Massachusetts 2025-2026 Regular Session

Massachusetts House Bill H1078 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 2979 FILED ON: 1/16/2025
3	3	HOUSE . . . . . . . . . . . . . . . No. 1078
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Shirley B. Arriaga
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act to allow municipalities to deposit in credit unions.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Shirley B. Arriaga8th Hampden1/16/2025 1 of 2
16	16	HOUSE DOCKET, NO. 2979 FILED ON: 1/16/2025
17	17	HOUSE . . . . . . . . . . . . . . . No. 1078
18	18	By Representative Arriaga of Chicopee, a petition (accompanied by bill, House, No. 1078) of
19	19	Shirley B. Arriaga for legislation to authorize municipalities to invest in credit unions. Financial
20	20	Services.
21	21	The Commonwealth of Massachusetts
22	22	_______________
23	23	In the One Hundred and Ninety-Fourth General Court
24	24	(2025-2026)
25	25	_______________
26	26	An Act to allow municipalities to deposit in credit unions.
27	27	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
28	28	of the same, as follows:
29	29	1 SECTION 1. Section 34 of chapter 29 of the General Laws, as appearing in the 2014
30	30	2Official Edition, is hereby amended by inserting after the words “federal savings banks”, in line
31	31	34, the following words:- federal credit unions,
32	32	4 SECTION 2. Said section 34 of said chapter 29, as so appearing, is hereby further
33	33	5amended by striking out the words “and cooperative banks”, in line 6, and inserting in place
34	34	6thereof the following words:- , cooperative banks and credit unions
35	35	7 SECTION 3. Section 54 of chapter 44 of the General Laws, as appearing in the 2014
36	36	8Official Edition, is hereby amended by inserting after the word “banks”, in line 15, the following
37	37	9words:- , or in paid up shares or deposits of credit unions, or in paid up shares or deposits of
38	38	10federal credit unions doing business in the commonwealth 2 of 2
39	39	11 SECTION 4. Section 55 of said chapter 44, as so appearing, is hereby amended by
40	40	12inserting after the word “banks,” , in line 27, the following words:- credit unions or federal credit
41	41	13unions,
42	42	14 SECTION 5. Section 55A of said chapter 44, as so appearing, is hereby amended by
43	43	15inserting after the words “savings bank,” in line 4 the following words:- credit unions or federal
44	44	16credit unions,
45	45	17 SECTION 6. Section 29 of chapter 171 of the General Laws, as so appearing, is hereby
46	46	18amended by inserting after the fifth paragraph the following paragraph:-
47	47	19 Notwithstanding any other provisions of law, any credit union or federal credit union may
48	48	20accept public funds pursuant to section 34 of chapter 29 and sections 54, 55 and 55A of chapter
49	49	2144 as provided for therein; provided, however, that the total of such public funds received shall
50	50	22not exceed, at any time, twenty-five percent of the assets of the credit union or federal credit
51	51	23union.