Massachusetts § 69 Allowance or reserve for loan losses

Massachusetts Statutes

§ 69 — Allowance or reserve for loan losses

Massachusetts § 69

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 171CREDIT UNIONS

This text of Massachusetts § 69 (Allowance or reserve for loan losses) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mass. Gen. Laws ch. 171, § 69 (2026).

Text

Section 69. A credit union shall maintain an allowance for loan losses or reserve for loan losses calculated according to generally accepted accounting principles or as otherwise directed by the commissioner. For the purposes of this chapter, any reference to the term ''loan reserve'' shall mean the allowance for loan losses or the reserve calculated under this section.Should the reserves maintained in this section and section seventy exceed the amount necessary to be kept or maintained in those accounts, the credit union may transfer such excess into an undivided earnings account.

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Section 69. A credit union shall maintain an allowance for loan losses or reserve for loan losses calculated according to generally accepted accounting principles or as otherwise directed by the commissioner. For the purposes of this chapter, any reference to the term ''loan reserve'' shall mean the allowance for loan losses or the reserve calculated under this section.Should the reserves maintained in this section and section seventy exceed the amount necessary to be kept or maintained in those accounts, the credit union may transfer such excess into an undivided earnings account.

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Massachusetts § 69, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/171/69.