Massachusetts § 7 Use of words ''credit union'' restricted; penalties

Massachusetts Statutes

§ 7 — Use of words ''credit union'' restricted; penalties

Massachusetts § 7

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 171CREDIT UNIONS

This text of Massachusetts § 7 (Use of words ''credit union'' restricted; penalties) 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, § 7 (2026).

Text

Section 7. No person, partnership or association, and no corporation, except one incorporated under this chapter or corresponding provisions of earlier laws or the Federal Credit Union Act or one incorporated as a credit union under the laws of any other state and authorized to do business in the commonwealth, shall hereafter receive payments on shares or deposits from its members and loan such payments on shares and deposits in the manner of a credit union or transact business under any name or title containing the words ''credit union''; provided, however, that an association of credit unions or an organization, corporation or association, whose membership or ownership is primarily limited to credit unions, may transact business in accordance with the purposes for which it was establishe

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Section 7. No person, partnership or association, and no corporation, except one incorporated under this chapter or corresponding provisions of earlier laws or the Federal Credit Union Act or one incorporated as a credit union under the laws of any other state and authorized to do business in the commonwealth, shall hereafter receive payments on shares or deposits from its members and loan such payments on shares and deposits in the manner of a credit union or transact business under any name or title containing the words ''credit union''; provided, however, that an association of credit unions or an organization, corporation or association, whose membership or ownership is primarily limited to credit unions, may transact business in accordance with the purposes for which it was established under any name or title containing the words ''credit union''. Whoever violates any provision of this section shall be punished by a fine of not more than one thousand dollars, and the supreme judicial and superior courts shall have jurisdiction in equity to enforce the provisions of this section.