Purpose and Scope

Purpose. The purpose of 209 CMR 58.00 is to establish requirements for application and notice authorities for Massachusetts-chartered credit unions to establish a branch office up to 100 miles from the premises of the main office within the Commonwealth, and in Connecticut, Maine, New Hampshire, New York, Rhode Island, or Vermont, subject to conditions to be established by the Commissioner. In addition, 209 CMR 58.00 also establishes application requirements for foreign credit unions and notice requirements for out-of-state federal credit unions, with a principal place of business located in such other states, as defined in 209 CMR 58.00, to establish a branch office in the Commonwealth, subject to conditions to be established by the Commissioner.