Bill > S2470

This bill aims to modernize the credit union laws in Massachusetts. The key provisions of this bill include: - Allowing the commissioner to make classifications and differentiations in the fees for establishing bank branch offices, making the fees consistent with the fees for establishing credit union branch offices. - Updating various definitions and provisions related to credit unions, such as the definitions of "low-income credit union" and "account", and making changes to membership, board structure, committees, voting, reporting requirements, and other operational aspects of credit unions. - Expanding the investment and lending authorities of credit unions, including allowing them to participate in mortgage loan participations with other financial institutions. - Repealing certain outdated provisions and making various other technical and conforming changes to the credit union laws. - Requiring credit unions to provide certain fee-free accounts and services for consumers 18 years old and under or 65 years old and over. The bill seeks to update and modernize the credit union laws to provide credit unions with more flexibility and authorities, while also enhancing consumer protections.

Budget and Finance

Joint Committee on Financial Services (J)

https://malegislature.gov/Bills/191/S2470