Massachusetts Statutes

Section 2E. Any bank required by an order of the commissioner under section two D to cease and desist from engaging in any unfair method of competition or any unfair or deceptive act or practice may obtain a review of such order by filing in the supreme judicial court, within thi…

Section 2F. Any bank which violates a cease and desist order of the commissioner under section two D after it has become final, and while such order is in effect, shall forfeit and pay to the commonwealth a sum not to exceed ten thousand dollars for each violation, which sum may …

Section 2G. The powers vested in the commissioner by sections two A to two F, inclusive, shall be in addition to any other powers to enforce any penalties, fines or forfeitures authorized by law with respect to the methods, acts and practices which may be declared by the commissi…

Section 2H. Notwithstanding any general or special law to the contrary, a savings bank, co-operative bank or a trust company may engage in any activity or invest in any products or services which are related or incidental to banking, are not prohibited by law and do not pose a su…

Section 2I. A bank shall comply with the following federal laws and federal regulations subject to the terms and conditions imposed by this section: (1) the federal Expedited Funds Availability Act, 12 U.S.C. section 4001 et seq., and regulations promulgated thereunder; (2) the f…

Section 2J. A savings bank, co-operative bank or trust company, federal bank, out-of-state bank, foreign bank or limited purpose trust company may request that specific information in any application filed with the commissioner be treated as confidential. The following informatio…

Section 3. Whenever the commissioner deems it expedient, he may cause a meeting of the board of directors or board of trustees of a bank to be held in such manner and at such time and place as he may direct. Any report of an examination of the affairs of such bank under section t…

Section 30. The compensation of the special agents, counsel, employees and assistants, and all expenses of supervision and liquidation, shall be fixed by the commissioner, subject to the approval of the supreme judicial court, on notice to such bank, and, upon the certificate of …

Section 31. At any time after the expiration of the date fixed for the presentation of claims, the supreme judicial court, on application of the commissioner, depositor, creditor, stockholder or any party in interest, may authorize or direct the commissioner to declare out of the…

Section 31A. In the case of a deposit standing in the name of a minor having no known guardian, the commissioner, in his discretion if the amount of the deposit does not exceed five hundred dollars, or with the approval of the supreme judicial court, whether or not the amount of …

Section 32. Should any bank, at the time when the commissioner takes possession thereof, have in its possession for safe keeping and storage, any jewelry, plate, money, securities, valuable papers or other valuable personal property, or should it have rented any box, safes, or sa…

Section 33. Whenever any bank of whose property and business the commissioner has taken possession deems itself aggrieved thereby, it may, at any time within ten days after such taking possession, apply to the supreme judicial court to enjoin further proceedings; said court, afte…

Section 34. Whenever the commissioner has paid to every depositor and creditor of such corporation, not including stockholders, whose claims as such creditors or depositors have been duly approved and allowed, the full amount of such claims, and has made proper provision for uncl…

Section 35. Unclaimed dividends and all other funds received from the liquidation of any institution, so taken possession of, and remaining in the possession of the commissioner after the expiration of twelve months from the order for final distribution, shall be paid by him to t…

Section 35A. After the expiration of six years from the order for final distribution, the commissioner may, with the approval of the supreme judicial court, cause to be destroyed any or all of the books, records, correspondence and other papers in his possession concerning any su…

Section 35B. The commissioner shall, while any such bank is in his possession, issue, from time to time, at intervals of not more than six months, reports with respect to such bank containing a statement of its receipts and expenditures, and a general report as to the progress of…

Section 36. The supreme judicial court, or any justice thereof, shall have jurisdiction in equity to enforce the provisions of sections twenty-two to thirty-five B, inclusive, and to act upon all applications and in all proceedings thereunder.

Section 36A. In addition to all other powers conferred upon the commissioner by law, whenever said commissioner considers it necessary to conserve the assets of any bank for the benefit of the depositors and creditors thereof, said commissioner may, under his hand and official se…

Section 37. No domestic or foreign corporation or individual, partnership or association shall conduct the business of a savings bank, co-operative bank, savings and loan association, credit union, trust company or banking company unless authorized to do so under the laws of this…

Section 37A. The commissioner or his examiners may examine the accounts, books and papers of any corporation, person, partnership or association he or his examiners believe is violating the preceding section or who is making a business of receiving money on deposit, or which has …

Section 37B. A bank, federal bank, federal credit union or a foreign bank, out-of-state bank and out-of-state federal bank with a branch office in the commonwealth may establish educational bank training programs, student savings deposit programs and school branch office programs…

Section 4. The commissioner, or his examiners or such others of his assistants as he may designate, may summon the trustees, officers or agents of a bank, or any other witnesses, and examine them relative to the affairs, transactions and condition of the bank, and, for that purpo…

