Section 171:65A 1/2 - Credit union acquisition of mortgage loans(a) A credit union may make, acquire, buy or sell, in whole or in part, mortgage loans on property located in the commonwealth, Connecticut, Maine, New Hampshire, New York, Rhode Island or Vermont as participation loans with a bank, credit union service organization, federally-chartered or federally-insured credit union or financial institution, insurance company or any state or federal government agency or a subdivision thereof.(b) For any mortgage loan participation in which the credit union is originating the loan to the borrower, the borrower shall be a member of the credit union and the loan shall be made in accordance with this chapter.(c) A credit union may enter into a mortgage loan participation on a loan originated by a bank, credit union service organization, federally-chartered or federally-insured credit union or financial institution, insurance company or any state or federal government agency or a subdivision thereof and issued to a borrower; provided, however, that the loan is a type of loan that the participating credit union may make under the participating credit union's board-approved policies. Section 66 shall not apply to loans under this subsection.(d) A credit union may service any mortgage loan participation.Mass. Gen. Laws ch. 171, § 65A 1/2
Added by Acts 2020, c. 338,§ 57, eff. 4/12/2021.