reglab/housing_qa huggingface dataset:
MA Gen L ch 167e § 7a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167e - Mortgages and Loans|Section 7a - Reverse Mortgage Loan Requirements

[ Section impacted by 2020, 65, Sec. 2, as amended by 2021, 20, Sec. 6 effective April 20, 2020 and 2022, 22, Sec. 25 effective February 12, 2022 relating to modification of mortgagor counseling in order to address disruptions caused by the outbreak of COVID-19.]   Section 7A. (a) As used in this section the following word shall, unless the context clearly requires otherwise, have the following meaning:--   "Mortgagor'', an applicant for a reverse mortgage who: (1) has a gross income of less than 50 percent of the area median income, as periodically determined by the United States Department of Housing and Urban Development; and (2) possesses assets, excluding a primary residence, valued at less than $120,000.   (b) No mortgagee shall make a reverse mortgage loan pursuant to section 7 to a mortgagor unless: (i) the mortgagor affirmatively opts in writing for the reverse mortgage; and (ii) at or before the closing of any reverse mortgage loan the mortgagee has received written certification from a counselor with a third-party organization that the mortgagor has received counseling in person relative to the appropriateness of the loan transaction from the third party organization and has completed an approved counseling program offered by the third party organization; provided, however, that the third party organization shall have been approved by the executive office of elder affairs for purposes of such counseling.   (c) A reverse mortgage executed with a borrower that has not received counseling by a third party approved by the executive office of elder affairs shall render the terms of the reverse mortgage unenforceable. The commissioner shall adopt regulations to administer and implement this section.
MA Gen L ch 167e § 8 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167e - Mortgages and Loans|Section 8 - Acquisition of Mortgage Loans; Restrictions

Section 8. (a) A bank may make or acquire mortgage loans evidenced by a note which provides for variation in the rate of interest over the term of the note; but a loan made to finance or refinance the purchase of and secured by a first lien on a dwelling house of 4 or fewer separate households occupied in whole or in part by the mortgagor shall be subject to but not limited to the following conditions and restrictions imposed by the commissioner:  (1) the method by which the rate of interest may be adjusted;  (2) the frequency with which the rate of interest may be adjusted, but successive rate adjustments shall be no less than 6 months apart;  (3) the maximum increase in the rate of interest allowed for the adjustment;  (4) provisions for decreases in the rate of interest as may be warranted by market conditions;  (5) requirements for advance notification and explanation of adjustments in the rate of interest, but the notification and explanation shall occur no less than 30 days before the adjustment; and  (6) methods of disclosure to the mortgagor of the terms and conditions of the loan as required under chapter 140D.  Notwithstanding any law to the contrary, the commissioner may by further conditions and restrictions provide that the rate of amortization may be varied, including utilizing a period of negative amortization, in order to adjust the rate of interest.
MA Gen L ch 167f § 1 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167f - Investments and Other Powers|Section 1 - Definitions

Section 1. As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:—  ''Bank'', an association or corporation chartered by the commonwealth under chapter 168, 170 or 172.  ''Board'', the board of trustees or directors, as the case may be, in a bank.  ''Capital stock'', the sum of the par value of the preferred and common shares of capital stock of a trust company, issued and outstanding.  ''Commissioner'', the commissioner of banks.  ''Federally chartered bank'', a national banking association, federal savings and loan association, federal savings bank or federal credit union authorized to do business in the commonwealth.  ''Stock corporation'', an association or corporation chartered by the commonwealth under the provisions of chapter 168 or 170, which has converted to a stockholder form of corporation, or a trust company as defined in chapter 172.  ''Surplus account'', an account so designated on the books of a bank and consisting of amounts required by law.  ''Thrift Institution'', an association or corporation chartered by the commonwealth under chapter 168 or 170 which is in mutual form.
MA Gen L ch 167f § 5 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167f - Investments and Other Powers|Section 5 - Federal Home Loan Bank; Membership; Investment in Stock

Section 5. A bank may become a member of the Federal Home Loan Bank established for the district of New England under the provisions of an act of Congress, approved July twenty-second, nineteen hundred and thirty-two, as amended, and known as the Federal Home Loan Bank Act, or of any successor of said bank; and may terminate such membership at any time. A bank may subscribe to and invest in such amounts of the stock of said home loan bank or of any such successor as may be required by law to qualify such corporation for membership therein.
MA Gen L ch 167f § 8 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167f - Investments and Other Powers|Section 8 - Subscription for and Acquisition of Stock Issued by Federal Reserve Bank of Boston

