summary
Introduced
11/06/2019
11/06/2019
In Committee
12/19/2019
12/19/2019
Crossed Over
12/16/2019
12/16/2019
Passed
02/06/2020
02/06/2020
Dead
Signed/Enacted/Adopted
02/14/2020
02/14/2020
Introduced Session
191st General Court
Bill Summary
Relative to banks and banking
AI Summary
This bill makes several changes to the laws governing banks and banking in Massachusetts. Key provisions include:
- Merging the Co-operative Central Bank into the Depositors Insurance Fund, combining their insurance funds and reserves.
- Requiring all co-operative banks in the state to meet certain membership qualification requirements set by the Depositors Insurance Fund, or else be automatically converted to savings banks.
- Allowing the Depositors Insurance Fund to have more than 12 directors and impose term limits for a 3-year period to help implement the purposes of the act.
- Repealing the laws that established the Co-operative Central Bank and the Share Insurance Fund.
- The repeal of the Co-operative Central Bank and Share Insurance Fund laws will take effect upon the banking commissioner's approval of the merger with the Depositors Insurance Fund.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
House Committee on Ways and Means (H)
Last Action
Signed by the Governor, Chapter 21 of the Acts of 2020 (on 02/14/2020)
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/H4176 |
| Bill | https://malegislature.gov/Bills/191/H4176.pdf |
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