Massachusetts § 34 - Deposit of public monies
Full text of Massachusetts Massachusetts General Laws § 34 — Deposit of public monies, with citation guidance and answers to common questions.
§ 34. Deposit of public monies
Section 34. (a) State officers, departments, institutions and other agencies may, with the written consent of the state treasurer, deposit a portion of the public monies in their possession in national banks, federal savings banks and federal savings and loan associations, lawfully doing business within the commonwealth, and in trust companies, savings banks and 1 cooperative banks chartered under the laws of the commonwealth. The state treasurer shall publish a list of qualified banks and shall transmit that list at least once every 6 months to the governor. The state treasurer shall not include on the list a state-chartered bank having a descriptive rating as described in clauses (d) or (e) of the sixth paragraph under section 14 of chapter 167 or any federally insured depository institution having an assigned rating of (C) or (D) under section 807(b) (2) of the Community Reinvestment Act of 1977, 12 U.S.C. 2901 et seq.
(b) A state treasurer who knowingly makes a deposit in violation of subsection (a) shall be guilty of misconduct and maladministration in the treasurer's office within the meaning of the constitution, any other officer who knowingly makes a deposit in violation of subsection (a) shall be guilty of misconduct and maladministration in his office, and a depository institution knowingly receiving a deposit in violation of subsection (a) shall be disqualified from receiving such monies for 3 years from the date of the deposit.
(c) All interest received on any deposits under this section shall be paid to the commonwealth.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 34
What does Massachusetts General Laws § 34 cover?
Section 34 ("Deposit of public monies") 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 § 34?
A common citation format is "Massachusetts General Laws § 34" (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 § 34 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.