reglab/housing_qa huggingface dataset:
MA Gen L ch 171 § 65c.5 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 65c.5 - Reverse Mortgage Loan Requirements

[ Section impacted by 2020, 65, Sec. 2, as amended by 2021, 20, Sec. 6 effective April 20, 2020 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 172 § 1 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 1 - Definitions

Section 1. (a) As used in sections 1 to 9, inclusive, of this chapter the words ''board'' or ''board of bank incorporation'' shall, unless the context clearly requires otherwise, mean a board consisting of the commissioner of banks, the commissioner of revenue and the state treasurer.  (b) As used in this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings:—  ''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.  ''Common stock'', the shares of capital stock of a trust company, other than preferred stock.  ''Incorporators'', subscribers to the agreement of association for the purpose of forming a trust company under this chapter.  ''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.  ''Stockholder'', a registered owner of shares of capital stock of a trust company.  ''Surplus account'', an account so designated on the books of a trust company and consisting of such amounts as shall be required by law or shall be transferred thereto by vote of the board of directors.  ''Trust company'' or ''corporation'', a trust company incorporated as such in the commonwealth.
MA Gen L ch 172 § 2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 2 - Powers

Section 2. A trust company shall have all the powers expressly granted by law and whatever further incidental powers may fairly be implied from those expressly conferred and such as are reasonably necessary to enable it to exercise fully those powers according to common or accepted banking customs and usages.
MA Gen L ch 172 § 3 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 3 - Use of Words ''trust Company''

Section 3. No person, other than a trust company, shall use the words ''trust company'', even though said words may be separated by 1 or more other words, as part of the person's or its name or in any representation describing the person's or its business, powers, services or functions. Any person who violates this section shall be punished by a fine of $100 for each day during which such violation continues.
MA Gen L ch 172 § 4 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 4 - Capital Structure Upon Incorporation

Section 4. A trust company shall upon its incorporation have such capital structure as the board of bank incorporation shall deem adequate. Such capital structure may vary by the board based on the application and business plan submitted.
MA Gen L ch 172 § 5 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 5 - Formation of Trust Company; Agreement of Association

Section 5. Fifteen or more individuals who associate themselves by a written agreement to form a trust company may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in all general laws relating to such corporations. The agreement of association shall specifically state:  (1) That the incorporators associate themselves with the intention of forming a corporation;  (2) The name by which the corporation shall be known;  (3) The location of the principal office of the corporation, which shall be within the commonwealth;  (4) The purposes for which the corporation is formed and the nature of the business to be transacted;  (5) The amount and classes of its capital stock, and the number of shares into which any class is to be divided;  (6) the amount of the surplus account;  (7) the amount of the undivided profits account; and  (8) the name of each incorporator and the number of shares of capital stock, if any, which the individual agrees to take and the class or classes of such shares.  The name of each incorporator shall be subscribed to the agreement of association.
MA Gen L ch 172 § 6 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 6 - Notice of Intention to Form Trust Company; Application for Certificate

Section 6. A notice of the intention of the subscribers to form such a trust company shall be given to the board of bank incorporation.  A notice in such form as said board shall approve, shall be published at least once a week, for 3 successive weeks, in 1 or more newspapers designated by the board, and published in the city or town in which it is proposed to establish the trust company, or if there is no newspaper in such city or town, in a newspaper published in the city or town which is nearest to the proposed location. Such notice shall specify the names of the proposed incorporators, the name of the corporation and the location of the same. The subscribers to said agreement shall apply to the board for a certificate that public convenience and advantage will be promoted by the establishment of such trust company. Such an application for a proposed trust company shall be accompanied by an investigation fee, the amount of which shall be determined by the secretary of administration and finance pursuant to section 3B of chapter 7. In determining whether the public convenience and advantage will be promoted by the establishment of such trust company, the board shall consider the adequacy of its capital structure, the general character of its management, the adequacy of banking facilities in the area and the convenience and needs of the community to be served. The board may grant such certificate, which shall be deemed to be revoked if the applicants therefor do not become incorporated and begin business not more than 1 year after its date of issue; provided, however, that the board may grant an additional extension upon a demonstration of good cause; and provided further, that the board may impose terms and conditions on such extension. If the board refuses to issue such certificate, no further proceeding shall be taken by the applicant during the year next following the date of such refusal except with the approval of the board; provided, however, the applicant may renew the application as of right after 1 year from the date of such refusal, and may dispense with further notice or publication unless the board orders such notice or publication.
MA Gen L ch 172 § 7 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 7 - First Meeting of Incorporators

