Mass. Gen. Laws ch. 171 – Credit Unions | Midpage1Definitions2Incorporation; agreement of association3Notice to commissioner; investigation fee4First meeting of incorporators; notice5Articles of organization; certificate of incorporation6Transaction of business; authorization; approval of by-laws; failure to commence6APowers and permissible activities; regulations6BSavings promotion raffles7Use of words ''credit union'' restricted; penalties8Location changes; branches and depots; consolidations or mergers; mobile branch banking8APurchase, establishment, installation, etc. of electronic branches; location; safeguards8BEducational credit union, student savings deposit and school branch office programs8CApplication by foreign credit union or out-of-state federal credit union to establish new branch in the commonwealth8DExamination of affairs of foreign credit union or out-of-state federal credit union8ERegistration of foreign credit union or out-of-state federal credit union operating a branch in the commonwealth8FInjunction to restrain foreign credit union or out-of-state federal credit union from further proceeding with business9By-laws10Amendment of by-laws11Annual meetings; special meetings; notice; voting12Directors; terms; inability to pay judgment; classes13Powers and duties of directors; quorum; removal from office; honorary president; participation in meetings by means of conference telephone or similar electronic communications equipment14Expulsion of members15Officers and committee members; election and appointment; loan officers16Auditing committee; powers and duties17Credit committee; powers and duties18Investment committee; powers and duties19Directors and officers; limitations on services with other financial institutions20Compensation and expense reimbursement; restrictions on loans to directors21Bond requirements22Treasurer's additional duties under chapter 167 and this chapter23Nonfeasance, misfeasance and malfeasance; penalties24Indemnification of directors, officers and employees; liability insurance25Insurance benefits for employees, officers and directors26Annual reports27Balance sheets28Preservation of records29Shares and deposits; dividends30Limitations on shares and deposits31Negotiable withdrawal order accounts31AGuarantees32Term share or deposit accounts; written plan32AAcceptance of funeral trust account32BDemand deposit account and savings account; joint accounts; terms; fees; notice of availability35Trustee or custodian; profit-sharing or retirement plans36Designation of beneficiary; deferred compensation or retirement plans37Plans providing loans guaranteed by Higher Education Assistance Corporation38Accounts for holding residential lease security deposits39Joint accounts40Trust accounts41Minors' accounts41AAssessment of fees and charges42Deceased depositors and shareholders43Withdrawal of shares or deposits; notice46Lost, stolen or destroyed passbooks; application for payment or issuance of duplicate47Agreements exculpating credit union for wrongful payment of account48Proceeding for collection of indebtedness; set off49Transfer of funds to reduce debt; notification50Shares or accounts pledged as security; transfer, assignment or credit at foreclosure51Adverse claims to shares or deposits; process; bond52Reduction of accounts for equitable division of loss53Disclosure to account holders of availability of funds57Loans to members; applications; preferences; limitations58Liabilities of members; limitations63Education loans65Definitions applicable to Secs. 65 to 65E65AMortgage loans by credit unions authorized; types; comprehensive written loan policies65BInspection of real estate securing loan upon default; appraisal of real estate upon excessive loan65CReverse mortgages; disbursement of proceeds; program requirements; written materials provided to borrower; counseling program; priority of liens65DMortgage loans which provide for variation in interest rate; conditions; variation in rate of amortization65EPowers of credit unions65A1/2Mortgage loans participation65C1/2Reverse mortgage loan requirements66Person obligated to make payments under mortgage to be member of credit union67Investments67AMembership in associations benefitting credit union or providing services67BInvestment 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 diligence68Registration of securities in name of partnership or corporate nominee69Allowance or reserve for loan losses70Reserve for losses on investments71Cash on hand requirements and enumerated investments72Contingent fund; liability on loan upon death of member73Borrowing on behalf of credit union74Sale, transfer and assignment of loans, investments and other assets75Investments in fixed assets; investment in other corporations, associations or financial institutions; purchase of insurance covering debtors; checks and money orders; safe deposit vaults75ACredit union as agent or broker for The Savings Bank Life Insurance Company of Massachusetts75BDefinitions; 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 provisions76National Credit Union Administration Central Liquidity Facility; membership77Massachusetts Credit Union Share Insurance Corporation; insurance of shares and deposits78Consolidation78AMerger or consolidation of credit unions with savings bank, co-operative bank or subsidiary banking institution79Merger of credit unions under possession of commissioner or Massachusetts Share Insurance Corporation80Foreign credit unions; consent for incorporation80AConversion of credit union into mutual savings bank, mutual co-operative bank, mutual federal savings bank or mutual federal savings and loans association80BCredit union chartered in commonwealth converted to federal charter81Liquidation82Credit Union Employees Retirement Association; eligibility; contributions; plans offered by providers other than the association83Credit Union Employees Retirement Association; by-laws; reports84Credit Union Employees Retirement Association; tax exemption; attachment