reglab/housing_qa huggingface dataset:
MA Gen L ch 171 § 65c1/2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 65c1/2 - 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 65C1/2. (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 per cent 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 65C 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 171 § 65d (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 65d - Mortgage Loans Which Provide for Variation in Interest Rate; Conditions; Variation in Rate of Amortization

Section 65D. (a) Any credit union 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 that successive rate adjustments shall be not less than 6 months apart;  (3) the maximum increase in the rate of interest allowed for any such 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 not 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 the provisions of chapter 140D.  (b) Notwithstanding any general or special 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 171 § 65e (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 65e - Powers of Credit Unions

Section 65E. A credit union shall have the following powers and any further incidental or complementary powers that may fairly be implied from those expressly conferred and such as are reasonably necessary to enable the credit union to exercise fully those powers according to common customs and usages:  (i) to discount, buy, invest in, hold, assign, transfer, sell and negotiate promissory notes, drafts, bills of exchange, mortgages, bonds, debentures, bonds or notes secured by mortgages, installment obligations and other evidences of debt;  (ii) to advance money or credits on real estate, on improvements thereto or on personal security, on terms to be agreed upon; and  (iii) to buy, sell or make loans as participation loans with any other federally-insured credit union, bank or insurance company and to service any loans sold by it.  This section shall be applicable to loans and mortgage loans authorized by sections 65A to 65E, inclusive.
MA Gen L ch 171 § 66 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 66 - Person Obligated to Make Payments Under Mortgage to Be Member of Credit Union

Section 66. Prior to making mortgage loans on real estate pursuant to sections 65 to 65E, inclusive, a credit union shall require a person obligated from time to time to make payments under a mortgage, whether as the original borrower or as a subsequent owner of a mortgaged property, to be or become a member of the credit union.
MA Gen L ch 171 § 67a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 67a - Membership in Associations Benefitting Credit Union or Providing Services

Section 67A. A credit union may, by vote of its board of directors, obtain membership in certain organizations and may make contributions and subscribe for services subject to the conditions and requirements of this section.  (1) A credit union may become a member of any association organized to protect and promote the interest of credit unions and may pay for such membership its proportionate share of expenses as is reasonable and necessary.  (2) A credit union may become a member of or contribute to any other association or organization in the commonwealth if, in the opinion of its board of directors, such membership or contribution is reasonable and of substantial benefit to such credit union and its members.  (3) For the purpose of promoting, protecting or conserving the assets of credit unions, a credit union 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 credit union institutions; and in each such case, the credit union, with the approval of its board of directors, may pay for such services its proportionate share of the total cost thereof or such other amount as the said board shall deem reasonable and proper.
MA Gen L ch 171 § 68 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 68 - Registration of Securities in Name of Partnership or Corporate Nominee

Section 68. Any credit union may cause any stock or security in registered form held for its account and not in a fiduciary capacity to be registered and held in the name of a partnership or corporate nominee named by it and residing or having a principal place of business in the commonwealth; provided, however, that nothing in this section shall be construed as to permit any credit union to deliver any security held for its account into the possession and control of any other person except in accordance with the regulations of the commissioner pursuant to section six of chapter one hundred and sixty-seven. A depository having possession of securities of a credit union registered as authorized by this section shall maintain adequate records indicating the ownership thereof, shall segregate the same from his or its own assets and shall be absolutely liable for any loss occasioned by the acts of a nominee.
MA Gen L ch 171 § 69 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 69 - Allowance or Reserve for Loan Losses

Section 69. A credit union shall maintain an allowance for loan losses or reserve for loan losses calculated according to generally accepted accounting principles or as otherwise directed by the commissioner. For the purposes of this chapter, any reference to the term ''loan reserve'' shall mean the allowance for loan losses or the reserve calculated under this section.  Should the reserves maintained in this section and section seventy exceed the amount necessary to be kept or maintained in those accounts, the credit union may transfer such excess into an undivided earnings account.
MA Gen L ch 171 § 70 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 70 - Reserve for Losses on Investments

Section 70. A credit union shall maintain a reserve for loses on investments equal to five percent of the difference between the book value and the market value of all investments mentioned in section sixty-seven excluding those investments which are included in the liquidity reserve; provided, however, that a credit union shall maintain a reserve for the stock investments authorized by paragraph (o) and the investment funds authorized by paragraph (p) of section sixty-seven.  Should the reserves maintained in this section and section sixty-nine exceed the amount necessary to be kept or maintained in those accounts, the credit union may transfer such excess into an undivided earnings account.
MA Gen L ch 171 § 71 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 71 - Cash on Hand Requirements and Enumerated Investments

