Chapter 171 - CREDIT UNIONS

Section 171:1 - Definitions
Section 171:2 - Incorporation; agreement of association
Section 171:3 - Notice to commissioner; investigation fee
Section 171:4 - First meeting of incorporators; notice
Section 171:5 - Articles of organization; certificate of incorporation
Section 171:6 - Transaction of business; authorization; approval of by-laws; failure to commence
Section 171:6A - Powers and permissible activities; regulations
Section 171:6B - Savings promotion raffles
Section 171:7 - Use of words "credit union" restricted; penalties
Section 171:8 - Location changes; branches and depots
Section 171:8A - [As added by Acts2014, c466; see also Version 2 as added by a different 2014 act] Establishment and maintenance of branch offices or depots by foreign or out-of-state credit unions
Section 171:8A - [As added by Acts2014, c482; see also Version 1 as added by a different 2014 act] Compliance with federal laws and regulations
Section 171:8B - Educational credit union training programs, student savings deposits programs and school branch office programs
Section 171:8C - Establishment and maintenance of new branch by foreign credit union or out-of-state federal credit union
Section 171:8D - Inspection and examination of foreign credit union or out-of-state federal credit union
Section 171:8E - Registration of foreign credit union or out-of-state federal credit union; reports
Section 171:8F - Insolvency of foreign credit union or out-of-state federal credit union
Section 171:9 - By-laws
Section 171:10 - Amendment of by-laws
Section 171:11 - Annual meetings; voting
Section 171:12 - Directors; terms; classes
Section 171:13 - Powers and duties of directors
Section 171:14 - Expulsion of members
Section 171:15 - Officers and committee members; election and appointment; loan officers
Section 171:16 - Auditing committee; powers and duties
Section 171:17 - Credit committee; powers and duties
Section 171:18 - Investment committee; powers and duties
Section 171:19 - Directors and officers; limitations on services with other financial institutions
Section 171:20 - Compensation and expense reimbursement; restrictions on loans to directors
Section 171:21 - Bond requirements
Section 171:22 - Treasurer's additional duties under chapter 167 and this chapter
Section 171:23 - Nonfeasance, misfeasance and malfeasance; penalties
Section 171:24 - Indemnification of directors, officers and employees; liability insurance
Section 171:25 - Insurance benefits for directors, officers and employees
Section 171:26 - Annual reports
Section 171:27 - Balance sheets
Section 171:28 - Preservation of records
Section 171:29 - Shares and deposits; dividends
Section 171:30 - Limitations on shares and deposits
Section 171:31 - Negotiable withdrawal order accounts
Section 171:31A - Guarantees
Section 171:32 - Term share or deposit accounts; written plan
Section 171:32A - Acceptance of funeral trust account
Section 171:32B - Demand deposit accounts and savings accounts
Section 171:33 - [Repealed]
Section 171:34 - [Repealed]
Section 171:35 - Trustee or custodian; profit-sharing or retirement plans
Section 171:36 - Designation of beneficiary; deferred compensation or retirement plans
Section 171:37 - Plans providing loans guaranteed by Higher Education Assistance Corporation
Section 171:38 - Accounts for holding residential lease security deposits
Section 171:39 - Joint accounts
Section 171:40 - Trust accounts
Section 171:41 - Minors' accounts
Section 171:41A - Payment on check, draft or money order refused because of insufficient funds; depositor or shareholder; reasonable fee, charge or assessment
Section 171:42 - Deceased depositors and shareholders
Section 171:43 - Withdrawal of shares or deposits; notice
Section 171:44 - [Repealed]
Section 171:45 - [Repealed]
Section 171:46 - Lost, stolen or destroyed passbooks; application for payment or issuance of duplicate
Section 171:47 - Agreements exculpating credit union for wrongful payment of account
Section 171:48 - Proceeding for collection of indebtedness; set off
Section 171:49 - Transfer of funds to reduce debt; notification
Section 171:50 - Shares or accounts pledged as security; transfer, assignment or credit at foreclosure
Section 171:51 - Adverse claims to shares or deposits; process; bond
Section 171:52 - Reduction of accounts for equitable division of loss
Section 171:53 - Disclosure to account holders of availability of funds
Section 171:54 - [Repealed]
Section 171:55 - [Repealed]
Section 171:56 - [Repealed]
Section 171:57 - Loans to members; applications; preferences; limitations
Section 171:58 - Liabilities of members; limitations
Section 171:59 - [Repealed]
Section 171:59A - [Repealed]
Section 171:60 - [Repealed]
Section 171:61 - [Repealed]
Section 171:62 - [Repealed]
Section 171:63 - Education loans
Section 171:64 - [Repealed]
Section 171:65 - Definitions
Section 171:65A - Mortgage loans by credit unions
Section 171:65A 1/2 - Credit union acquisition of mortgage loans
Section 171:65B - Inspection of real estate
Section 171:65C - Reverse mortgage loans
Section 171:65C 1/2 - Reverse mortgage loans; requirements
Section 171:65D - Variation in interest rates
Section 171:65E - Credit union powers
Section 171:66 - Restrictions on real estate mortgage loans
Section 171:67 - Investments
Section 171:67A - Membership in associations benefitting credit union or providing services
Section 171:67B - Investment in shares of stock registered on a national securities exchange
Section 171:68 - Registration of securities in name of partnership or corporate nominee
Section 171:69 - Reserve for losses on loans
Section 171:70 - Reserve for losses on investments
Section 171:71 - Cash on hand requirements and enumerated investments
Section 171:72 - Contingent fund; liability on loan upon death of member
Section 171:73 - Borrowing on behalf of credit union
Section 171:74 - Sale, transfer and assignment of loans, investments and other assets
Section 171:75 - Investments in building, improvements and equipment; purchase of insurance covering debtors; safe deposit vaults
Section 171:75A - Credit union as agent or broker for the savings bank life insurance company of Massachusetts
Section 171:75B - Definitions; credit union as seller of insurance products; license requirement; officers, tellers and employees; limitations; insurance to secure credit secured by mortgage
Section 171:76 - National Credit Union Administration Central Liquidity Facility; membership
Section 171:77 - Massachusetts Credit Union Share Insurance Corporation; insurance of shares and deposits
Section 171:78 - Consolidation
Section 171:78A - Merger or consolidation of credit unions and savings banks or co-operative banks into single savings bank
Section 171:78B - [Repealed]
Section 171:79 - Merger of credit unions under possession of commissioner or Massachusetts Share Insurance Corporation
Section 171:80 - Foreign credit unions; consent for incorporation
Section 171:80A - Conversion of credit unions
Section 171:80B - Conversion of credit union to one chartered under federal law
Section 171:81 - Liquidation
Section 171:82 - Credit Union Employees Retirement Association; eligibility
Section 171:83 - Credit Union Employees Retirement Association; by-laws; reports
Section 171:84 - Credit Union Employees Retirement Association; tax exemption; attachment