§ 1 Definitions
§ 1A Rules and regulations
§ 2 Examination of banks
§ 2A Definitions applicable to Secs. 2A to 2G; unfair practices involving consumer transactions; rules and regulations
§ 2B Investigation of unfair practices
§ 2C Proceedings regarding unfair practices; notice; hearing
§ 2D Unfair practices; findings; cease and desist orders; penalty; modification of order
§ 2E Review of cease and desist orders; civil liability
§ 2F Violations of cease and desist orders; penalties
§ 2G Penalties for unfair practices; enforcement
§ 2H Notice to commissioner of activity or investment of savings bank, co-operative bank or trust company; waiver or extension of notice period
§ 2I Compliance with federal laws and regulations
§ 2J Confidentiality of information provided in applications filed with commissioner
§ 3 Meetings of board of directors or board of trustees of bank; reports on bank examinations; records; certificates
§ 4 Summoning and examination of bank officers
§ 5 Request for bank examination
§ 6 Manner and form of books and accounts; manner of safeguard and deposit of money and securities
§ 6A Copies of agreements concerning Federal Reserve regulations and operating letters, clearing house rules, etc.; rules and regulations
§ 7 Statements and reports required by commissioner or by law
§ 8 Failure to make or amend return, statement or report
§ 9 Destruction or disposal of records, etc.; payment of proceeds
§ 10 Reports of fraud, embezzlement or misconduct by bank officers or employees
§ 11 Shortages in funds; reports; fine
§ 12 Misconduct by bank officers; suspension; removal
§ 12A Criminal charges against bank officers; suspension or removal from office
§ 13 Annual reports
§ 14 Credit needs of local communities; assessment of banks; regulations; application for establishment of domestic branch; examination; alternative community reinvestment examination procedure
§ 14A Mortgage review boards; members; terms; appointment; meetings; rules and regulations
§ 14C Small business loan review boards; members; terms; appointment; meetings; rules and regulations
§ 15 Annual list to investment committee of banks meeting local community needs
§ 15A Annual list of legal investments
§ 15B Inclusion of certain investments in list of legal investments upon approval by commissioner; application by credit union; refunding bonds
§ 15C Classes of bonds, notes or other interest-bearing federal, state and international obligations in which entity may invest
§ 15D Classes of bonds, notes or other interest-bearing municipal obligations in which entity may invest
§ 15E Investment in bonds, notes or other interest-bearing obligations of railroad corporations
§ 15F Investment in bonds of company engaged in the business of furnishing telephone service
§ 15G Investment in bonds, notes or other interest-bearing obligations of gas, electric light or water company or bonds of company supplying electrical energy or artificial gas or natural gas purchased from another company
§ 15H Investment in common stock of banking corporations and bank holding companies
§ 15I Purchase of stock of savings or co-operative bank, federal savings and loan association or federal saving bank
§ 15J Investment in capital stock of insurance company conducting fire and casualty insurance business
§ 15K Classes of securities in which entity may invest
§ 18 Appraisal of real estate in case of excessive loan
§ 19 Losses of bank exceeding surplus and other reserve accounts
§ 20 Verification of savings accounts
§ 21 Closing of banks
§ 21A Assent to and participation in bank reorganization by government officers
§ 22 Taking possession of property and business of bank by commissioner
§ 23 Notice of taking possession of bank by commissioner
§ 24 Collection of moneys due and liquidation of affairs of banks in possession of commissioner
§ 25 Prosecution and defense of suits and other legal proceedings; sales of property
§ 26 Appointment of agents to assist in liquidation and distribution; federal agencies as liquidating agent; subrogation rights
§ 26A Assistance of federal agency as liquidating agent; notice requirements
§ 26B National Credit Union Administration Board as liquidating agent of credit unions; subrogation rights
§ 27 Inventory of bank assets
§ 28 Notice to claimants; claims presented
§ 29 List of claims presented
§ 30 Fees and expenses
§ 31 Dividends; objections to claims
§ 31A Dividend payments to minors; disposition of accounts of decedents
§ 32 Property deposited with bank; disposition
§ 33 Bank aggrieved by action of commissioner; application for injunction
§ 34 Stockholders’ meeting
§ 35 Unclaimed dividends and funds
§ 35A Destruction of books, records, etc. concerning bank and liquidation thereof
§ 35B Reports on banks in possession of commissioner
§ 36 Equity jurisdiction of supreme judicial court
§ 36A Appointment of conservator; powers and duties; compensation; termination; equity jurisdiction of supreme court
§ 37 Unauthorized banking
§ 37A Examination of accounts, books and papers to determine violation of Sec. 37
§ 37B Student bank programs
§ 40 Examination of foreign or out-of-state banks; charges; availability of reports and information; cooperation with other jurisdictions
§ 40A Registration with commissioner; reports
§ 41 Access to vaults, books and papers; summoning witnesses; administering oaths
§ 42 Insolvent foreign or out-of-state banks; injunction
§ 46 Honoring and cashing of pensioners’ and retirees’ checks
§ 48 Financing of premises containing lead in paint, plaster or materials
§ 49 Definitions applicable to Secs. 49 to 51
§ 50 Compliance review supervisor
§ 51 Compliance review documents; confidentiality

Terms Used In Massachusetts General Laws > Chapter 167

  • 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.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • 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.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Cross examine: Questioning of a witness by the attorney for the other side.
  • 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.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
  • 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
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • 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
  • 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.
  • 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.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • 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.
  • 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.
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • 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 Bank Examiner: An employee of the Comptroller of the Currency whose function is to examine national banks periodically to determine the financial position of a bank and the security of its deposits. The examiner also verifies that the bank maintains procedures consistent with federal banking laws and regulations. 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.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trustee: A person or institution holding and administering property in trust.
  • Venue: The geographical location in which a case is tried.