Bill > H4290

This bill modernizes the credit union laws in Massachusetts. Key provisions include: - Allowing the Commissioner to make classifications and adjustments to the fees charged by banks to establish branch offices, in order to make them consistent with the fees charged to credit unions. - Clarifying the notice requirements for transfers of consumer debt that are subject to the federal Truth in Lending Act. - Allowing subsidiary banking institutions established through a reorganization to file their certificate of authority and articles of organization with the Secretary of State. - Updating definitions and terminology related to credit unions, such as defining "low-income credit union" and updating references to "federal credit unions". - Modifying various processes and requirements for credit union organization, membership, directors, committees, lending, investments, and reporting. - Allowing credit unions to participate in mortgage loan participations with other financial institutions. - Repealing several outdated or redundant sections of the credit union laws. - Adding new provisions, such as allowing credit unions to offer certain no-fee accounts for customers 18 and under or 65 and over.

Budget and Finance

Joint Committee on Financial Services (J)

https://malegislature.gov/Bills/191/H4290