The purpose of 209 CMR 31.00 is to protect consumers engaging in electronic fund transfers and remittance transfers, as well as to establish procedures for the operation of automated teller machines. It applies to financial institutions, banks, and credit unions. The document incorporates definitions and rules from 12 CFR 1005.2, with some exceptions. It defines various entities and terms, including Bank, Clear and Conspicuous, Consumer, Credit Union, Electronic Branch, Electronic Fund Transfer, Financial Institution, Merchant, Non-bank ATM Provider, Person, and Point-of-sale Terminal.

Compliance with 12 CFR 1005.16 constitutes compliance with 209 CMR 31.16 except that financial institutions must also provide the following consumer disclosures, in a clear and conspicuous manner, at all electronic branches: (1) the name of the financial institution; (2) the name, address and 24 hour toll free telephone number of the person to whom inquiries or complaints should be directed.

(1) A financial institution providing automated teller machines in the Commonwealth shall take actions to ensure that such ATMs are operated in compliance with all applicable laws and regulations for the safety and security of its employees and consumers effecting electronic funds transfers at its electronic branches. (2) A financial institution providing automated teller machines in the Commonwealth shall obtain and maintain, at all times, adequate fidelity and liability insurance. (3) A financial institution shall immediately, and within not less than 24 hours, notify the Commissioner and appropriate law enforcement agencies of any criminal assault or theft involving a consumer effecting an electronic funds transfer at an electronic branch.

Compliance with 12 CFR 1026.58 constitutes compliance with 209 CMR 32.58.

The provided legal document content pertains to the conversion of co-operative banks and savings banks from mutual to stock form in Massachusetts. The document outlines the procedural requirements and definitions for various terms used in the regulations governing the conversion process. It specifies that no co-operative bank or savings bank can convert to a capital stock form of organization without written approval from the commissioner, except as otherwise provided in supervisory cases.

This legal document governs the reorganization of mutual banking institutions into mutual holding companies or their participation as acquiree subsidiary banking institutions in mutual holding company reorganizations. The conditions for such reorganizations include the approval of a Reorganization Plan by the board of trustees or directors of the reorganizing mutual banking institution and any acquiree subsidiary banking institution, as well as the filing of the Reorganization Plan and Application with the Commissioner for written approval.

The document, 209 CMR 43.00, establishes the audit and security requirements for credit unions in Massachusetts. It specifies the frequency, scope, and minimum requirements for credit union audits and share verifications. The document defines key terms such as ‘Audit’ and ‘Auditing Committee’ and provides their respective meanings. It also mentions the ‘Auditing Committee Review,’ which is a review performed by the Auditing Committee or a qualified individual following the standards set forth in the National Credit Union Administration’s (NCUA) Supervisory Committee Guide for Federal Credit Unions.

The document, 209 CMR 45.00, governs the licensing and regulation of money services businesses in Massachusetts. It establishes procedures and requirements for obtaining and renewing licenses in the money services business industry. The document applies to various entities, including applicants, authorized agents, check cashers, check sellers, licensees, mobile units, and persons. It provides definitions for key terms and exemptions for certain activities that do not require licensure. The document outlines the application process, including the submission of detailed information supporting general requirements such as financial responsibility, character and fitness, and business experience.

This document, 209 CMR 49.00, establishes the application and approval procedures for banks, credit unions, and lenders seeking to exercise insurance sales agency powers. It applies to banks and lenders subject to the jurisdiction of the Commissioner of Banks, as well as federal banks engaging in insurance sales activities. The document outlines the eligibility requirements, application process, and terms and conditions governing insurance sales activities. It also mentions the consumer protections mandated by Massachusetts General Laws and regulations.

This document, 209 CMR 50.00, governs the authorized powers and activities of credit unions in Massachusetts. It applies to credit unions as defined by 209 CMR 50.02. The purpose of this document is to establish procedures and requirements for credit unions seeking to exercise powers granted to or conduct activities authorized for federal credit unions under federal law, to the extent that such powers are not otherwise prohibited. The Commissioner will determine whether to authorize any power or activity based on its impact on competition among credit unions and whether it promotes public convenience and advantage.