summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd 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. The bill amends the existing law to establish expedited liquidation procedures for such business combination transactions, where the mutual bank or stock bank is dissolved immediately after the combination. The bill also allows the depositors of the purchased bank to become members of the credit union within 2 years or a longer period approved by the commissioner.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see S2636 (on 02/12/2024)
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/193/S623 |
| BillText | https://malegislature.gov/Bills/193/S623.pdf |
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