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General Laws

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Section 1Definitions
Section 2Incorporation; agreement of association
Section 3Notice to commissioner; investigation fee
Section 4First meeting of incorporators; notice
Section 5Articles of organization; certificate of incorporation
Section 6Transaction of business; authorization; approval of by-laws; failure to commence
Section 6APowers and permissible activities; regulations
Section 7Use of words “credit union” restricted; penalties
Section 8Location changes; branches and depots; consolidations or mergers
Section 9By-laws
Section 10Amendment of by-laws
Section 11Annual meetings; special meetings; notice; voting
Section 12Directors; terms; inability to pay judgment; classes
Section 13Powers and duties of directors; quorum; removal from office; honorary president; participation in meetings by means of conference telephone or similar electronic communications equipment
Section 14Expulsion of members
Section 15Officers and committee members; election and appointment; loan officers
Section 16Auditing committee; powers and duties
Section 17Credit committee; powers and duties
Section 18Investment committee; powers and duties
Section 19Directors and officers; limitations on services with other financial institutions
Section 20Compensation and expense reimbursement; restrictions on loans to directors
Section 21Bond requirements
Section 22Treasurer’s additional duties under chapter 167 and this chapter
Section 23Nonfeasance, misfeasance and malfeasance; penalties
Section 24Indemnification of directors, officers and employees; liability insurance
Section 25Insurance benefits for employees, officers and directors
Section 26Annual reports
Section 27Balance sheets
Section 28Preservation of records
Section 29Shares and deposits; dividends
Section 30Limitations on shares and deposits
Section 31Negotiable withdrawal order accounts
Section 31AGuarantees
Section 32Term share or deposit accounts; written plan
Section 32ALimited access deposit accounts
Section 33Club deposits
Section 34Special notice accounts
Section 35Trustee or custodian; profit-sharing or retirement plans
Section 36Designation of beneficiary; deferred compensation or retirement plans
Section 37Plans providing loans guaranteed by Higher Education Assistance Corporation
Section 38Accounts for holding residential lease security deposits
Section 39Joint accounts
Section 40Trust accounts
Section 41Minors’ accounts
Section 41AAssessment of fees and charges
Section 42Deceased depositors and shareholders
Section 43Withdrawal of shares or deposits; notice
Section 44Return of vouchers
Section 45Pension or retirement fund payments
Section 46Lost, stolen or destroyed passbooks; application for payment or issuance of duplicate
Section 47Agreements exculpating credit union for wrongful payment of account
Section 48Proceeding for collection of indebtedness; set off
Section 49Transfer of funds to reduce debt; notification
Section 50Shares or accounts pledged as security; transfer, assignment or credit at foreclosure
Section 51Adverse claims to shares or deposits; process; bond
Section 52Reduction of accounts for equitable division of loss
Section 53Disclosure to account holders of availability of funds
Section 54Telephone service for account information
Section 55Non-English advertisements; notification of language of forms
Section 56Advertisements concerning interest or dividends; restrictions
Section 57Loans to members; applications; preferences; limitations
Section 58Liabilities of members; limitations
Section 59Personal loans; limitations and restrictions
Section 59ACredit cards; issuance; limitations
Section 60Loans for improvement of real estate
Section 61Loans for purchase of manufactured homes
Section 62Loans for purchase of boats, campers or trailers
Section 63Education loans
Section 64Installment loans
Section 65Definitions for Secs. 65 to 65E
Section 65AMortgage loans by credit unions authorized; types; comprehensive written loan policies
Section 65BInspection of real estate securing loan upon default; appraisal of real estate upon excessive loan
Section 65CReverse mortgages; disbursement of proceeds; program requirements; written materials provided to borrower; counseling program; priority of liens
Section 65C1/2Reverse mortgage loan requirements
Section 65DMortgage loans which provide for variation in interest rate; conditions; variation in rate of amortization
Section 65EPowers of credit unions
Section 66Restrictions on real estate mortgage loans; credit union membership; location of mortgaged real estate; capitalization of assets
Section 67Investments
Section 67AMembership in associations benefitting credit union or providing services
Section 68Registration of securities in name of partnership or corporate nominee
Section 69Allowance or reserve for loan losses
Section 70Reserve for losses on investments
Section 71Cash on hand requirements and enumerated investments
Section 72Contingent fund; liability on loan upon death of member
Section 73Borrowing on behalf of credit union
Section 74Sale, transfer and assignment of loans, investments and other assets
Section 75Investments in building, improvements and equipment; purchase of insurance covering debtors; safe deposit vaults
Section 75ACredit union as agent or broker for The Savings Bank Life Insurance Company of Massachusetts
Section 75BDefinitions; 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 76National Credit Union Administration Central Liquidity Facility; membership
Section 77Massachusetts Credit Union Share Insurance Corporation; insurance of shares and deposits
Section 78Consolidation
Section 78AMerger or consolidation of credit unions and saving banks into single savings bank
Section 78BMerger or consolidation of credit unions and cooperative banks into single cooperative bank
Section 79Merger of credit unions under possession of commissioner or Massachusetts Share Insurance Corporation
Section 80Foreign credit unions; consent for incorporation
Section 80AConversion of credit union into mutual savings bank, mutual co-operative bank, mutual federal savings bank or mutual federal savings and loans association
Section 80BCredit union chartered in commonwealth converted to federal charter
Section 81Liquidation
Section 82Credit Union Employees Retirement Association eligibility; contributions; pensions and annuities; supplemental benefits
Section 83Credit Union Employees Retirement Association; by-laws; reports
Section 84Credit Union Employees Retirement Association; tax exemption; attachment