Section 7. The first meeting of the incorporators shall be called by a notice signed either by that incorporator who is designated in the agreement for the purpose, or by a majority of the incorporators, and such notice shall state the time, place and purposes of the meeting. A copy of the notice shall, at least 7 days before the day appointed for the meeting, be given to each incorporator or left at the incorporator's residence or usual place of business, or deposited in the post office, postage prepaid, and addressed to the incorporator at such incorporator's residence or usual place of business, and another copy thereof and an affidavit of 1 of the signers that the notice has been duly served shall be recorded with the records of the corporation. If all the incorporators shall, in writing endorsed upon the agreement of association, waive such notice and fix the time and place of the meeting, no notice shall be required. At such first meeting, or at any adjournment thereof, the incorporators shall organize by the choice by ballot of a temporary clerk who shall be sworn, by the adoption of by-laws and by the election in such manner as the by-laws may determine, of directors, a clerk or secretary, and such other officers as the by-laws may prescribe. The temporary clerk shall make and attest a record of the proceedings until the clerk or secretary has been chosen and sworn, including a record of such choice and qualification.
MA Gen L ch 172 § 9 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 9 - List of Stockholders; Issuance of Certificate Authorizing Corporation to Begin Transaction of Business

Section 9. When all the capital stock has been issued, a list of the stockholders, with the name, residence and post office address of each, and the number of shares in each class held by each stockholder, shall be filed with the board of bank incorporation, which list shall be verified by the clerk of the corporation. Upon receipt of such list the board shall cause an examination to be made of the method of payment of the capital stock, of the personnel of the corporation, including the officers and directors thereof, and if, after such examination, it appears that the whole capital stock, surplus account and undivided profits account have been paid in cash, that all requirements of law have been complied with, that the bank is a member of the Federal Deposit Insurance Corporation, and that the qualifications of the personnel are satisfactory, the board shall, if satisfied that the public convenience and advantage will be promoted thereby, issue a certificate authorizing such corporation to begin the transaction of business. No such corporation shall begin the transaction of business until such a certificate has been granted.
MA Gen L ch 172 § 10 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 10 - Adoption of By-Laws; Regulations Controlling Assignment and Transfer of Shares; Quorum

Section 10. Such corporation may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed. The corporation may also establish regulations controlling the assignment and transfer of its shares. A majority in interest of the stockholders entitled to vote shall constitute a quorum at any meeting unless the by-laws require more than a majority.
MA Gen L ch 172 § 11 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 11 - Stockholder Voting; Votes by Proxy

Section 11. Stockholders entitled to vote may vote in person or by proxy. No proxy dated more than 6 months before the date of the meeting named therein shall be valid, and no proxy shall be valid after the final adjournment of such meeting. A proxy with respect to stock held in the name of 2 or more persons shall be valid if executed by any 1 of them unless at or prior to the exercise of the proxy such corporation receives a specific written notice to the contrary from any 1 of them. A proxy purporting to be executed by or on behalf of a stockholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Except as otherwise provided in the articles of organization or by-laws of the corporation, special meetings of the stockholders may be called pursuant to section 7.02 of chapter 156D.
MA Gen L ch 172 § 13 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 13 - Election of Officers

Section 13. The clerk or secretary shall be elected by the stockholders at their annual meeting or at a special meeting duly called for the purpose.  The president shall be elected by and from the board of directors and shall be chairman thereof unless the board designates a director in lieu of the president to be chairman. The directors shall elect the treasurer and any other officers including an executive vice president. The president as may be required or permitted by law or by-law may select other officers. The officers elected by the board shall hold their respective offices during the pleasure of the directors. The directors may fill a vacancy in the office of clerk or secretary until the next meeting of the stockholders.
MA Gen L ch 172 § 14 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 172 - Trust Companies|Section 14 - Meetings of Board of Directors; Action Without Meeting

