General Laws of Massachusetts - Chapter 167 Supervision of Banks

• Massachusetts General Laws - Definitions - Chapter 167, Section 1
  Section 1.  As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:— “Bank”, any association or corporation chartered...
• Massachusetts General Laws - Rules and regulations - Chapter 167, Section 1A
  The commissioner shall promulgate rules and regulations establishing minimum standards relative to the security and protection of banks or credit unions under his supervision, both...
• Massachusetts General Laws - Corporations conducting business of banking company - Chapter 167, Section 1B
  Any corporation conducting the business referred to in section one of chapter one hundred and seventy-two A, whether or not such corporation shall have been...
• Massachusetts General Laws - Examination of banks - Chapter 167, Section 2
  (a)(1) The commissioner, either personally or by his examiners or such other assistants that he designates, shall, at least once in each calendar year, or...
• Massachusetts General Laws - Definitions applicable to Secs. 2A to 2G; unfair practices involving consumer transactions; rules and regulations - Chapter 167, Section 2A
  For the purposes of this section and sections two B to two G, inclusive, the following words shall, unless the context clearly indicates otherwise, have...
• Massachusetts General Laws - Investigation of unfair practices - Chapter 167, Section 2B
  The commissioner shall have the power to examine and investigate into the affairs of every bank engaged in consumer transactions in this commonwealth in order...
• Massachusetts General Laws - Proceedings regarding unfair practices; notice; hearing - Chapter 167, Section 2C
  Whenever the commissioner shall have reason to believe that any such bank has engaged or is engaging in this commonwealth in any such unfair method...
• Massachusetts General Laws - Unfair practices; findings; cease and desist orders; penalty; modification of order - Chapter 167, Section 2D
  If, after such hearing, the commissioner shall determine that the bank charged has engaged in an unfair or deceptive act or practice, he shall reduce...
• Massachusetts General Laws - Review of cease and desist orders; civil liability - Chapter 167, Section 2E
  Any bank required by an order of the commissioner under section two D to cease and desist from engaging in any unfair method of competition...
• Massachusetts General Laws - Violations of cease and desist orders; penalties - Chapter 167, Section 2F
  Any bank which violates a cease and desist order of the commissioner under section two D after it has become final, and while such order...
• Massachusetts General Laws - Penalties for unfair practices; enforcement - Chapter 167, Section 2G
  The powers vested in the commissioner by sections two A to two F, inclusive, shall be in addition to any other powers to enforce any...
• Massachusetts General Laws - Meetings of board of directors or board of trustees of bank; reports on bank examinations; records; certificates - Chapter 167, Section 3
  Whenever the commissioner deems it expedient, he may cause a meeting of the board of directors or board of trustees of a bank to be...
• Massachusetts General Laws - Summoning and examination of bank officers - Chapter 167, Section 4
  The commissioner, or his examiners or such others of his assistants as he may designate, may summon the trustees, officers or agents of a bank,...
• Massachusetts General Laws - Request for bank examination - Chapter 167, Section 5
  Upon written application on oath to the commissioner by five or more officers, trustees, creditors or depositors of a bank setting forth their interest and...
• Massachusetts General Laws - Manner and form of books and accounts; safeguards; deposits - Chapter 167, Section 6
  The commissioner may prescribe the manner and form of keeping the books and accounts of a bank, the extent to which they shall be audited,...
• Massachusetts General Laws - Copies of agreements concerning Federal Reserve regulations and operating letters, clearing house rules, etc.; rules and regulations - Chapter 167, Section 6A
  Any bank, as defined in section one, or a national banking association, federal savings and loan association or federal credit union authorized to do business...
• Massachusetts General Laws - Statements and reports required by commissioner or by law - Chapter 167, Section 7
  In addition to the reports required by law, banks shall make such other statements and reports to the commissioner as he may require. The commissioner...
• Massachusetts General Laws - Failure to make or amend return, statement or report - Chapter 167, Section 8
  An officer of any bank who, for fifteen days after notice by the commissioner, fails to make any return, statement or report required by law...
• Massachusetts General Laws - Destruction or disposal of records, etc.; payment of proceeds - Chapter 167, Section 9
  Returns to the commissioner under section twenty-two A of chapter one hundred and seventy-two, records of examinations of banks made under section two of this...
• Massachusetts General Laws - Reports of fraud, embezzlement or misconduct by bank officers or employees - Chapter 167, Section 10
  Any violation of sections fifty-two to fifty-three A, inclusive, of chapter two hundred and sixty-six shall be reported, in writing, within a reasonable time after...
