§ 1A — Rules and regulations

Massachusetts § 1A

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 167: SUPERVISION OF BANKS

Text

Section 1A. The commissioner shall promulgate rules and regulations establishing minimum standards relative to the security and protection of credit unions under the commissioner's supervision, both for the benefit of employees as well as the general public, including the requirement for the installation, maintenance and operation of security devices and procedures and to assist in the identification and apprehension of criminals.Said rules and regulations shall fix the time limit within which each such credit union shall comply with the standards so established and may require the submission, in writing, of periodic reports and other information necessary to ensure compliance with such rules and regulations. A credit union which violates any rule or regulation promulgated pursuant to this section shall forfeit to the commonwealth $100 for each day during which such violation continues, to be recovered by an information in equity in the name of the attorney general at the request of the commissioner, commenced in the supreme judicial court for Suffolk county.