Gen. Laws ch. 171, § 3— Notice to commissioner; investigation fee
Mass. Gen. Laws ch. 171, § 4— First meeting of incorporators; notice
Mass. Gen. Laws ch. 171, § 5— Articles of organization; certificate of incorporation
Mass. Gen. Laws ch. 171, § 6— Transaction of business; authorization; approval of by-laws; failure to commence
Mass. Gen. Laws ch. 171, § 6A— Powers and permissible activities; regulations
Mass. Gen. Laws ch. 171, § 6B— Savings promotion raffles
Mass. Gen. Laws ch. 171, § 7— Use of words ''credit union'' restricted; penalties
Mass. Gen. Laws ch. 171, § 8— Location changes; branches and depots; consolidations or mergers; mobile branch banking
Mass. Gen. Laws ch. 171, § 8A— Purchase, establishment, installation, etc. of electronic branches; location; safeguards
Mass. Gen. Laws ch. 171, § 8B— Educational credit union, student savings deposit and school branch office programs
Mass. Gen. Laws ch. 171, § 8C— Application by foreign credit union or out-of-state federal credit union to establish new branch in the commonwealth
Mass. Gen. Laws ch. 171, § 8D— Examination of affairs of foreign credit union or out-of-state federal credit union
Mass. Gen. Laws ch. 171, § 8E— Registration of foreign credit union or out-of-state federal credit union operating a branch in the commonwealth
Mass. Gen. Laws ch. 171, § 8F— Injunction to restrain foreign credit union or out-of-state federal credit union from further proceeding with business
Mass. Gen. Laws ch. 171, § 9— By-laws
Mass. Gen. Laws ch. 171, § 10— Amendment of by-laws
Mass. Gen. Laws ch. 171, § 11— Annual meetings; special meetings; notice; voting
Mass. Gen. Laws ch. 171, § 12— Directors; terms; inability to pay judgment; classes
Mass. Gen. Laws ch. 171, § 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
Mass. Gen. Laws ch. 171, § 14— Expulsion of members
Mass. Gen. Laws ch. 171, § 15— Officers and committee members; election and appointment; loan officers
Mass. Gen. Laws ch. 171, § 16— Auditing committee; powers and duties
Mass. Gen. Laws ch. 171, § 17— Credit committee; powers and duties
Mass. Gen. Laws ch. 171, § 18— Investment committee; powers and duties
Mass. Gen. Laws ch. 171, § 19— Directors and officers; limitations on services with other financial institutions
Mass. Gen. Laws ch. 171, § 20— Compensation and expense reimbursement; restrictions on loans to directors
Mass. Gen. Laws ch. 171, § 21— Bond requirements
Mass. Gen. Laws ch. 171, § 22— Treasurer's additional duties under chapter 167 and this chapter
Mass. Gen. Laws ch. 171, § 23— Nonfeasance, misfeasance and malfeasance; penalties
Mass. Gen. Laws ch. 171, § 24— Indemnification of directors, officers and employees; liability insurance
Mass. Gen. Laws ch. 171, § 25— Insurance benefits for employees, officers and directors
Mass. Gen. Laws ch. 171, § 26— Annual reports
Mass. Gen. Laws ch. 171, § 27— Balance sheets
Mass. Gen. Laws ch. 171, § 28— Preservation of records
Mass. Gen. Laws ch. 171, § 29— Shares and deposits; dividends
Mass. Gen. Laws ch. 171, § 30— Limitations on shares and deposits
Mass. Gen. Laws ch. 171, § 31— Negotiable withdrawal order accounts
Mass. Gen. Laws ch. 171, § 31A— Guarantees
Mass. Gen. Laws ch. 171, § 32— Term share or deposit accounts; written plan
Mass. Gen. Laws ch. 171, § 32A— Acceptance of funeral trust account
Mass. Gen. Laws ch. 171, § 32B— Demand deposit account and savings account; joint accounts; terms; fees; notice of availability
Mass. Gen. Laws ch. 171, § 35— Trustee or custodian; profit-sharing or retirement plans
Mass. Gen. Laws ch. 171, § 36— Designation of beneficiary; deferred compensation or retirement plans
Mass. Gen. Laws ch. 171, § 37— Plans providing loans guaranteed by Higher Education Assistance Corporation
Mass. Gen. Laws ch. 171, § 38— Accounts for holding residential lease security deposits
Mass. Gen. Laws ch. 171, § 39— Joint accounts
Mass. Gen. Laws ch. 171, § 40— Trust accounts
Mass. Gen. Laws ch. 171, § 41— Minors' accounts
Mass. Gen. Laws ch. 171, § 41A— Assessment of fees and charges
Mass. Gen. Laws ch. 171, § 42— Deceased depositors and shareholders
Mass. Gen. Laws ch. 171, § 43— Withdrawal of shares or deposits; notice
Mass. Gen. Laws ch. 171, § 46— Lost, stolen or destroyed passbooks; application for payment or issuance of duplicate
