Chapter 171 - Credit Unions

Section 1 - Definitions
Section 2 - Incorporation; Agreement of Association
Section 3 - Notice to Commissioner; Investigation Fee
Section 4 - First Meeting of Incorporators; Notice
Section 5 - Articles of Organization; Certificate of Incorporation
Section 6 - Transaction of Business; Authorization; Approval of By-Laws; Failure to Commence
Section 6a - Powers and Permissible Activities; Regulations
Section 6b - Savings Promotion Raffles
Section 7 - Use of Words ''credit Union'' Restricted; Penalties
Section 8 - Location Changes; Branches and Depots; Consolidations or Mergers; Mobile Branch Banking
Section 8a - Purchase, Establishment, Installation, Etc. of Electronic Branches; Location; Safeguards
Section 8b - Educational Credit Union, Student Savings Deposit and School Branch Office Programs
Section 8c - Application by Foreign Credit Union or Out-of-State Federal Credit Union to Establish New Branch in the Commonwealth
Section 8d - Examination of Affairs of Foreign Credit Union or Out-of-State Federal Credit Union
Section 8e - Registration of Foreign Credit Union or Out-of-State Federal Credit Union Operating a Branch in the Commonwealth
Section 8f - Injunction to Restrain Foreign Credit Union or Out-of-State Federal Credit Union From Further Proceeding With Business
Section 9 - By-Laws
Section 10 - Amendment of By-Laws
Section 11 - Annual Meetings; Special Meetings; Notice; Voting
Section 12 - Directors; Terms; Inability to Pay Judgment; Classes
Section 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
Section 14 - Expulsion of Members
Section 15 - Officers and Committee Members; Election and Appointment; Loan Officers
Section 16 - Auditing Committee; Powers and Duties
Section 17 - Credit Committee; Powers and Duties
Section 18 - Investment Committee; Powers and Duties
Section 19 - Directors and Officers; Limitations on Services With Other Financial Institutions
Section 20 - Compensation and Expense Reimbursement; Restrictions on Loans to Directors
Section 21 - Bond Requirements
Section 22 - Treasurer's Additional Duties Under Chapter 167 and This Chapter
Section 23 - Nonfeasance, Misfeasance and Malfeasance; Penalties
Section 24 - Indemnification of Directors, Officers and Employees; Liability Insurance
Section 25 - Insurance Benefits for Employees, Officers and Directors
Section 26 - Annual Reports
Section 27 - Balance Sheets
Section 28 - Preservation of Records
Section 29 - Shares and Deposits; Dividends
Section 30 - Limitations on Shares and Deposits
Section 31 - Negotiable Withdrawal Order Accounts
Section 31a - Guarantees
Section 32 - Term Share or Deposit Accounts; Written Plan
Section 32a - Limited Access Deposit Accounts
Section 33 - Club Deposits
Section 34 - Special Notice Accounts
Section 35 - Trustee or Custodian; Profit-Sharing or Retirement Plans
Section 36 - Designation of Beneficiary; Deferred Compensation or Retirement Plans
Section 37 - Plans Providing Loans Guaranteed by Higher Education Assistance Corporation
Section 38 - Accounts for Holding Residential Lease Security Deposits
Section 39 - Joint Accounts
Section 40 - Trust Accounts
Section 41 - Minors' Accounts
Section 41a - Assessment of Fees and Charges
Section 42 - Deceased Depositors and Shareholders
Section 43 - Withdrawal of Shares or Deposits; Notice
Section 44 - Return of Vouchers
Section 45 - Pension or Retirement Fund Payments
Section 46 - Lost, Stolen or Destroyed Passbooks; Application for Payment or Issuance of Duplicate
Section 47 - Agreements Exculpating Credit Union for Wrongful Payment of Account
Section 48 - Proceeding for Collection of Indebtedness; Set Off
Section 49 - Transfer of Funds to Reduce Debt; Notification
Section 50 - Shares or Accounts Pledged as Security; Transfer, Assignment or Credit at Foreclosure
Section 51 - Adverse Claims to Shares or Deposits; Process; Bond
Section 52 - Reduction of Accounts for Equitable Division of Loss
Section 53 - Disclosure to Account Holders of Availability of Funds
Section 54 - Telephone Service for Account Information
Section 55 - Non–english Advertisements; Notification of Language of Forms
Section 56 - Advertisements Concerning Interest or Dividends; Restrictions
Section 57 - Loans to Members; Applications; Preferences; Limitations
Section 58 - Liabilities of Members; Limitations
Section 59 - Personal Loans; Limitations and Restrictions
Section 59a - Credit Cards; Issuance; Limitations
Section 60 - Loans for Improvement of Real Estate
Section 61 - Loans for Purchase of Manufactured Homes
Section 62 - Loans for Purchase of Boats, Campers or Trailers
Section 63 - Education Loans
Section 64 - Installment Loans
Section 65 - Definitions for Secs. 65 to 65e
Section 65a - Mortgage Loans by Credit Unions Authorized; Types; Comprehensive Written Loan Policies
Section 65b - Inspection of Real Estate Securing Loan Upon Default; Appraisal of Real Estate Upon Excessive Loan
Section 65c - Reverse Mortgages; Disbursement of Proceeds; Program Requirements; Written Materials Provided to Borrower; Counseling Program; Priority of Liens
Section 65c1/2 - Reverse Mortgage Loan Requirements
Section 65d - Mortgage Loans Which Provide for Variation in Interest Rate; Conditions; Variation in Rate of Amortization
Section 65e - Powers of Credit Unions
Section 66 - Restrictions on Real Estate Mortgage Loans; Credit Union Membership; Location of Mortgaged Real Estate; Capitalization of Assets
Section 67 - Investments
Section 67a - Membership in Associations Benefitting Credit Union or Providing Services
Section 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
Section 68 - Registration of Securities in Name of Partnership or Corporate Nominee
Section 69 - Allowance or Reserve for Loan Losses
Section 70 - Reserve for Losses on Investments
Section 71 - Cash on Hand Requirements and Enumerated Investments
Section 72 - Contingent Fund; Liability on Loan Upon Death of Member
Section 73 - Borrowing on Behalf of Credit Union
Section 74 - Sale, Transfer and Assignment of Loans, Investments and Other Assets
Section 75 - Investments in Building, Improvements and Equipment; Purchase of Insurance Covering Debtors; Safe Deposit Vaults
Section 75a - Credit Union as Agent or Broker for the Savings Bank Life Insurance Company of Massachusetts
Section 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
Section 76 - National Credit Union Administration Central Liquidity Facility; Membership
Section 77 - Massachusetts Credit Union Share Insurance Corporation; Insurance of Shares and Deposits
Section 78 - Consolidation
Section 78a - Merger or Consolidation of Credit Unions With Savings Bank, Co-Operative Bank or Subsidiary Banking Institution
Section 79 - Merger of Credit Unions Under Possession of Commissioner or Massachusetts Share Insurance Corporation
Section 80 - Foreign Credit Unions; Consent for Incorporation
Section 80a - Conversion of Credit Union Into Mutual Savings Bank, Mutual Co-Operative Bank, Mutual Federal Savings Bank or Mutual Federal Savings and Loans Association
Section 80b - Credit Union Chartered in Commonwealth Converted to Federal Charter
Section 81 - Liquidation
Section 82 - Credit Union Employees Retirement Association Eligibility; Contributions; Pensions and Annuities; Supplemental Benefits
Section 83 - Credit Union Employees Retirement Association; By-Laws; Reports
Section 84 - Credit Union Employees Retirement Association; Tax Exemption; Attachment