By Mr. Gomez, a petition (accompanied by bill, Senate, No. 766) of Adam Gomez for legislation to authorize municipalities to deposit into credit unions. Financial Services.
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Date
Branch
Action
6/8/2026
Senate
6/8/2026 SenateAccompanied a study order, see S3113↗
6/4/2026
Senate
6/4/2026 SenateReporting date extended to Friday June 5, 2026
4/21/2026
Senate
4/21/2026 SenateReporting date extended to Monday May 4, 2026
4/8/2025
Joint
4/8/2025 JointHearing scheduled for 04/15/2025 from 10:00 AM-01:00 PM in A-2
2/27/2025
House
2/27/2025 HouseHouse concurred
2/27/2025
Senate
2/27/2025 SenateReferred to the committee on Financial Services
An Act to allow municipalities to deposit in credit unions
Active
6 section(s) · formatted for easier reading
▸SECTION 1
Section 34 of Chapter 29 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended in line 4 by inserting after the words “federal savings banks” the following words:- federal credit unions,
▸SECTION 2
Section 34 of Chapter 29 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended in line 6 by striking out the words “and cooperative banks” and inserting in place thereof the following words:- , cooperative banks, and credit unions
▸SECTION 3
Section 54 of Chapter 44 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting in line 15 after the word “banks” the following words:- , or in paid up shares or deposits of credit unions, or in paid up shares or deposits of federal credit unions doing business in the commonwealth
▸SECTION 4
Section 55 of Chapter 44 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended in line 27 by inserting after the word “banks,” the following words:- credit unions or federal credit unions,
▸SECTION 5
Section 55A of Chapter 44 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended in line 4 by inserting after the words “savings bank,” the following words:- credit unions or federal credit unions,
▸SECTION 6
Section 29 of Chapter 171 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting after the fifth paragraph the following paragraph:-
Notwithstanding any other provisions of law, any credit union or federal credit union may accept public funds pursuant to Section 34 of Chapter 29 and Sections 54, 55 and 55A of Chapter 44 as provided for therein; provided, however, that the total of such public funds received shall not exceed, at any time, twenty-five percent of the assets of the credit union or federal credit union.
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SECTION 1. Section 34 of Chapter 29 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended in line 4 by inserting after the words “federal savings banks” the following words:- federal credit unions,
SECTION 2. Section 34 of Chapter 29 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended in line 6 by striking out the words “and cooperative banks” and inserting in place thereof the following words:- , cooperative banks, and credit unions
SECTION 3. Section 54 of Chapter 44 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting in line 15 after the word “banks” the following words:- , or in paid up shares or deposits of credit unions, or in paid up shares or deposits of federal credit unions doing business in the commonwealth
SECTION 4. Section 55 of Chapter 44 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended in line 27 by inserting after the word “banks,” the following words:- credit unions or federal credit unions,
SECTION 5. Section 55A of Chapter 44 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended in line 4 by inserting after the words “savings bank,” the following words:- credit unions or federal credit unions,
SECTION 6. Section 29 of Chapter 171 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting after the fifth paragraph the following paragraph:-
Notwithstanding any other provisions of law, any credit union or federal credit union may accept public funds pursuant to Section 34 of Chapter 29 and Sections 54, 55 and 55A of Chapter 44 as provided for therein; provided, however, that the total of such public funds received shall not exceed, at any time, twenty-five percent of the assets of the credit union or federal credit union.