Section 8. Any such bank may subscribe for and acquire stock issued by the Federal Reserve Bank of Boston for the purpose of qualifying for membership in the federal reserve system, and while a member of such system may have and exercise any and all of the corporate powers and privileges which may be exercised by federal reserve member banks.
MA Gen L ch 167f § 9 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167f - Investments and Other Powers|Section 9 - Membership in Certain Organizations

Section 9. Such bank may, by vote of its board of investment, or board of directors, obtain memberships in certain organizations, and may make contributions and donations and subscribe for services, subject to the conditions, and requirements of this section.  1. Banking Association Memberships. — Such corporation may become a member of any association organized to protect and promote the interests of banking institutions, and may pay for such membership its proportionate share of the expenses as is reasonable and necessary.  2. Miscellaneous Memberships. — Such corporation may become a member of or contribute to any other association or organization in the commonwealth if, in the opinion of said board, such membership or contribution is reasonable and of substantial benefit to such corporation and its depositors.  3. Subscriptions to Services. — For the purposes of promoting, protecting or conserving the assets of banking institutions, such corporation may subscribe for services, including advertising and professional services, rendered or to be rendered collectively through an association referred to in paragraph 1 or through any group of banking institutions; and in each such case the corporation, with the approval of the board, may pay for such services its proportionate share of the total cost thereof or such other amount as said board shall deem reasonable and proper.
MA Gen L ch 167f § 10 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167f - Investments and Other Powers|Section 10 - Investment, Etc. in Services From Another Bank for Purposes of Obtaining or Furnishing Technology, Trust Services, Operation Functions, Staff, Etc.

Section 10. A bank may or in participation with a federal bank, a foreign bank, an out-of-state bank or an out-of-state federal bank, as defined in section 1 of chapter 167 invest in, establish, operate or subscribe for services from another bank, federal bank, foreign bank, out-of-state bank or out-of-state federal bank or a subsidiary thereof or any other business entity for the purpose of obtaining for or furnishing to the bank technology, trust services, financial planning, compliance, internal audits, human resource or other operation functions, management or staff generally required by a bank.
MA Gen L ch 167g § 1 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167g - Trust Department|Section 1 - Definitions

Section 1. The following words as used in this chapter, unless the context otherwise requires, shall have the following meanings:  ''Bank'' or ''such bank'', a savings bank, cooperative bank, trust company or limited purpose trust company.  ''Capital stock'', the sum of the par value of the preferred and common shares of capital stock, issued and outstanding.  ''Commissioner'', the commissioner of banks.  ''Officer'', any individual designated as such in accordance with the by-laws including, whether or not so designated, the president, vice-president, treasurer, and the clerk or secretary or any individual who performs the duties appropriate to those offices.
MA Gen L ch 167g § 2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167g - Trust Department|Section 2 - Trust Department; Authorization

Section 2. With the written authority of the commissioner any such bank may have a trust department in which all business conducted by such department shall be segregated from its general business. The commissioner may grant or refuse such authority after such investigation of the affairs of the bank as the commissioner deems appropriate.
MA Gen L ch 167g § 4 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167g - Trust Department|Section 4 - Segregation of Funds, Etc.

Section 4. Money, property or securities received, invested or loaned by the trust department of any such bank, shall be a special deposit in such corporation, and the accounts thereof shall be kept separate. Such funds and the investment or loans thereof shall be specially appropriated to the security and payment of such deposits, shall not be mingled with the investments of the capital stock or other money or property belonging to such bank, or be liable for the debts or obligations thereof.
MA Gen L ch 167g § 5 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167g - Trust Department|Section 5 - Investment of Funds or Assets

Section 5. Such bank in its trust department may invest the funds or assets which it may receive and hold in a fiduciary capacity in the same way, to the same extent, and under the same restrictions as an individual holding a similar position may invest such funds or assets.
MA Gen L ch 167g § 6 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167g - Trust Department|Section 6 - Surety Required Upon Bonds Filed by Bank as Fiduciary

