Massachusetts § 69 - Allowance or reserve for loan losses
Full text of Massachusetts Massachusetts General Laws § 69 — Allowance or reserve for loan losses, with citation guidance and answers to common questions.
§ 69. Allowance or reserve for loan losses
Section 69. A credit union shall maintain an allowance for loan losses or reserve for loan losses calculated according to generally accepted accounting principles or as otherwise directed by the commissioner. For the purposes of this chapter, any reference to the term ''loan reserve'' shall mean the allowance for loan losses or the reserve calculated under this section.
Should the reserves maintained in this section and section seventy exceed the amount necessary to be kept or maintained in those accounts, the credit union may transfer such excess into an undivided earnings account.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 69
What does Massachusetts General Laws § 69 cover?
Section 69 ("Allowance or reserve for loan losses") 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 § 69?
A common citation format is "Massachusetts General Laws § 69" (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 § 69 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.