Massachusetts § 57 - Loans to members; applications; preferences; limitations
Full text of Massachusetts Massachusetts General Laws § 57 — Loans to members; applications; preferences; limitations, with citation guidance and answers to common questions.
§ 57. Loans to members; applications; preferences; limitations
Section 57. The capital, deposits and surplus of a credit union shall be invested in loans to members, with approval of the credit committee, as provided in section seventeen and, when so required herein, of the board of directors.
All applications for loans shall be made in writing or by electronic means.
Personal loans shall always be given the preference and, in the event there are not sufficient funds available to satisfy all loan applications approved by the credit committee, preference shall be given to the smaller loan.
Whenever the liquidity reserve required by section seventy-one falls below five percent of the total assets of a credit union, no further loans shall be made until the ratio as herein provided has been reestablished.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 57
What does Massachusetts General Laws § 57 cover?
Section 57 ("Loans to members; applications; preferences; limitations") is part of the Massachusetts General Laws, the codified statutory law of Massachusetts. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Massachusetts § 57?
A common citation format is "Massachusetts General Laws § 57" (Massachusetts). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Massachusetts law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Massachusetts official source linked on this page or consult a licensed Massachusetts attorney.
How does Massachusetts § 57 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Massachusetts can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Massachusetts.