§ 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
§ 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 applicable to Secs. 65 to 65E
§ 65A Mortgage loans by credit unions authorized; types; comprehensive written loan policies
§ 65A1/2 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
§ 65C1/2 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
§ 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; application to commissioner for prudent person authority
§ 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 fixed assets; investment in other corporations, associations or financial institutions; purchase of insurance covering debtors; checks and money orders; 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; plans offered by providers other than the association
§ 83 Credit Union Employees Retirement Association; by-laws; reports
§ 84 Credit Union Employees Retirement Association; tax exemption; attachment

Terms Used In Massachusetts General Laws > Chapter 171 - Credit Unions

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Quorum: The number of legislators that must be present to do business.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC