reglab/housing_qa huggingface dataset:
MA Gen L ch 171 § 41 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 41 - Minors' Accounts

Section 41. Shares may be issued and deposits received in the name of a minor, and such shares and deposits may, subject to the policy of the credit union, be withdrawn by such minor or by his parent or guardian and, in either case, payment made on such withdrawals shall be valid and shall release the corporation from liability to the such minor, parent or guardian relative to such shares and deposits.
MA Gen L ch 171 § 41a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 41a - Assessment of Fees and Charges

Section 41A. No credit union shall assess any fee, charge or other assessment against any account, established for personal, family or household purposes, of a depositor or shareholder who, as the payee of a check, draft or money order, of which the payee is not also the maker, deposits the same therein and payment on any such instrument is refused by the depository institution upon which it is drawn because of insufficient funds or because the maker thereof did not have an account at such depository institution; provided, however, that a credit union may assess a reasonable fee, charge or assessment that represents its direct costs, as established annually by the commissioner of banks, incurred for processing such check, draft or money order.
MA Gen L ch 171 § 42 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 42 - Deceased Depositors and Shareholders

Section 42. Deposits or shares standing in the individual name of a deceased depositor or shareholder shall, except as otherwise provided in this chapter, be paid to his legal representative; but if the total of the deposits and shares does not exceed $10,000 and there has been no demand for payment from a duly appointed executor or administrator, payment may be made at the discretion of a duly authorized officer of the corporation, after the expiration of 30 days from the death of the depositor or shareholder, to the surviving spouse of the deceased depositor or if there be no surviving spouse, to the next of kin of the deceased, upon presentation of a copy of the decedent's death certificate and the surrender of the passbook or other instrument, if any, evidencing the deposits or shares. Payments made as provided in this section shall discharge the liability of the corporation to all persons to the extent of such payments.
MA Gen L ch 171 § 43 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 43 - Withdrawal of Shares or Deposits; Notice

Section 43. A credit union may require from a shareholder or depositor ninety days' notice of his intention to withdraw any or all of his shares and sixty days' notice of his intention to withdraw any or all of his deposits.
MA Gen L ch 171 § 46 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 46 - Lost, Stolen or Destroyed Passbooks; Application for Payment or Issuance of Duplicate

Section 46. When a passbook or other instrument as evidence of a shareholder's or a depositor's account issued by any credit union has been lost, stolen or destroyed, the person in whose name it was issued, or in the case of a joint account, by the joint owners thereof may make written application to such credit union for payment of the amount of the shares or deposit represented by said book or other instrument or for issuance of a duplicate book or other instrument therefor. The application shall include an affidavit signed and sworn to that the person making such application is a lawful owner of such passbook or other instrument, that such passbook or other instrument has been lost, stolen or destroyed, and that no lawful owner has, in any way, transferred, pledged or assigned said passbook or other instrument or any interest in the deposits or shares therein. The application shall further include an agreement, in writing, to indemnify the credit union from and against any and all claims, expenses and liabilities in any way resulting from the credit union action on the application by the payment of amounts due on said passbook or other instrument or by the issuance of a duplicate book or other instrument therefor. All signatures contained with such application shall be duly notarized. Upon receipt of such application, the credit union may pay the amount due on said passbook or other instrument or may issue a duplicate book or other instrument therefor. The provisions of this section shall apply to passbooks and other instruments issued by a credit union which subsequently has merged in, consolidated with or transferred its deposit or share liabilities to another bank or credit union.  When payment is made or a duplicate book or other instrument is issued in accordance with this section and after presentation of reasonable identification, a credit union shall not be liable to any person on account of its action on the application, payments of the amount due on said passbook or other instrument or issuance of a duplicate book or other instrument therefor, except that a credit union may be liable to a transferee, pledgee or assignee who, prior to such action, payment or issuance, has given the credit union written notice of the transfer, pledge or assignment.
MA Gen L ch 171 § 47 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 47 - Agreements Exculpating Credit Union for Wrongful Payment of Account

