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 authorize municipalities to invest in credit unions. Financial Services.
AI Summary
This bill allows municipalities to invest in credit unions. Specifically, it amends existing laws to explicitly permit municipalities to invest in federal credit unions, in addition to banks and cooperative banks. The bill also sets a limit of 25% of the credit union's assets for the amount of public funds that can be accepted. This change provides municipalities with more investment options for their funds.
Committee Categories
Business and Industry
Sponsors (8)
Jon Zlotnik (D)*,
Rodney Elliott (D),
Kim Ferguson (R),
Natalie Higgins (D),
Hannah Kane (R),
Jack Lewis (D),
Lindsay Sabadosa (D),
Susannah Whipps (I),
Last Action
Accompanied a study order, see H4705 (on 06/03/2024)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Banking System and Financial Institution Regulation and Reform
Local Government
- ‐ General Local Government
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://malegislature.gov/Bills/193/H1163 | 03/13/2023 |
| BillText | https://malegislature.gov/Bills/193/H1163.pdf | 03/13/2023 |
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