Section 71. At least five percent of the total assets of a credit union shall be carried as cash on hand or in the following investments which shall be the absolute property and shall be under the control of the credit union or be held by book entry procedure when required. Whenever the aforesaid ratio 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.  (a) Shares in the Central Credit Union Fund, Inc.  (b) Shares in a federally chartered corporate credit union.  (c) Deposits in savings banks incorporated in the commonwealth.  (d) Paid-up shares and accounts of and in cooperative banks incorporated in the commonwealth.  (e) Shares of savings and loan associations incorporated in the commonwealth.  (f) Balances due from banks and trust companies or banking companies which are members of the Federal Deposit Insurance Corporation.  (g) Shares of federal savings and loan associations having a usual place of business within the commonwealth.  (h) Bonds or notes of the United States or of any state or subdivision thereof with a maturity of up to five years.  (i) Bonds or notes of other federal agencies which are on the list of legal investments prepared pursuant to section fifteen A of chapter one hundred and sixty-seven with a maturity of up to three years.  (j) Repurchase agreements secured by United States government obligations up to one year maturity.  (k) In a common trust unit plan organized for the purchase of bonds or notes of the United States or of any subdivision thereof which are on the list of legal investments prepared pursuant to said section fifteen A of said chapter one hundred and sixty-seven and which has as its custodian a banking institution authorized to accept deposits from a credit union or from a savings bank.  (l) Securities of the government national mortgage association.  (m) Federal funds.  (n) In any bonds or notes which are on the list of legal investments prepared pursuant to said section fifteen A of said chapter one hundred and sixty-seven with a maturity of up to three years; provided, however, that such bonds or notes are rated as, A, AA, or AAA.  (o) Certificates of deposits of up to one year maturity which otherwise meet the criteria set out in paragraphs (a) to (i), inclusive, or paragraph (q) of section sixty-seven.
MA Gen L ch 171 § 72 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 72 - Contingent Fund; Liability on Loan Upon Death of Member

Section 72. The by-laws of a credit union may provide that upon the death of a member who is a borrower by means of a personal loan upon his note, whether or not there are any endorsers or co-makers thereon, but otherwise unsecured, the liability upon such loan shall cease with respect to the unpaid balance of such loan and any loss thereon may be charged to a contingent fund, which fund shall be created and thereafter maintained by such credit union by contributions from undivided earnings, current earnings or from the borrowers, as determined by the board of directors; provided, however, that the operation of such a provision of the by-laws shall not, in any calendar year, result in charges to the contingent fund in excess of ten percent of the loan reserve, investment reserve, undivided earnings and other surplus accounts in addition to the unexpended balance of contributions by borrowers. Each such charge to the contingent fund shall be reported within ten days thereafter to the commissioner, who may make such orders regarding the operation of the contingent fund as he deems advisable.
MA Gen L ch 171 § 73 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 73 - Borrowing on Behalf of Credit Union

Section 73. The board of directors may borrow money for and on behalf of the credit union.  The board may, if the credit union has a deposit or share account, borrow money for and on behalf of the credit union from a savings bank, cooperative bank, federal savings and loan association, national bank or trust company, an entity identified by the commissioner or any federally-insured corporate credit union; provided, however, that money borrowed from any such institution shall be in an amount not more than the deposit or share account and shall extend not more than 1 year from the date on which the loan is made.
MA Gen L ch 171 § 74 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 74 - Sale, Transfer and Assignment of Loans, Investments and Other Assets

Section 74. A credit union by a vote of its directors may sell, transfer and assign any and all of its loans, investments or other assets; provided, however, that (a) where loans are sold with recourse, a loan reserve shall be established consistent with the applicable provisions of section sixty-nine and appropriate explanations shall be recorded on the statement of conditions as the commissioner may prescribe; (b) in any case where the consideration to be received is other than cash, the written approval of the commissioner shall first be obtained; and (c) where the aggregate amount of sales of loans exceeds 20 per cent of the total loans outstanding, the prior written approval of the commissioner shall be obtained for any amount in excess thereof.  A credit union may continue to service any loans that it sells and may collect a service charge for such service provided that a formal agreement is effected between both parties.  Any such assignment given as security for borrowing shall constitute a debt which shall be satisfied in the event of the liquidation of the affairs of a credit union before any distribution of its assets to shareholders or holders of other accounts.
MA Gen L ch 171 § 75a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 75a - Credit Union as Agent or Broker for the Savings Bank Life Insurance Company of Massachusetts

Section 75A. A credit union may, with the approval of the commissioner, act as agent or broker for The Savings Bank Life Insurance Company of Massachusetts pursuant to section four of chapter one hundred and seventy-eight A.
MA Gen L ch 171 § 76 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 76 - National Credit Union Administration Central Liquidity Facility; Membership

Section 76. A credit union may, with the approval of the commissioner, become a regular member of the National Credit Union Administration Central Liquidity Facility, established by 12 USC 1795b and may invest in the shares of the National Credit Union Administration Central Liquidity Facility; provided, however, that such investment shall not exceed the amount necessary to become a member of such facility.  A credit union may become a member of any corporate credit union which has been approved to act as an agent of the National Credit Union Administration Central Liquidity Facility.
MA Gen L ch 171 § 77 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 77 - Massachusetts Credit Union Share Insurance Corporation; Insurance of Shares and Deposits