Section 47. Any agreement between a depositor or shareholder and any credit union which exculpates such credit union when an account, or any part thereof, is paid by such credit union to a person unlawfully presenting a passbook, or other instrument as evidence of such account is hereby declared to be contrary to public policy and void.
MA Gen L ch 171 § 48 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 48 - Proceeding for Collection of Indebtedness; Set Off

Section 48. A person indebted to a credit union may, when proceeded against for the collection of such indebtedness or for the enforcement of any security therefor, set off or recoup the amount of a deposit or shares in such credit union held and owned by him at the time of the commencement of such proceeding; provided, however, that if a proceeding in equity has been commenced to restrain the credit union from doing its actual business or if possession of such credit union has been taken over by the commissioner as provided in section twenty-two of chapter one hundred and sixty-seven or as otherwise provided by law, no shares or a deposit shall be so set off or recouped by any such person unless held and owned by him on the date of the commencement of such proceeding or of possession so taken, and the right of set off or recoupment shall be determined as of such date whether the indebtedness of the depositor or shareholder or the shares or the deposit, is then due or payable or becomes due or payable at a later date. Any indebtedness against which shares or a deposit is permitted to be set off or recouped as aforesaid may be secured or unsecured. Section three of chapter two hundred and thirty-two shall not apply to a set off hereunder, except that any party to a joint account may set off the joint deposit against his individual debt to such credit union. Notwithstanding the foregoing, a judgment shall not be rendered against such credit union in favor of the defendant for any balance found due from it if a proceeding in equity has been commenced against the credit union or possession thereof has been taken as aforesaid. The word ''deposit'', as used in this section, shall include interest due thereon and the word ''shares'', shall include dividends thereon.
MA Gen L ch 171 § 49 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 49 - Transfer of Funds to Reduce Debt; Notification

Section 49. Whenever a credit union, as a consequence of a default of a debt owed to said credit union by a depositor or shareholder, makes a transfer of funds of such depositor or shareholder to reduce or extinguish said debt, such depositor or shareholder shall be notified forthwith of such transfer by written notice sent by first class mail or electronic mail, directed to his last known address; provided, however, that if the debt is the result of consumer credit granted under the federal Truth in Lending Act, 15 U.S.C. 1601 et. seq., any required notice shall be made in compliance with the federal law and the regulations promulgated thereunder. A depositor or shareholder to whom such notice has not been sent shall be entitled to recover the amount of any actual damages.
MA Gen L ch 171 § 50 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 50 - Shares or Accounts Pledged as Security; Transfer, Assignment or Credit at Foreclosure

Section 50. In the event that any shares or accounts which are pledged as security for any loan are sold, forfeited, transferred, assigned or credited for the non-performance of the conditions of such loan or on the foreclosure thereof or for any other lawful purpose, a duly authorized officer of the corporation shall have full authority to transfer, assign or credit such shares or accounts to the bank or purchaser at any foreclosure or other sale to any assignee.
MA Gen L ch 171 § 51 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 51 - Adverse Claims to Shares or Deposits; Process; Bond

Section 51. No credit union shall be required to recognize an adverse claim to shares or a deposit standing on its books to the credit of or for the account of any person, except by virtue of the service upon it of appropriate process issued by a court of competent jurisdiction in a suit or action to which such person, or his executors or administrators, has been made a party, unless the adverse claimant gives bond satisfactory to the credit union and the adverse claimant to hold harmless and indemnify it from any liability, loss, damage, costs and expenses whatsoever on account of such adverse claim, or files with the credit union an affidavit setting forth facts showing a reasonable cause for belief that a fiduciary relationship exists between such person and said adverse claimant and that such person is about to misappropriate the deposit or shares in question.
MA Gen L ch 171 § 52 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 52 - Reduction of Accounts for Equitable Division of Loss

