Section 50.06 - Notice Process to Conduct Certain Activities(1)General. A credit union that is well or adequately capitalized and has not been notified that it is in troubled condition may engage in any activity listed under 209 CMR 50.06(3), by providing the Commissioner written notice 30 days prior to commencing the new activity. The Commissioner may modify, curtail, rescind, or otherwise limit any activity listed under 209 CMR 50.06(3) for safety and soundness reasons pursuant to 209 CMR 50.04(4). Notification of limitations will be provided within the 30 day notice period. At the time the notice is filed or at any time the notice is pending, a credit union may request that the Commissioner waive and the Commissioner may waive the remaining notice period.(2)Notice. The written notice must include a complete description of the activity conducted, the credit union's investment in such activity, and a representation and undertaking that the activity will be conducted in accordance with Massachusetts and federal law. Any credit union filing notice pursuant to 209 CMR 50.06(1) is deemed to have agreed to conduct the activity in a manner consistent with applicable guidelines. The Commissioner may require other information as deemed necessary.(3)Activities Subject to Notice. A credit union may engage in the following activities pursuant to 209 CMR 50.06(1): (a)Non-member Monetary Instrument Services. As set forth in 12 CFR § 721 and NCUA Opinion Letter 02-0250, in order to provide monetary instrument services for non-members, a credit union may engage in the following: may establish a simplified membership program, with a non-dividend bearing membership account; with appropriate limitations may provide wire transfer services as a promotional activity pursuant to 209 CMR 50.06(3)(a) and 50.07(2)(h)2.g.; and in appropriate circumstances may provide wire transfer services as a charitable activity. A credit union may also offer check cashing and money transfer services to certain non-members within the credit union's field of membership including the following: the sale of negotiable checks, travelers checks, money orders and other similar money transfer instruments; the cashing of checks and money orders; and the receiving of international and domestic electronic fund transfers.(b)Certain Finders Activities. A credit union may make insurance, mutual funds and annuities available to its members through outside vendors subject to the requirements of 12 CFR § 721 and Massachusetts law. A credit union may also provide additional finder activities.(c)Operational Programs. A credit union may provide payroll services.(d)Non-member Deposits.1.Low Income Designated Credit Unions. A credit union designated in writing as "low income" by the Division of Banks and NCUA pursuant to 12 CFR § 741.204(b) may accept deposits for any purpose from any source up to the aggregate of 20% of its existing deposits or $3 million, whichever is greater. Said deposits shall not exceed federal or excess share insurance limits. Any acceptance of deposits made under 209 CMR 50.06(3)(d) shall be made in accordance with a detailed written policy approved and reviewed annually by the credit union's directors.2.Non-low Income Designated Credit Unions. A credit union that is not designated as low income may accept deposits for any purpose from any credit union insured by the NCUA up to 20% of its existing deposits or $3 million, whichever is greater. Said deposits shall not exceed federal or excess share insurance limits. Any acceptance of deposits made under 209 CMR 50.06(3)(d) shall be made in accordance with a detailed written policy approved and reviewed annually by the credit union's directors.(e)Investments in Land, Building, Improvements, and Equipment. A credit union may invest in land, building, improvements and equipment. Notice is required if a credit union invests more than $1,000,000 per one parcel of real estate or purchase of equipment per transaction.(f)Charitable Donation Accounts. A credit union may establish charitable donation accounts. All charitable donation accounts shall conform to the procedural and substantive requirements of 12 CFR § 721.3(b)(2).Amended by Mass Register Issue 1319, eff. 8/12/2016.