Section 77. A credit union may arrange to have its shares and deposits insured by the Massachusetts Credit Union Share Insurance Corporation. A credit union may arrange with the National Credit Union Administration for the insurance of its shares and deposits pursuant to the Federal Credit Union Act, as amended.  Any credit union which shall apply to said Administration for insurance shall forthwith give written notice of such application to the commissioner. If such application is accepted and such credit union is notified that the Administration is willing to provide such insurance, such credit union may become insured by said Administration; provided, however, that the acquisition of such insurance shall have been approved by the directors of the credit union.  When any credit union which has applied for insurance to said Administration shall have complied with all the requirements prerequisite to obtaining such insurance and shall have received notice in writing from said Administration that it is insured by it, such credit union shall file with the commissioner copies of such notice and of the vote of its directors required by this section such copies to be certified by the president and clerk of the credit union.
MA Gen L ch 171 § 78a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 78a - Merger or Consolidation of Credit Unions With Savings Bank, Co-Operative Bank or Subsidiary Banking Institution

Section 78A. Any 1 or more credit unions may merge or consolidate with 1 or more savings banks, as defined in section 1 of chapter 168, or 1 or more co-operative banks, as defined in section 1 of chapter 170, or 1 or more subsidiary banking institutions, as defined in section 1 of chapter 167H and section 4 of chapter 167I.
MA Gen L ch 171 § 79 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 79 - Merger of Credit Unions Under Possession of Commissioner or Massachusetts Share Insurance Corporation

Section 79. If the commissioner has taken possession of a credit union as provided for in sections 22 to 26, inclusive, of chapter 167 or a credit union is in the possession of the Massachusetts Share Insurance Corporation and it is determined by the commissioner and the insurer that it is in the best interests of the depositors, shareholders and insurer, a merger as provided for in section 78 may be effected without regard to geographical limitations within the commonwealth.
MA Gen L ch 171 § 80 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 80 - Foreign Credit Unions; Consent for Incorporation

Section 80. Any credit union operating under a charter other than one issued by the commonwealth and having a usual place of business therein may, if authorized by a vote of at least a majority of its members present and voting at a meeting specially called for that purpose, make application to the commissioner for consent for incorporation under this chapter. Said commissioner may grant his consent to such incorporation when satisfied that the assets of such credit union qualify for investment by a credit union incorporated under this chapter. If any of the assets of the applicant credit union do not qualify as legal investments for a credit union incorporated under this chapter, such consent may nevertheless be given, subject to such terms with respect to the time in which the same shall be disposed of or converted into legal assets as the commissioner may impose. Upon the issuing by the state secretary of the certificate of incorporation, all of the assets of the applicant credit union shall be transferred to and vested in the credit union so incorporated, to the same extent as would result from a merger of the applicant credit union and the new credit union under section seventy-eight. The newly incorporated credit union shall thereupon issue its shares, in the same amount and to the same persons, in satisfaction of the shares of the applicant credit union, and assume the deposit and other liabilities thereof. Thereupon the charter of the applicant credit union shall be surrendered to the issuing authority for cancellation by it and the new credit union shall be operated under and governed by this chapter.
MA Gen L ch 171 § 83 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 83 - Credit Union Employees Retirement Association; By-Laws; Reports

Section 83. The by-laws of the association shall be submitted to the commissioner and shall prescribe the manner in which, and the officers and agents by whom, the association may be conducted and the manner in which its funds may be invested and paid out. The association shall be formed when its by-laws have been approved and agreed to by a majority of the directors of each of 15 or more credit unions and have been approved by the commissioner. The association shall provide to the commissioner such statements of the membership and financial transactions of the association as the commissioner may from time-to-time require. The commissioner may verify any such statement by an examination of the books and papers of the association.  The association shall not be subject to chapter 32 or chapter 175 or to such other provisions of law related to insurance companies or other retirement associations.
MA Gen L ch 171 § 84 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 84 - Credit Union Employees Retirement Association; Tax Exemption; Attachment

Section 84. The property of the association, the portion of the compensation of any employee deducted or to be deducted under sections eighty-two and eighty-three, the right of an employee to an annuity or pension and all his rights in the funds of the association, shall be exempt from taxation and from the operation of any law relating to insolvency, insurance, retirement systems or pensions and shall not be attached or taken on execution or other process to satisfy any debt or liability of the association, a participating credit union or any employee member of the association. No assignment of any right in or to said funds or of any pension or annuity payable under section eighty-two shall be valid.  Nothing in this section shall be construed to prevent an employee's annuity or pension from being attached, taken on execution, assigned or subject to other process to satisfy a support order under chapter two hundred and eight, two hundred and nine, or two hundred and seventy-three.