Ask Reggi Your Question Now
Can you summarize MGL Chapter 167?
CORPORATIONS > SUPERVISION OF BANKS
Short Summary
The provided legal document content covers a wide range of topics related to the supervision of banks. It includes provisions on the appointment of compliance review supervisors, confidentiality of compliance review documents, fair lending laws, honoring and cashing of checks presented by pensioners or retirees, examination and inspection of foreign banks and out-of-state banks, treatment of unclaimed dividends and funds resulting from the liquidation of institutions, declaration of dividends and objections to claims, appointment of conservators for banks, and the closing of banks. The documents apply to banks, lending institutions, credit unions, mortgage companies, mortgagees, pensioners, retirees, and the commissioner responsible for the supervision of banks. The exceptions include internet banks, national banks, national banking associations, federal savings banks, federal savings and loan associations, and federal credit unions in the context of honoring and cashing checks presented by pensioners or retirees. There are no specific penalties mentioned for non-compliance or violation of the provisions in the documents.
Whom does it apply to?
The documents apply to banks, lending institutions, credit unions, mortgage companies, mortgagees, pensioners, retirees, and the commissioner responsible for the supervision of banks.
What does it govern?
The provided legal document content covers various aspects of the supervision of banks, including the appointment of compliance review supervisors, confidentiality of compliance review documents, fair lending laws, honoring and cashing of checks presented by pensioners or retirees, examination and inspection of foreign banks and out-of-state banks, treatment of unclaimed dividends and funds resulting from the liquidation of institutions, declaration of dividends and objections to claims, appointment of conservators for banks, and the closing of banks.
What are exemptions?
The exceptions include internet banks, national banks, national banking associations, federal savings banks, federal savings and loan associations, and federal credit unions in the context of honoring and cashing checks presented by pensioners or retirees. There are no specific exemptions mentioned for other aspects covered in the documents.
What are the Penalties?
The documents do not specify any specific penalties for non-compliance or violation of their provisions.
Jurisdiction
Massachusetts