Massachusetts Statutes

Section 5. A natural person 18 years of age or under or 65 years of age or older may choose 1 demand deposit account and 1 savings account which, in each instance, shall include a joint account in which the spouse of the eligible depositor, regardless of age, is the joint tenant …

Section 6. No bank shall assess a fee, charge or other assessment against an account, established for personal, family or household purposes, of a depositor who, as the payee of a check, draft or money order, of which the payee is not also the maker, deposits the same therein and…

Section 7. A bank or federally-chartered bank which accepts a deposit for demand deposit or other account subject to withdrawal by negotiable or transferable instrument for the purpose of making a transfer to a third party shall, if requested by the depositor, provide without cha…

Section 8. No bank shall give collateral or other security for a deposit of money received in its banking department, except that such bank may make such a deposit of securities or satisfy any provision as may be required by the laws of the United States or the rules and regulati…

Section 9. Any bank or federally-chartered bank may establish an account to receive deposits from a lessor acting as a trustee for funds received and held by such trustee pursuant to paragraph (a) of subsection (3) of section 15B of chapter 186. Such account may be established as…

Section 1. As used in this chapter, the following words, shall unless the context otherwise requires, have the following meanings:— ''Bank'', a savings bank, co-operative bank, or trust company subject to the supervision of the commissioner of banks. ''Capital'', (1) the sum of t…

Section 2. Every bank, subject to limitations imposed by this chapter or other General Laws, shall have the following powers and whatever further incidental or complementary powers that may fairly be implied from those expressly conferred and such as are reasonably necessary to e…

Section 3. (a) A bank may make or acquire loans and mortgage loans. (b) For purposes of this chapter, the term ''mortgage loan'' shall mean a loan, line of credit, letter of credit or borrowing secured primarily by a lien on an interest in real estate. The following categories of…

Section 4. (a) Each bank shall adopt and maintain comprehensive written loan policies that establish appropriate limits and standards for extensions of credit under section 3 that are consistent with safe and sound banking practices and are appropriate to the size, nature and sco…

Section 5. (a) A bank shall inspect the real estate securing a loan in the event that a payment of interest or principal upon the loan or on account of real estate taxes upon the parcel mortgaged to secure the same shall be in default. Any such inspection shall be made in a manne…

Section 6. (a) The total obligations of 1 borrower to a bank under this chapter and chapter 167F shall not exceed the following limitations. (1) 20 per cent of the total of the bank's capital; (2) 25 per cent of the total of the bank's capital, if the amount of the obligations in…

Section 7. (a) A bank may make or acquire a reverse mortgage loan, pursuant to a program for reverse mortgage loans which has been submitted to and approved by the commissioner, to the owner of real estate improved with a dwelling designed to be occupied by not more than 4 famili…

Section 7A. (a) As used in this section the following word shall, unless the context clearly requires otherwise, have the following meaning:— ''Mortgagor'', an applicant for a reverse mortgage who: (1) has a gross income of less than 50 percent of the area median income, as perio…

Section 8. (a) A bank may make or acquire mortgage loans evidenced by a note which provides for variation in the rate of interest over the term of the note; but a loan made to finance or refinance the purchase of and secured by a first lien on a dwelling house of 4 or fewer separ…

Section 1. As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:— ''Bank'', an association or corporation chartered by the commonwealth under chapter 168, 170 or 172. ''Board'', the board of trustees or directors, …

Section 10. A bank may or in participation with a federal bank, a foreign bank, an out-of-state bank or an out-of-state federal bank, as defined in section 1 of chapter 167 invest in, establish, operate or subscribe for services from another bank, federal bank, foreign bank, out-…

Section 2. Every bank, subject to limitations imposed by this chapter or other general law, shall have the following powers and whatever further incidental or complimentary powers that may fairly be implied from those expressly conferred and those reasonably necessary to enable i…

Section 2A. (a) For purposes of this section, the word ''company'' shall mean an insurance company licensed pursuant to chapter 175 and the word ''affiliate'' shall have the same meaning as established in section 1 of chapter 167A. (b) A bank shall have the power to sell, either …

Section 3. Notwithstanding any provision of this chapter or any other provision of law, any bank may invest in the following classes of stocks in accordance with the conditions, limitations and requirements prescribed herein: 1. Insurance Company Stocks—In the capital stock of an…

Section 4. Any bank, a national banking association or savings and loan association authorized to do business in the commonwealth, may engage directly in the business of selling, issuing or registering checks or money orders, except that trust companies and national banks may eng…

Section 5. A bank may become a member of the Federal Home Loan Bank established for the district of New England under the provisions of an act of Congress, approved July twenty-second, nineteen hundred and thirty-two, as amended, and known as the Federal Home Loan Bank Act, or of…

Section 8. Any such bank may subscribe for and acquire stock issued by the Federal Reserve Bank of Boston for the purpose of qualifying for membership in the federal reserve system, and while a member of such system may have and exercise any and all of the corporate powers and pr…

