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Can you summarize MGL Chapter 171?
CORPORATIONS > CREDIT UNIONS
Short Summary
The provided legal document content covers various aspects of credit unions, including their formation, operation, investments, loans, accounts, and membership. It outlines the requirements and procedures for credit unions to establish and operate retirement associations, provide retirement benefits, and convert to federal charters. The documents also address the process of liquidating credit unions, obtaining consent for incorporation of foreign credit unions, and converting credit unions into other types of financial institutions. Additionally, the documents cover the insurance of shares and deposits, investment activities, lending practices, disclosure requirements, and the rights and liabilities of credit unions and their members. The documents apply to credit unions, their employees, members, shareholders, depositors, and other individuals or entities involved in transactions with credit unions. Certain exemptions or limitations may apply to specific provisions, such as loans for higher education, loans for the purchase of manufactured homes, and loans for financing improvements on real estate. No specific penalties are mentioned in these documents.
Whom does it apply to?
Credit unions, their employees, members, shareholders, depositors, and other individuals or entities involved in transactions with credit unions
What does it govern?
Credit Unions, including their formation, operation, investments, loans, accounts, and membership
What are exemptions?
Certain exemptions or limitations may apply to specific provisions, such as loans for higher education, loans for the purchase of manufactured homes, and loans for financing improvements on real estate
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Massachusetts