• Massachusetts General Laws - Shortages in funds; reports; fine - Chapter 167, Section 11
  Any shortage of five thousand dollars or more in a bank shall, within forty-eight hours of discovery thereof by an officer of the bank in...
• Massachusetts General Laws - Misconduct by bank officers; suspension; removal - Chapter 167, Section 12
  If, after inquiry, the commissioner finds that any officer of any bank, including a director or trustee thereof, has violated any law related to such...
• Massachusetts General Laws - Criminal charges against bank officers; suspension or removal from office - Chapter 167, Section 12A
  Whenever any officer of a bank, including a director or trustee, or other person participating in the conduct of the affairs of such bank, is...
• Massachusetts General Laws - Annual reports - Chapter 167, Section 13
  All annual reports submitted to the commissioner by banks shall be on a form which he shall prescribe. Each report shall contain a declaration signed...
• Massachusetts General Laws - Credit needs of local communities; assessment of banks; regulations; application for establishment of domestic branch; examination; alternative community reinvestment examination procedure - Chapter 167, Section 14
  The commissioner shall assess the record of each supervised bank in satisfying their continuing and affirmative obligation to help meet the credit needs of the...
• Massachusetts General Laws - Mortgage review boards; members; terms; appointment; meetings; rules and regulations - Chapter 167, Section 14A
  There shall be four regional mortgage review boards operating in the commonwealth. There shall be a Boston metropolitan area mortgage review board which shall include...
• Massachusetts General Laws - Repealed, 1996, 359, Sec. 4 - Chapter 167, Section 14B
  Repealed, 1996, 359, Sec.
• Massachusetts General Laws - Small business loan review boards; members; terms; appointment; meetings; rules and regulations - Chapter 167, Section 14C
  There shall be established four regional small business loan review boards in the commonwealth. There shall be a Boston metropolitan area small business loan review...
• Massachusetts General Laws - Annual list to investment committee of banks meeting local community needs - Chapter 167, Section 15
  The commissioner of banks shall annually prepare and submit a list to the investment committee established under the provisions of section twenty-three of chapter thirty-two...
• Massachusetts General Laws - Annual list of legal investments - Chapter 167, Section 15A
  Annually, not later than July first, the commissioner shall prepare a list of all stocks, bonds, notes and other interest-bearing obligations which are then legal...
• Massachusetts General Laws - Inclusion in list of investments of securities not otherwise eligible - Chapter 167, Section 15B
  The list of legal investments prepared pursuant to section fifteen A may include securities not otherwise eligible for investment under the provisions of that section;...
• Massachusetts General Laws - Repealed, 1987, 296, Sec. 1 - Chapter 167, Section 16
  Repealed, 1987, 296, Sec.
• Massachusetts General Laws - Repealed, 1996, 359, Sec. 5 - Chapter 167, Section 17
  Repealed, 1996, 359, Sec.
• Massachusetts General Laws - Appraisal of real estate in case of excessive loan - Chapter 167, Section 18
  Whenever in the opinion of the commissioner an excessive loan has been made, or is about to be made, upon real estate, by a bank,...
• Massachusetts General Laws - Losses of bank exceeding surplus and other reserve accounts - Chapter 167, Section 19
  Whenever it has been determined by the commissioner, after investigation, that the losses of any such bank resulting from a depreciation in the value of...
• Massachusetts General Laws - Verification of savings accounts - Chapter 167, Section 20
  At least once in each three year period, every bank shall cause its savings accounts to be verified, to such an extent and in such...
• Massachusetts General Laws - Closing of banks - Chapter 167, Section 21
  Any bank, which term for the purposes of this section shall include not only any bank as defined in section one but also, to the...
• Massachusetts General Laws - Assent to and participation in bank reorganization by government officers - Chapter 167, Section 21A
  Any officer of the commonwealth or of any political subdivision thereof, or of any public or quasi-public body or corporation, receiving public or quasi-public moneys,...
• Massachusetts General Laws - Taking possession of property and business of bank by commissioner - Chapter 167, Section 22
  Whenever it shall appear to the commissioner that any bank has violated its charter or any law of the commonwealth, or is conducting its business...
• Massachusetts General Laws - Notice of taking possession of bank by commissioner - Chapter 167, Section 23
  Upon taking possession of the property and business of a bank, the commissioner shall forthwith give notice thereof to all banks, associations and individuals holding...
• Massachusetts General Laws - Collection of moneys due and liquidation of affairs of banks in possession of commissioner - Chapter 167, Section 24
  Upon taking possession of the property and business of such bank, the commissioner may collect moneys due to the bank and do all acts necessary...
