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Bill > S652

MA S652

MA S652
To allow municipalities to deposit into credit unions

summary

Introduced
02/16/2023
In Committee
02/16/2023
Crossed Over
Passed
Dead
12/31/2024

Introduced Session

193rd General Court

Bill Summary

For legislation to authorize municipalities to deposit into credit unions. Financial Services.

AI Summary

This bill allows municipalities to deposit funds into credit unions, including federal credit unions, in addition to the previously allowed banks and cooperative banks. It amends various sections of the Massachusetts General Laws to explicitly authorize these deposits, and also sets a limit of 25% of the credit union's total assets for the amount of public funds that can be held by the credit union.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Accompanied a study order, see S2636 (on 02/12/2024)

Bill Topics

Banking, Finance, and Domestic Commerce
  • ‐ Banking System and Financial Institution Regulation and Reform
Government Operations
  • ‐ General Government Operations
Local Government
  • ‐ General Local Government
(1 Companion Bills)

bill text

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Document Type Source Location Created
State Bill Page https://malegislature.gov/Bills/193/S652 03/11/2023
BillText https://malegislature.gov/Bills/193/S652.pdf 03/11/2023
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