Bill
Bill > H1123
MA H1123
Relative to mergers of credit unions and banks, and charter conversions of insured depository institutions
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 mergers of certain financial institutions. Financial Services.
AI Summary
This bill allows for the merger or consolidation of mutual banks, subsidiary banking institutions, and credit unions, as well as the conversion of credit unions to mutual banks, and vice versa. The bill outlines the approval process and requirements for such transactions, including the need for approval from the Commissioner of Banks and the voting bodies of the institutions involved. The bill also establishes requirements for the information to be provided to members or shareholders during the conversion process, as well as penalties for willful violations of the disclosure provisions.
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/H1123 |
| Bill | https://malegislature.gov/Bills/191/H1123.pdf |
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