Section 40. The commissioner shall, in the manner prescribed in section two, examine every foreign bank authorized to do a banking business in the commonwealth pursuant to section thirty-eight and conducting such business pursuant to section thirty-nine and any out-of-state bank …

Section 40A. Each foreign bank, out-of-state bank and out-of-state federal bank which operates a Massachusetts branch shall register with the commissioner on forms prescribed by him which shall include such information with respect to the financial condition, operations, and mana…

Section 41. For the purposes of section forty, the commissioner or the person making the examination shall have free access to the vaults, books and papers of any such foreign bank and out-of-state bank, and may summon the directors, officers or agents thereof, and such other wit…

Section 42. If, upon examination, it appears that any such foreign bank or out-of-state bank is insolvent, or that its capital is impaired, or that its condition is such as to render the continuance of business hazardous to the public or to those having funds in its custody, the …

Section 46. Every bank doing business in the commonwealth, which for the purposes of this section shall include any bank, except an internet bank as defined in section one and any national bank, national banking association, federal savings bank, federal savings and loan associat…

Section 48. No bank, lending institution, credit union or mortgagee pursuant to applicable law, or mortgagee doing business in the commonwealth, which for the purposes of this section shall include any bank as defined in section one and shall include any national bank, national b…

Section 49. Whenever used in this section, and sections 50 and 51, the following words shall, unless the context requires otherwise, have the following meanings: ''Appropriate corrective action'', action taken by the board of directors or trustees of a bank pursuant to findings c…

Section 5. Upon written application on oath to the commissioner by five or more officers, trustees, creditors or depositors of a bank setting forth their interest and the reasons for making an examination and requesting him to examine such bank, he shall forthwith make a full inv…

Section 50. A bank, by vote of its board of directors or trustees, may appoint a compliance review supervisor to conduct self testing programs on a continuing basis. Upon any such appointment, such board of directors or trustees forthwith shall file with the commissioner the name…

Section 51. Except as provided in section 50, the proceedings of the compliance review supervisor and the contents of any compliance review document shall, notwithstanding any other law or regulation to the contrary, remain confidential and shall not be discoverable or admissible…

Section 6. The commissioner may prescribe the manner and form of keeping the books and accounts of a bank and the extent to which they shall be audited. For a credit union, the commissioner may prescribe the manner of safeguarding its money and securities and may promulgate regul…

Section 6A. Any bank, as defined in section one, or a national banking association, federal savings and loan association or federal credit union authorized to do business in the commonwealth, shall make available copies of all agreements as referred to in subsection (2) of 4–103 …

Section 7. In addition to the reports required by law, banks shall make such other statements and reports to the commissioner as he may require. The commissioner shall furnish blank forms for all statements or reports required to be made to him. Any bank neglecting to make the re…

Section 8. An officer of any bank who, for fifteen days after notice by the commissioner, fails to make any return, statement or report required by law or by the commissioner, or fails to amend such a return, statement or report if lawfully required by the commissioner, shall be …

Section 9. Returns to the commissioner under section twenty-two A of chapter one hundred and seventy-two, records of examinations of banks made under section two of this chapter, certificates or other form of acknowledgment filed with the commissioner under section three of this …

Section 1. The following words when used in this chapter, unless the context otherwise requires, shall have the following meanings:— (a) ''Banking institution'', a trust company, commercial bank, savings bank, savings and loan association or cooperative bank chartered by the comm…

Section 2. Except with the prior written approval of the board of bank incorporation (1) no company shall become a bank holding company; (2) no bank holding company owning, controlling or holding with the power to vote, directly or indirectly, twenty-five per centum or more of th…

Section 3. The prohibitions contained in section two shall not apply to (1) stock acquired in good faith in a fiduciary capacity except where such stock is held for the benefit of the shareholders of a banking institution or bank holding company; (2) stock accepted in good faith …

Section 3A. Any banking institution doing business in the commonwealth that is a subsidiary of a bank holding company may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations in the commonwealth as an agent for ano…

Section 4. Any company or bank holding company seeking authority to act under the provisions of section two shall file a petition with the board of bank incorporation, together with a fee, the amount of which shall be determined annually by the commissioner of administration unde…

Section 5. (a) Each bank holding company shall register with the commissioner on forms prescribed by him which shall include such information with respect to the financial condition, operations, management and intercompany relationships of the bank holding company and its affilia…

Section 6. (a) Any company which knowingly violates any provision of this chapter or any regulation or order issued by the commissioner pursuant thereto may be punished by a fine of not more than one hundred dollars for each day during which such violation continues. (b) Any indi…

Section 7. The supreme judicial court or any justice thereof shall have jurisdiction in equity to enforce the provisions of this chapter.

Section 8. A banking institution, a bank holding company, a company or a mutual holding company, as defined in section 1 of chapter 167H, may request that specific information in any application filed with the board of bank incorporation be eligible for confidential treatment. Th…