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HOUSE DOCKET, NO. 2979 FILED ON: 1/16/2025
HOUSE . . . . . . . . . . . . . . . No. 1078
The Commonwealth of Massachusetts
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PRESENTED BY:
Shirley B. Arriaga
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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 in credit unions.
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PETITION OF:
NAME:DISTRICT/ADDRESS :DATE ADDED:Shirley B. Arriaga8th Hampden1/16/2025 1 of 2
HOUSE DOCKET, NO. 2979 FILED ON: 1/16/2025
HOUSE . . . . . . . . . . . . . . . No. 1078
By Representative Arriaga of Chicopee, a petition (accompanied by bill, House, No. 1078) of
Shirley B. Arriaga for legislation to authorize municipalities to invest in credit unions. Financial
Services.
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Fourth General Court
(2025-2026)
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An Act to allow municipalities to deposit in 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 by inserting after the words “federal savings banks”, in line
34, the following words:- federal credit unions,
4 SECTION 2. Said section 34 of said chapter 29, as so appearing, is hereby further
5amended by striking out the words “and cooperative banks”, in line 6, and inserting in place
6thereof 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 after the word “banks”, in line 15, 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 said chapter 44, as so appearing, is hereby amended by
12inserting after the word “banks,” , in line 27, the following words:- credit unions or federal credit
13unions,
14 SECTION 5. Section 55A of said chapter 44, as so appearing, is hereby amended by
15inserting after the words “savings bank,” in line 4 the following words:- credit unions or federal
16credit unions,
17 SECTION 6. Section 29 of chapter 171 of the General Laws, as so appearing, is hereby
18amended by inserting after the fifth paragraph the following paragraph:-
19 Notwithstanding any other provisions of law, any credit union or federal credit union may
20accept public funds pursuant to section 34 of chapter 29 and sections 54, 55 and 55A of chapter
2144 as provided for therein; provided, however, that the total of such public funds received shall
22not exceed, at any time, twenty-five percent of the assets of the credit union or federal credit
23union.