• Massachusetts General Laws - Prosecution and defense of suits and other legal proceedings; sales of property - Chapter 167, Section 25
  To execute and perform the powers and duties conferred upon him, the commissioner may, in the name of any such bank, prosecute and defend all...
• Massachusetts General Laws - Appointment of agents to assist in liquidation and distribution; federal agencies as liquidating agent; subrogation rights - Chapter 167, Section 26
  The commissioner may, under his hand and official seal, appoint agents to assist him in the duty of liquidation and distribution. The certificates of the...
• Massachusetts General Laws - Assistance of federal agency as liquidating agent; notice requirements - Chapter 167, Section 26A
  Whenever a federal agency, as defined in section 26, is named as liquidating agent of a banking institution as defined in section 1 of chapter...
• Massachusetts General Laws - National Credit Union Administration Board as liquidating agent of credit unions; subrogation rights - Chapter 167, Section 26B
  The commissioner may, under his hand and official seal, appoint the National Credit Union Administration Board as the liquidating agent of a credit union insured...
• Massachusetts General Laws - Inventory of bank assets - Chapter 167, Section 27
  Upon taking possession of the property and assets of such bank, the commissioner shall make an inventory, in duplicate, of the assets of the bank,...
• Massachusetts General Laws - Notice to claimants; claims presented - Chapter 167, Section 28
  The commissioner shall publish weekly for three consecutive months, in such newspapers as he directs, a notice calling on all persons who may have claims...
• Massachusetts General Laws - List of claims presented - Chapter 167, Section 29
  Upon the expiration of the time fixed for the presentation of claims, the commissioner shall make, in duplicate, a full and complete list of the...
• Massachusetts General Laws - Fees and expenses - Chapter 167, Section 30
  The compensation of the special agents, counsel, employees and assistants, and all expenses of supervision and liquidation, shall be fixed by the commissioner, subject to...
• Massachusetts General Laws - Dividends; objections to claims - Chapter 167, Section 31
  At any time after the expiration of the date fixed for the presentation of claims, the supreme judicial court, on application of the commissioner, depositor,...
• Massachusetts General Laws - Dividend payments to minors; disposition of accounts of decedents - Chapter 167, Section 31A
  In the case of a deposit standing in the name of a minor having no known guardian, the commissioner, in his discretion if the amount...
• Massachusetts General Laws - Property deposited with bank; disposition - Chapter 167, Section 32
  Should any bank, at the time when the commissioner takes possession thereof, have in its possession for safe keeping and storage, any jewelry, plate, money,...
• Massachusetts General Laws - Bank aggrieved by action of commissioner; application for injunction - Chapter 167, Section 33
  Whenever any bank of whose property and business the commissioner has taken possession deems itself aggrieved thereby, it may, at any time within ten days...
• Massachusetts General Laws - Stockholders’ meeting - Chapter 167, Section 34
  Whenever the commissioner has paid to every depositor and creditor of such corporation, not including stockholders, whose claims as such creditors or depositors have been...
• Massachusetts General Laws - Unclaimed dividends and funds - Chapter 167, Section 35
  Unclaimed dividends and all other funds received from the liquidation of any institution, so taken possession of, and remaining in the possession of the commissioner...
• Massachusetts General Laws - Destruction of books, records, etc. concerning bank and liquidation thereof - Chapter 167, Section 35A
  After the expiration of six years from the order for final distribution, the commissioner may, with the approval of the supreme judicial court, cause to...
• Massachusetts General Laws - Reports on banks in possession of commissioner - Chapter 167, Section 35B
  The commissioner shall, while any such bank is in his possession, issue, from time to time, at intervals of not more than six months, reports...
• Massachusetts General Laws - Equity jurisdiction of supreme judicial court - Chapter 167, Section 36
  The supreme judicial court, or any justice thereof, shall have jurisdiction in equity to enforce the provisions of sections twenty-two to thirty-five B, inclusive, and...
• Massachusetts General Laws - Appointment of conservator; powers and duties; compensation; termination; equity jurisdiction of supreme court - Chapter 167, Section 36A
  In addition to all other powers conferred upon the commissioner by law, whenever said commissioner considers it necessary to conserve the assets of any bank...
• Massachusetts General Laws - Unauthorized banking - Chapter 167, Section 37
  No domestic or foreign corporation or individual, partnership or association shall conduct the business of a savings bank, co-operative bank, savings and loan association, credit...
• Massachusetts General Laws - Examination of accounts, books and papers to determine violation of Sec. 37 - Chapter 167, Section 37A
  The commissioner or his examiners may examine the accounts, books and papers of any corporation, person, partnership or association he or his examiners believe is...