Mass. Gen. Laws ch. 171, § 47— Agreements exculpating credit union for wrongful payment of account
Mass. Gen. Laws ch. 171, § 48— Proceeding for collection of indebtedness; set off
Mass. Gen. Laws ch. 171, § 49— Transfer of funds to reduce debt; notification
Mass. Gen. Laws ch. 171, § 50— Shares or accounts pledged as security; transfer, assignment or credit at foreclosure
Mass. Gen. Laws ch. 171, § 51— Adverse claims to shares or deposits; process; bond
Mass. Gen. Laws ch. 171, § 52— Reduction of accounts for equitable division of loss
Mass. Gen. Laws ch. 171, § 53— Disclosure to account holders of availability of funds
Mass. Gen. Laws ch. 171, § 57— Loans to members; applications; preferences; limitations
Mass. Gen. Laws ch. 171, § 58— Liabilities of members; limitations
Mass. Gen. Laws ch. 171, § 63— Education loans
Mass. Gen. Laws ch. 171, § 64— Repealed, 2020, 338, Sec. 56
Mass. Gen. Laws ch. 171, § 65— Definitions applicable to Secs. 65 to 65E
Mass. Gen. Laws ch. 171, § 65A— Mortgage loans by credit unions authorized; types; comprehensive written loan policies
Mass. Gen. Laws ch. 171, § 65B— Inspection of real estate securing loan upon default; appraisal of real estate upon excessive loan
Mass. Gen. Laws ch. 171, § 65C— Reverse mortgages; disbursement of proceeds; program requirements; written materials provided to borrower; counseling program; priority of liens
Mass. Gen. Laws ch. 171, § 65D— Mortgage loans which provide for variation in interest rate; conditions; variation in rate of amortization
Mass. Gen. Laws ch. 171, § 65E— Powers of credit unions
Mass. Gen. Laws ch. 171, § 66— Person obligated to make payments under mortgage to be member of credit union
Mass. Gen. Laws ch. 171, § 67— Investments
Mass. Gen. Laws ch. 171, § 67A— Membership in associations benefitting credit union or providing services
Mass. Gen. Laws ch. 171, § 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; application to commissioner for prudent person authority; due diligence
Mass. Gen. Laws ch. 171, § 68— Registration of securities in name of partnership or corporate nominee
Mass. Gen. Laws ch. 171, § 69— Allowance or reserve for loan losses
Mass. Gen. Laws ch. 171, § 70— Reserve for losses on investments
Mass. Gen. Laws ch. 171, § 71— Cash on hand requirements and enumerated investments
Mass. Gen. Laws ch. 171, § 72— Contingent fund; liability on loan upon death of member
Mass. Gen. Laws ch. 171, § 73— Borrowing on behalf of credit union
Mass. Gen. Laws ch. 171, § 74— Sale, transfer and assignment of loans, investments and other assets
Mass. Gen. Laws ch. 171, § 75— Investments in fixed assets; investment in other corporations, associations or financial institutions; purchase of insurance covering debtors; checks and money orders; safe deposit vaults
Mass. Gen. Laws ch. 171, § 75A— Credit union as agent or broker for The Savings Bank Life Insurance Company of Massachusetts
Mass. Gen. Laws ch. 171, § 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
Mass. Gen. Laws ch. 171, § 76— National Credit Union Administration Central Liquidity Facility; membership
Mass. Gen. Laws ch. 171, § 77— Massachusetts Credit Union Share Insurance Corporation; insurance of shares and deposits
Mass. Gen. Laws ch. 171, § 78— Consolidation
Mass. Gen. Laws ch. 171, § 78A— Merger or consolidation of credit unions with savings bank, co-operative bank or subsidiary banking institution
Mass. Gen. Laws ch. 171, § 78B— Repealed, 2014, 482, Sec. 57
Mass. Gen. Laws ch. 171, § 79— Merger of credit unions under possession of commissioner or Massachusetts Share Insurance Corporation
Mass. Gen. Laws ch. 171, § 80— Foreign credit unions; consent for incorporation
Mass. Gen. Laws ch. 171, § 80A— Conversion of credit union into mutual savings bank, mutual co-operative bank, mutual federal savings bank or mutual federal savings and loans association
Mass. Gen. Laws ch. 171, § 80B— Credit union chartered in commonwealth converted to federal charter
Mass. Gen. Laws ch. 171, § 81— Liquidation
Mass. Gen. Laws ch. 171, § 82— Credit Union Employees Retirement Association; eligibility; contributions; plans offered by providers other than the association
Mass. Gen. Laws ch. 171, § 83— Credit Union Employees Retirement Association; by-laws; reports
Mass. Gen. Laws ch. 171, § 84— Credit Union Employees Retirement Association; tax exemption; attachment