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MA S766
Bill
AI Summary
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Authorizes Massachusetts municipalities to deposit public funds in state-chartered credit unions and federal credit unions operating in the commonwealth
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Amends Chapter 29 (state finance) to add federal credit unions and credit unions to the list of approved depositories alongside banks and cooperative banks
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Amends Chapter 44 (municipal finance) to permit municipal investments in paid-up shares or deposits of credit unions and federal credit unions
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Caps total public funds any single credit union or federal credit union may accept at 25% of that institution's assets
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Similar legislation (Senate No. 652) was filed in the 2023-2024 legislative session
Legislative Description
To allow municipalities to deposit into credit unions
Last Action
Hearing scheduled for 04/15/2025 from 10:00 AM-01:00 PM in A-2
4/8/2025