Section 6. No surety shall be required upon the bonds filed by such bank as fiduciary except that the court making such an appointment other than of a trustee, may, upon application by an interested person, require the bank so appointed to give such security, in addition to that provided by section nine as the court may consider proper, and upon failure of such bank to give the security required, may revoke such appointment and remove such bank.
MA Gen L ch 167g § 7 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167g - Trust Department|Section 7 - Returns and Papers Signed and Sworn to by Bank Officers

Section 7. In all proceedings in the probate court or elsewhere, connected with any authority exercised by the trust department, all accounts, returns and other papers may be signed and sworn to, in behalf of such bank by any officer thereof duly authorized by it, who has knowledge of the subject matter covered therein, and the answers and examinations under oath of said officer shall be received as the answers and examinations of such bank. The court may order and compel an officer of such bank to answer and attend said examination in the same manner as if he, instead of the bank, were a party to the proceeding.
MA Gen L ch 167g § 8 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167g - Trust Department|Section 8 - Funds Held in Trust Department Awaiting Investment or Distribution

Section 8. Notwithstanding section 4, funds held in the trust department of any bank awaiting investment or distribution may be deposited in its banking department if such bank shall first transfer to its trust department, to be held as security therefor, bonds, notes, bills and certificates of indebtedness of the United States, of the commonwealth, or of any of the states or any other securities in which the bank may legally invest, of an aggregate value of not less an amount than funds so deposited, and such bank shall at all times maintain the value of such security at such amount; provided, however, that such security shall not be required to the extent that the funds so deposited are insured by the Federal Deposit Insurance Corporation.
MA Gen L ch 167g § 9 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167g - Trust Department|Section 9 - Capital Stock as Security for Performance of Duty

Section 9. The capital stock of a trust company, or such funds of a savings bank or co-operative bank as determined by the commissioner shall be security for the faithful performances of duties undertaken by the trust department of a bank.
MA Gen L ch 167h § 1 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 1 - Definitions

Section 1. As used in this chapter the following words, unless the context otherwise requires, shall have the following meanings:—  ''Commissioner'', the commissioner of banks.  ''Interim bank'', a Massachusetts or federal bank, out-of-state bank or out-of-state federal bank organized solely to participate in and facilitate an acquisition, reorganization or other corporate transaction. A Massachusetts bank which is an interim bank shall be organized under chapter 167I.  ''Mutual banking institution'', a Massachusetts savings or cooperative bank operating in mutual form.  ''Mutual holding company'', a mutual banking institution reorganized in accordance with this chapter to hold all or part of the shares of capital stock of a subsidiary banking institution.  ''Securities'', (a) stock of any kind including without limitation preferred or common stock, (b) securities convertible into or exchangeable for stock of any kind, and (c) warrants, options or other rights for the issuance of stock of any kind or of securities convertible into or exchangeable for stock of any kind.  ''Subsidiary banking institution'', the banking institution resulting from the reorganization of a mutual banking institution in accordance with section three, all or part of the capital stock of which is held by a mutual holding company.
MA Gen L ch 167h § 3 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 3 - Notice of Proposed Reorganization to Commissioner; Factors to Be Considered

Section 3. A mutual banking institution proposing to reorganize as a mutual holding company pursuant to this chapter shall provide the commissioner with sixty days prior written notice of such proposed reorganization. The notice shall include a copy of the plan of reorganization and shall contain such other information as the commissioner may require.  Unless the commissioner approves the formation of the proposed mutual holding company by a written notice issued to the mutual banking institution proposing to reorganize, within sixty days after receipt of notice of the proposed reorganization or, extends for another thirty days the period during which such approval may be issued, such mutual banking institution shall not proceed with such proposed reorganization. If the commissioner so extends the period within which such approval may be issued but within such extended period does not approve, the mutual banking institution shall not proceed with such proposed reorganization.  In order to determine whether to approve the formation of a mutual holding company in accordance with the proposed reorganization plan, the commissioner shall consider the following factors:  (1) whether the formation of the proposed mutual holding company will be unfair or prejudicial to the depositors of the mutual banking institution proposing to reorganize as a mutual holding company;  (2) whether the interest of the public will be served by the formation of the proposed mutual holding company;  (3) whether disapproval is necessary to prevent unsafe or unsound banking practices;  (4) the financial and management resources of the mutual banking institution proposing to reorganize; and  (5) the competence, character and banking experience of the applicant, including its record of compliance with applicable laws and regulations.  In connection with a reorganization in accordance with this section, a mutual banking institution may, subject to the approval of the commissioner, retain assets at the mutual holding company level to the extent that such assets are not then required to be transferred to the subsidiary banking institution in order to satisfy capital or reserve requirements of any applicable state or federal law.
MA Gen L ch 167h § 4 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 4 - Board of Corporators; Members; Term; Election

