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SENATE DOCKET, NO. 781 FILED ON: 1/18/2023
SENATE . . . . . . . . . . . . . . No. 652
The Commonwealth of Massachusetts
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PRESENTED BY:
Adam Gomez
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act to allow municipalities to deposit into credit unions.
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PETITION OF:
NAME:DISTRICT/ADDRESS :Adam GomezHampden 1 of 2
SENATE DOCKET, NO. 781 FILED ON: 1/18/2023
SENATE . . . . . . . . . . . . . . No. 652
By Mr. Gomez, a petition (accompanied by bill, Senate, No. 652) of Adam Gomez for legislation
to authorize municipalities to deposit into credit unions. Financial Services.
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 1213 OF 2021-2022.]
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Third General Court
(2023-2024)
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An Act to allow municipalities to deposit into credit unions.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
of the same, as follows:
1 SECTION 1. Section 34 of Chapter 29 of the General Laws, as appearing in the 2014
2Official Edition, is hereby amended in line 4 by inserting after the words “federal savings banks”
3the following words:- federal credit unions,
4 SECTION 2. Section 34 of Chapter 29 of the General Laws, as appearing in the 2014
5Official Edition, is hereby amended in line 6 by striking out the words “and cooperative banks”
6and inserting in place thereof the following words:- , cooperative banks, and credit unions
7 SECTION 3. Section 54 of Chapter 44 of the General Laws, as appearing in the 2014
8Official Edition, is hereby amended by inserting in line 15 after the word “banks” the following
9words:- , or in paid up shares or deposits of credit unions, or in paid up shares or deposits of
10federal credit unions doing business in the commonwealth 2 of 2
11 SECTION 4. Section 55 of Chapter 44 of the General Laws, as appearing in the 2014
12Official Edition, is hereby amended in line 27 by inserting after the word “banks,” the following
13words:- credit unions or federal credit unions,
14 SECTION 5. Section 55A of Chapter 44 of the General Laws, as appearing in the 2014
15Official Edition, is hereby amended in line 4 by inserting after the words “savings bank,” the
16following words:- credit unions or federal credit unions,
17 SECTION 6. Section 29 of Chapter 171 of the General Laws, as appearing in the 2014
18Official Edition, is hereby amended by inserting after the fifth paragraph the following
19paragraph:-
20 Notwithstanding any other provisions of law, any credit union or federal credit union may
21accept public funds pursuant to Section 34 of Chapter 29 and Sections 54, 55 and 55A of Chapter
2244 as provided for therein; provided, however, that the total of such public funds received shall
23not exceed, at any time, twenty-five percent of the assets of the credit union or federal credit
24union.