Section 52. The supreme judicial court or any justice thereof sitting in equity may, on petition of a credit union or the board of the credit union, approved by the commissioner, approve or order a reduction of the account of each shareholder or depositor therein whenever the value of its assets is less than the total amount of its shares and deposits so as to divide the loss equitably among such shareholders and depositors. If thereafter the credit union shall realize from such assets a greater sum than was fixed by such order of reduction, such excess shall be divided among the shareholders and depositors whose accounts have been reduced but only to the extent of such reduction; provided, however, that at any time after the entry of a decree approving or ordering such a reduction of accounts, such court or any justice thereof may, by order, finally determine the amount which such shareholders and depositors are equitably entitled to receive in full settlement of their accounts and the manner of distribution of such amount.
MA Gen L ch 171 § 53 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 53 - Disclosure to Account Holders of Availability of Funds

Section 53. For the purposes of this section, the following terms shall have the following meanings:—  ''Account'', a (i) share, share certificate or share draft account of a member of a credit union or a nonmember served by a credit union serving predominantly low-income members, as defined by the board of the credit union, of a type approved by the board of the credit union that evidences money or its equivalent received or held by a credit union in the usual course of business and for which it has given or is obligated to give credit to the account of such member or such nonmember; (ii) share, share certificate or share draft account of a nonmember credit union and a nonmember unit of federal, state or local government and political subdivisions thereof; or (iii) custodial account established for loans sold in whole or in part; provided, however, that for the purposes of insured state credit unions, ''share, share certificate or share draft account'' shall include, as determined by the board of the credit union, the equivalent of such accounts under state law.  ''Local originating depository institution'', any originating depository institution located in the commonwealth.  Each credit union shall disclose to account holders its policy relative to the time period between the deposit of funds by means of a check, negotiable order of withdrawal or money order and the availability of such deposit for withdrawal or use as of right.  Except as provided herein, such disclosure and relative availability requirements shall be in accordance with the provisions of the Expedited Funds Availability Act, 12 USC 4001 et seq. and regulations promulgated thereunder.
MA Gen L ch 171 § 57 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 57 - Loans to Members; Applications; Preferences; Limitations

Section 57. The capital, deposits and surplus of a credit union shall be invested in loans to members, with approval of the credit committee, as provided in section seventeen and, when so required herein, of the board of directors.  All applications for loans shall be made in writing or by electronic means.  Personal loans shall always be given the preference and, in the event there are not sufficient funds available to satisfy all loan applications approved by the credit committee, preference shall be given to the smaller loan.  Whenever the liquidity reserve required by section seventy-one falls below five percent of the total assets of a credit union, no further loans shall be made until the ratio as herein provided has been reestablished.
MA Gen L ch 171 § 58 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 58 - Liabilities of Members; Limitations

Section 58. The total liabilities to a credit union of a member for money borrowed under this chapter shall not at any one time exceed twenty percent of the sum of loan reserve, investment reserve, undivided earnings and any other surplus accounts of such credit union or ten thousand dollars, whichever is greater, plus an amount equal to said member's shares and deposits, if any, pledged to secure an obligation.  The total liabilities to any credit union of an organization member and the total liabilities of more than one such member, the majority interest of which is owned or controlled, directly or indirectly, by the same person or persons, fraternal organizations, voluntary associations, partnerships or corporations, for money borrowed pursuant to the provisions of section sixty-five, including in the liabilities of a partnership or company not incorporated the liabilities of the several members thereof, shall not at any one time exceed the total liability of a shareholder or depositor as authorized by said section sixty-five.  In computing the total liability of a member hereunder, there shall be included the direct liability of the member and his liability as endorser, guarantor or surety on the obligation of others which are held by the credit union; provided, however, there shall be excluded from such computation the amount of any mortgage loan secured by a first lien on real estate improved with a dwelling to be occupied by not more than four families and occupied or to be occupied, in whole or in part, by such member.  The members at each annual meeting shall fix the maximum amount to be loaned to any one member.
MA Gen L ch 171 § 63 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 63 - Education Loans