Section 9. Such bank may, by vote of its board of investment, or board of directors, obtain memberships in certain organizations, and may make contributions and donations and subscribe for services, subject to the conditions, and requirements of this section. 1. Banking Associati…

Section 1. The following words as used in this chapter, unless the context otherwise requires, shall have the following meanings: ''Bank'' or ''such bank'', a savings bank, cooperative bank, trust company or limited purpose trust company. ''Capital stock'', the sum of the par val…

Section 2. With the written authority of the commissioner any such bank may have a trust department in which all business conducted by such department shall be segregated from its general business. The commissioner may grant or refuse such authority after such investigation of th…

Section 3. The trust department of such bank shall, subject to the limitations contained in this chapter, have the following powers: 1. To hold money or property in trust or on deposit from, personal representatives, voluntary personal representatives, assignees, conservators and…

Section 4. Money, property or securities received, invested or loaned by the trust department of any such bank, shall be a special deposit in such corporation, and the accounts thereof shall be kept separate. Such funds and the investment or loans thereof shall be specially appro…

Section 5. Such bank in its trust department may invest the funds or assets which it may receive and hold in a fiduciary capacity in the same way, to the same extent, and under the same restrictions as an individual holding a similar position may invest such funds or assets.

Section 6. No surety shall be required upon the bonds filed by such bank as fiduciary except that the court making such an appointment other than of a trustee, may, upon application by an interested person, require the bank so appointed to give such security, in addition to that …

Section 7. In all proceedings in the probate court or elsewhere, connected with any authority exercised by the trust department, all accounts, returns and other papers may be signed and sworn to, in behalf of such bank by any officer thereof duly authorized by it, who has knowled…

Section 8. Notwithstanding section 4, funds held in the trust department of any bank awaiting investment or distribution may be deposited in its banking department if such bank shall first transfer to its trust department, to be held as security therefor, bonds, notes, bills and …

Section 9. The capital stock of a trust company, or such funds of a savings bank or co-operative bank as determined by the commissioner shall be security for the faithful performances of duties undertaken by the trust department of a bank.

Section 1. As used in this chapter the following words, unless the context otherwise requires, shall have the following meanings:— ''Commissioner'', the commissioner of banks. ''Interim bank'', a Massachusetts or federal bank, out-of-state bank or out-of-state federal bank organi…

Section 10. If a mutual holding company acquires or merges with another holding company under the provisions of clause (3) of section seven, the holding company acquired or the holding company resulting from such merger or acquisition may only invest in assets and engage in activ…

Section 11. In addition to its powers under the banking laws, any subsidiary banking institution shall, with the prior approval of the commissioner and subject to such regulations as he may prescribe, have the right to issue any securities as defined in section one and to take or…

Section 12. A mutual company directly or indirectly controlling or owning 1 or more wholly owned stock bank subsidiaries or stock holding companies may elect to convert from a mutual holding company to a mutual banking institution organized under the original charter of its subsi…

Section 2. (a) Notwithstanding any general or special law to the contrary, a mutual banking institution that is a savings bank may reorganize so as to become a mutual holding company by: (1) establishing a subsidiary banking institution as a stock savings bank in accordance with …

Section 3. A mutual banking institution proposing to reorganize as a mutual holding company pursuant to this chapter shall provide the commissioner with sixty days prior written notice of such proposed reorganization. The notice shall include a copy of the plan of reorganization …

Section 4. (a) A mutual holding company shall be governed by a board of corporators and shall further be governed in accordance with the charter and by-laws of the mutual holding company as adopted or amended in connection with the reorganization authorized under subsection (a) o…

Section 5. The mutual banking institution proposing to form a subsidiary banking institution shall submit an application therefor to the board of banking incorporation, together with such fee as determined by the commissioner of administration annually in accordance with the prov…

Section 6. Upon the reorganization of a mutual banking institution into a mutual holding company, the mutual holding company shall (i) continue to possess and exercise all the rights, powers and privileges, except deposit-taking powers, of a mutual banking institution and (ii) sh…

Section 7. A mutual holding company organized under this chapter may: (1) invest in the stock of 1 or more banking institutions, as defined in section 1 of chapter 167A, or a limited purpose trust company, as defined in section 1 of chapter 167I, which conducts trust and fiduciar…

Section 8. Each mutual 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 mutual holding company and its affilia…

Section 9. With the approval of the commissioner and subject to such regulations as he may prescribe, a mutual holding company established pursuant to this chapter may convert to a stock holding company.

Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Bank'', an association or corporation chartered by the commonwealth pursuant to chapter 168, 170 or 172. ''Board'', the board of trustees …

Section 10. A credit union may convert to a mutual bank pursuant to section 80A of chapter 171. A federally-chartered credit union may convert to a mutual bank pursuant to the Federal Credit Union Act subject to the approval of the commissioner under such conditions as may be imp…