Section 14. Subsection (a) to (e), inclusive, shall apply to meetings of the board and its committees.  (a) The board of directors shall meet at intervals, not less frequent than quarterly; provided, however, upon application in writing by the corporation, the commissioner may waive or modify this requirement. Unless the articles of organization, the by-laws, or a resolution by the board otherwise provide, members of the board of directors or a committee designated thereby may participate in a meeting of the board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting may simultaneously hear each other and participation by those means shall constitute presence in person at a meeting. Members may transmit written authorizations that may be required during the meeting by electronic facsimile or other commercially acceptable transmission.  (b) Unless the articles of organization or bylaws provide that action required or permitted by this chapter or any other general law to be taken by the directors shall be taken only at a meeting, the action may be taken without a meeting if the action is taken by the unanimous consent of the members of the board of directors. The action must be evidenced by 1 or more consents describing the action taken, in writing, signed by each director, or delivered to the corporation by electronic transmission, to the address specified by the corporation for the purpose or, if no address has been specified, to the principal office of the corporation, addressed to the secretary or other officer or agent having custody of the records of proceedings of directors, and included in the minutes or filed with the corporate records reflecting the action taken.  (c) Action taken under this section is effective when the last director signs or delivers the consent, unless the consent specifies a different effective date.  (d) A consent signed or delivered under this section has the effect of a meeting vote and may be described as such in any document.  (e) This section shall also apply to committees and their members.
MA Gen L ch 174a § 1 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations|Section 1 - Title of Chapter

Section 1. This chapter shall be known and may be cited as the Fire, Marine and Inland Marine Rate Regulatory Law.
MA Gen L ch 174a § 2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations|Section 2 - Purpose; Construction

Section 2. The purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, and to authorize and regulate co-operative action among insurers in rate making and in other matters within the scope of this chapter. Nothing in this chapter is intended (1) to prohibit or discourage reasonable competition, or (2) to prohibit, or encourage, except to the extent necessary to accomplish the aforementioned purpose, uniformity in insurance rates, rating systems, rating plans or practices. This chapter shall be liberally interpreted to carry into effect the provisions of this section.
MA Gen L ch 174a § 3 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations|Section 3 - Definitions

Section 3. The following words, as used in this chapter, unless the text otherwise requires or a different meaning is specifically required, shall mean—  ''Commissioner'', the commissioner of insurance.  ''Company'', all corporations, associations, partnerships or individuals engaged as principals in the business of insurance.  ''Insurance Company'' or ''Insurer'', the same meaning as company.
MA Gen L ch 174a § 4 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations|Section 4 - Restrictions on Application

Section 4. This chapter shall apply to risks located in this commonwealth insured by insurance companies authorized to transact business in this commonwealth under the First, Second or Third clauses of section forty-seven of chapter one hundred and seventy-five, even though such risks are covered by policies or contracts of insurance issued pursuant to section twenty-two A of said chapter one hundred and seventy-five providing coverage under the aforementioned and any other clauses or subdivisions, other than subdivision (e) of the Sixth clause, of said section forty-seven of said chapter one hundred and seventy-five which, as part of the coverage thereof, insure real or personal property against loss or damage by fire at residential locations or which, as part of the coverage thereof, insure the output of a manufacturer against such loss or damage by fire at locations other than his manufacturing premises. Inland marine insurance shall be deemed to include insurance now or hereafter defined by law, or by interpretation thereof, or, if not so defined or interpreted, by ruling of the commissioner, or as established by general custom of the business, as inland marine insurance.  This chapter shall not apply—  (a) To reinsurance, other than joint reinsurance to the extent stated in section thirteen.  (b) To insurance of vessels or craft, their cargoes, marine builders' risks, marine protection and indemnity, or other risks commonly insured under marine, as distinguished from inland marine, insurance policies.  (c) To insurance of hulls of aircraft, including their accessories and equipment, or against liability arising out of the ownership, maintenance or use of aircraft.  (d) To motor vehicle insurance, nor to insurance against liability arising out of the ownership, maintenance or use of motor vehicles.  If any kind of insurance, subdivision or combination thereof, or type of coverage, subject to this chapter, is also subject to regulation by another rate regulatory law of this commonwealth, an insurer to which both laws are otherwise applicable shall file with the commissioner a designation as to which rate regulatory law shall be applicable to it with respect to such kind of insurance, subdivision or combination thereof, or type of coverage.