• Massachusetts General Laws - Student bank programs - Chapter 167, Section 37B
  A bank, federal bank, federal credit union or a foreign bank, out-of-state bank and out-of-state federal bank with a branch office in the commonwealth may...
• Massachusetts General Laws - Foreign banks; certificate to transact business; housing partnership fund loans - Chapter 167, Section 38
  No foreign bank shall, except as herein provided, transact a banking business in the commonwealth, other than as provided in chapter one hundred and sixty-seven...
• Massachusetts General Laws - Repealed, 1982, 626, Sec. 2 - Chapter 167, Section 38A
  Repealed, 1982, 626, Sec.
• Massachusetts General Laws - Branch offices of foreign banks; merger, consolidation, or purchase of assets or stock of state banks - Chapter 167, Section 39
  Any foreign bank which has obtained a certificate issued by the board of bank incorporation in accordance with section thirty-eight, if such bank is expressly...
• Massachusetts General Laws - Repealed, 1982, 626, Sec. 2 - Chapter 167, Section 39A
  Repealed, 1982, 626, Sec.
• Massachusetts General Laws - Out-of-state banks; merger or consolidation with Massachusetts bank; applicable laws - Chapter 167, Section 39B
  Any out-of-state bank or out-of-state federal bank, if such bank is expressly authorized to do so by the laws under which it is organized and...
• Massachusetts General Laws - Branch de novo; purchase of branch without purchasing bank; applicable laws - Chapter 167, Section 39C
  A foreign bank, out-of-state bank, or out-of-state federal bank, if such bank does not operate a branch in the commonwealth, may, upon approval by the...
• Massachusetts General Laws - Examination of foreign or out-of-state banks; charges; availability of reports and information; cooperation with other jurisdictions - Chapter 167, Section 40
  The commissioner shall, in the manner prescribed in section two, examine every foreign bank authorized to do a banking business in the commonwealth pursuant to...
• Massachusetts General Laws - Registration with commissioner; reports - Chapter 167, Section 40A
  Each foreign bank, out-of-state bank and out-of-state federal bank which operates a Massachusetts branch shall register with the commissioner on forms prescribed by him which...
• Massachusetts General Laws - Access to vaults, books and papers; summoning witnesses; administering oaths - Chapter 167, Section 41
  For the purposes of section forty, the commissioner or the person making the examination shall have free access to the vaults, books and papers of...
• Massachusetts General Laws - Insolvent foreign or out-of-state banks; injunction - Chapter 167, Section 42
  If, upon examination, it appears that any such foreign bank or out-of-state bank is insolvent, or that its capital is impaired, or that its condition...
• Massachusetts General Laws - Fiduciary capacity; authorization - Chapter 167, Section 43
  The board of bank incorporation may, subject to such conditions as the commissioner may prescribe, grant to a foreign banking association or corporation whose principal...
• Massachusetts General Laws - Certificate authorizing out-of-state bank to act as fiduciary; applicable law - Chapter 167, Section 43A
  The commissioner may, subject to such conditions as he may prescribe, grant to an out-of-state bank or an out-of-state federal bank a certificate authorizing it...
• Massachusetts General Laws - Repealed, 1982, 626, Secs. 1, 2 - Chapter 167, Section 44 to 45A
  Repealed, 1982, 626, Secs. 1,
• Massachusetts General Laws - Honoring and cashing of pensioners’ and retirees’ checks - Chapter 167, Section 46
  Every bank doing business in the commonwealth, which for the purposes of this section shall include any bank, except an internet bank as defined in...
• Massachusetts General Laws - Repealed, 2010, 234, Sec. 1 - Chapter 167, Section 47
  Repealed, 2010, 234, Sec.
• Massachusetts General Laws - Financing of premises containing lead in paint, plaster or materials - Chapter 167, Section 48
  No bank, lending institution, credit union or mortgagee pursuant to applicable law, or mortgagee doing business in the commonwealth, which for the purposes of this...
• Massachusetts General Laws - Definitions - Chapter 167, Section 49
  Whenever used in this section, and sections 50 and 51, the following words shall, unless the context requires otherwise, have the following meanings: “Appropriate corrective...
• Massachusetts General Laws - Compliance review supervisor - Chapter 167, Section 50
  A bank, by vote of its board of directors or trustees, may appoint a compliance review supervisor to conduct self testing programs on a continuing...
• Massachusetts General Laws - Compliance review documents; confidentiality - Chapter 167, Section 51
  Except as provided in section 50, the proceedings of the compliance review supervisor and the contents of any compliance review document shall, notwithstanding any other...

Last modified: September 11, 2015