summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation to strengthen the state credit union charter. Financial Services.
AI Summary
This bill aims to strengthen the state credit union charter by allowing credit unions to purchase the assets and assume the deposit liabilities of mutual banks or stock banks. Under the proposed changes, such business combinations can be approved through an expedited liquidation process, allowing the bank's main office and branches to become credit union branches without additional approval. The depositors of the acquired bank will also become members of the credit union within 2 years, or a longer period approved by the commissioner.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Accompanied a study order, see S2974 (on 06/30/2022)
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/192/S656 |
| Bill | https://malegislature.gov/Bills/192/S656.pdf |
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