Section 63. A credit union may make loans to aid and assist students to fulfill a program of higher education as provided herein.  Any student who has not attained the age of eighteen and has been admitted to an institution of higher learning or attends such an institution shall have full legal capacity to act in his own behalf in the matter of contracts and other transactions with respect to financing his education under any federal, state or private financing plan, and with respect to such acts done by any such student, he shall have the rights, powers and privileges and be subject to the obligations of persons of full age.  A credit union may make loans to aid and assist students to fulfill a program of higher education if such loans are guaranteed in whole or in part by the Massachusetts Higher Education Assistance Corporation as follows:  1. A student shall be eligible for a loan in a credit union if a member of his family is a member of the credit union.  2. The provisions of section fifty-nine shall not be applicable to loans made under this section.  Subject to such regulations as the commissioner may deem necessary, a credit union may make and acquire such loans and advances of credit to qualified students as are insured by the federal commissioner of education under Part B of Title IV of the Higher Education Act of 1965 (Public Law 89–329), and may obtain and receive such insurance, commitments for such loans, lines of credit and certificates of individual or comprehensive insurance coverage for such loans, as are provided by said act and may pay the premiums for such insurance fixed by the federal commissioner of education pursuant to said act and may receive payments of interest and principal on such loans pursuant to said act and regulations made thereunder.
MA Gen L ch 171 § 65 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 65 - Definitions Applicable to Secs. 65 to 65e

Section 65. As used in sections 65 to 65E, inclusive, the following words shall, unless the context otherwise requires, have the following meanings:—  ''Commissioner'', the commissioner of banks.  ''Loan'', a loan or line of credit, whether secured by collateral or security of any nature or unsecured, for consumer or other purposes other than a real estate loan.  ''Real estate'', land or property, including improved land with a dwelling, owner occupied or unoccupied dwellings, unimproved land, farmland, a unit of a condominium, shares of stock issued by a co-operative housing corporation, leasehold interests under a lease which does not expire for at least 5 years beyond the maturity date of the loan, leasehold interests created in air rights over land, and any other interest in land.  ''Mortgage loan'', a loan, line of credit, or borrowing secured primarily by a lien on an interest in real estate, with the exception of a loan described in subsection (c) of section 65A.  ''Non-recourse reverse mortgage loan'', a reverse mortgage loan which limits the lender's recovery solely to the value of the property at the time the loan becomes due and payable.
MA Gen L ch 171 § 65a1/2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 65a1/2 - Mortgage Loans Participation

Section 65A1/2. (a) A credit union may make, acquire, buy or sell, in whole or in part, mortgage loans on property located in the commonwealth, Connecticut, Maine, New Hampshire, New York, Rhode Island or Vermont as participation loans with a bank, credit union service organization, federally-chartered or federally-insured credit union or financial institution, insurance company or any state or federal government agency or a subdivision thereof.  (b) For any mortgage loan participation in which the credit union is originating the loan to the borrower, the borrower shall be a member of the credit union and the loan shall be made in accordance with this chapter.  (c) A credit union may enter into a mortgage loan participation on a loan originated by a bank, credit union service organization, federally-chartered or federally-insured credit union or financial institution, insurance company or any state or federal government agency or a subdivision thereof and issued to a borrower; provided, however, that the loan is a type of loan that the participating credit union may make under the participating credit union's board-approved policies. Section 66 shall not apply to loans under this subsection.  (d) A credit union may service any mortgage loan participation.
MA Gen L ch 171 § 65b (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 65b - Inspection of Real Estate Securing Loan Upon Default; Appraisal of Real Estate Upon Excessive Loan

Section 65B. (a) A credit union shall inspect the real estate securing a loan in the event that a payment of interest or principal upon the loan or on account of real estate taxes upon the parcel mortgaged to secure the same shall be in default. Inspection for the purpose aforesaid shall be made within 91 days from the date of such default in payment of interest or principal or within 181 days from the date of such default in payment on account of taxes, as the case may be, and thereafter periodic inspection shall continue in accordance with this section until such loan shall no longer be in default.  (b) The commissioner may cause an appraisal of real estate to be made at the expense of the credit union whenever the commissioner deems an excessive loan has been made or is about to be made upon real estate.