Bill > H1338

This bill modifies existing Massachusetts law regarding compensation for credit union directors by allowing credit unions to pay their board members for their service, with the specific amount to be determined and approved by members at an annual meeting. Previously, the law may have restricted or prohibited such compensation, and this amendment provides credit unions with more flexibility in determining appropriate remuneration for board members. The change is intended to recognize the time, effort, and responsibility involved in serving on a credit union's board of directors, potentially making board positions more attractive and ensuring that qualified individuals are willing to serve. The bill is straightforward, amending a single section of Chapter 171 of the Massachusetts General Laws, and will take effect immediately upon passage.

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https://malegislature.gov/Bills/194/H1338