Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Chapter 171 of the General Laws is hereby amended by inserting after section 6, as appearing in the 1996 Official Edition, the following section:-

Section 6A. Notwithstanding other provisions of this chapter, a credit union organized under the provisions of this chapter and insured by the National Credit Union Share Insurance Fund may exercise any power and engage in any activity that is permissible for a credit union organized under the provisions of the Federal Credit Union Act in accordance with regulations promulgated by the commissioner pursuant to this section; provided, however, that any such activity is not otherwise prohibited. In determining whether or not to authorize any such activity, the commissioner shall also determine whether or not competition among credit unions will be unreasonably affected and whether public convenience and advantage will be promoted. Said commissioner shall promulgate regulations necessary to carry out the provisions of this section. Except for emergency regulations adopted pursuant to section 2 of chapter 30A, any such regulation, or any amendment or repeal thereof, shall, after compliance with all applicable provisions of said chapter 30A except section 5, shall be submitted to the general court.

Said commissioner shall file the proposed regulation, amendment or repeal with the clerk of the house of representatives, together with a statement that the pertinent provisions of said chapter 30A have been complied with and a summary of the regulations in layman's terms. Said clerk shall refer such filing to the joint committee on banks and banking within five days of the filing thereof. No such regulation shall take effect until 90 days after it has been so filed; provided, however, that such 90 day period shall not include days when the general court is prohibited by law or rule from meeting in formal session.