Section 4. (a) A mutual holding company shall be governed by a board of corporators and shall further be governed in accordance with the charter and by-laws of the mutual holding company as adopted or amended in connection with the reorganization authorized under subsection (a) of section two or as amended by the corporators thereafter. Such board of corporators shall have at least twenty-five members and may, at a legal meeting thereof, elect by ballot any person to be a corporator. Corporators shall be elected for a term of ten years; provided, however, that no person shall serve as a corporator of more than one mutual holding company. Not more than three-fifths of the corporators of a mutual holding company shall be trustees or officers thereof at any one time.  (b) With respect to a mutual holding company formed through the reorganization of a savings bank, the board of corporators shall initially consist of the board of corporators of such savings bank as constituted pursuant to section nine of chapter one hundred and sixty-eight. Such corporators shall, after the formation of the mutual holding company, continue to serve as corporators for the balance of the terms to which they were elected under said section nine.  (c) With respect to a mutual holding company which has been formed through the reorganization of a cooperative bank, the board of corporators shall be elected by a majority of the shareholders of such cooperative bank at the meeting at which the plan of reorganization is approved. Such election shall be in accordance with the provisions of subsection (b) of section two which are applicable to such approval of the plan of reorganization.
MA Gen L ch 167h § 5 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 5 - Application for Proposed Formation of Subsidiary Banking Institution; Factors to Be Considered; Issuance of Charter

Section 5. The mutual banking institution proposing to form a subsidiary banking institution shall submit an application therefor to the board of banking incorporation, together with such fee as determined by the commissioner of administration annually in accordance with the provisions of section three B of chapter seven, containing such information as the board may require including articles of organization stating (i) the name of the subsidiary banking institution, (ii) the address of the principal office of the same, (iii) the amount, authorized number and par value of the shares of its capital stock, (iv) the minimum amount of capital and surplus with which the subsidiary banking institution shall commence business, which amount may be less than its authorized capital but shall not be less than that required by section three, and (v) the name and address of each prospective initial director of the said subsidiary banking institution.  The board, before approving such application and articles of organization and issuing a charter, shall consider whether (1) the formation of the said subsidiary banking institution would be unfair or prejudicial to the depositors of the mutual banking institution proposing to reorganize as a mutual holding company, (2) the interest of the public will be served by the formation of the subsidiary banking institution, (3) the formation of such subsidiary banking institution is in accordance with safe and sound banking practices, and (4) the financial and management resources of the mutual banking institution proposing to reorganize as a mutual holding company warrant approval of such proposal.  If the board approves such application and articles of organization, it shall issue a charter and two copies of a certificate of authority to such subsidiary banking institution to commence the business of a stock savings bank or a stock cooperative bank, as the case may be. Such subsidiary banking institution shall file one copy of the certificate of authority, together with a copy of the articles of organization, with the secretary of state.  No subsidiary banking institution shall commence business until its insurable accounts or deposits are insured by the appropriate deposit insurer and until a certificate of authority has been issued and filed with the secretary of state; provided, however, that the acceptance of subscriptions for such deposits as may be necessary to obtain the required insurance shall not be considered to be commencing business.
MA Gen L ch 167h § 6 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 6 - Rights, Powers and Privileges of Reorganized Mutual Banking Institution; Corporate Governance Procedures

Section 6. Upon the reorganization of a mutual banking institution into a mutual holding company, the mutual holding company shall (i) continue to possess and exercise all the rights, powers and privileges, except deposit-taking powers, of a mutual banking institution and (ii) shall be subject to the limitations and restrictions imposed on bank holding companies by chapter 167A and by applicable federal law and regulations.  To the extent not inconsistent with the above, a mutual holding company may elect to follow the corporate governance procedures of the General Laws and shall designate in its by-laws the body of law selected for its corporate governance procedures.