Massachusetts H1033 amends state credit union laws to allow conversions to mutual savings banks and co-operative banks.

Massachusetts H1033 amends state credit union laws to allow conversions to mutual savings banks and co-operative banks. The bill specifies the conditions and procedures for such conversions, including member voting requirements and commissioner approval. It also outlines the process for converting to a credit union, including the need for federal approvals and the handling of assets and liabilities. The bill includes provisions for disclosures to members about the potential impacts of conversion and penalties for false disclosures.

Massachusetts H1033 amends state credit union laws to allow conversions to mutual savings banks and co-operative banks.

Massachusetts H1033 amends state credit union laws to allow conversions to mutual savings banks and co-operative banks. The bill specifies the conditions and procedures for such conversions, including member voting requirements and commissioner approval. It also outlines the process for converting to a credit union, including the need for federal approvals and the handling of assets and liabilities. The bill includes provisions for disclosures to members about the potential impacts of conversion and penalties for false disclosures.