summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
Relative to capital of credit unions. Financial Services.
AI Summary
This bill aims to allow credit unions in Massachusetts to issue a new type of secondary capital called "Founders Capital Shares." These non-share accounts can be accepted from natural person members, non-natural person members, and non-natural person non-members, subject to certain conditions. The bill outlines requirements for a credit union's Founders Capital Shares plan, the terms of the accounts, and how they can be used to cover operating losses. It also allows the Massachusetts Credit Union Share Insurance Corporation to insure these Founders Capital Shares accounts.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Accompanied a study order, see H4778 (on 07/18/2018)
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/190/H590 |
| Bill | https://malegislature.gov/Bills/190/H590.pdf |
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