summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
Relative to capital of credit unions. Financial Services.
AI Summary
This bill amends Massachusetts law to allow credit unions to issue "Founders Capital Shares" - a form of secondary capital that can be obtained from natural person members, non-natural person members, and non-natural person non-members. The bill sets forth various conditions and requirements for these Founders Capital Shares, including the need for a credit union to adopt and obtain approval for a Founders Capital Shares Plan, the minimum maturity of 5 years, the subordination of these shares to other claims, and the availability of these funds to cover operating losses. The bill also authorizes the Massachusetts Credit Union Share Insurance Corporation to insure these Founders Capital Shares.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H5160 (on 12/01/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H1122 |
| Bill | https://malegislature.gov/Bills/191/H1122.pdf |
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