An Act allowing fair compensation of Massachusetts credit union directors
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to establish fair compensation standards for the directors of credit unions in Massachusetts. Currently, there isn't a specific statutory framework governing director compensation, leading to potential inequities. The bill seeks to address this by creating guidelines and potentially allowing for member input on compensation decisions. It seeks to ensure that credit union directors are adequately compensated for their service.
Key provisions
- Establishes guidelines for director compensation in Massachusetts credit unions.
- May allow for member input on director compensation.
- Addresses the lack of a current statutory framework for director compensation.
- Potentially clarifies the scope of director compensation.
- Aims to ensure equitable compensation for credit union board members.
- Could involve a study to determine appropriate compensation levels.
Who is affected
- Massachusetts credit unions
- Credit union directors
- Credit union members
Notable changes
- Creates a framework for director compensation where none currently exists.
- May introduce a mechanism for member involvement in compensation decisions.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Andres X. Vargas
Cosponsor
Andres X. Vargas
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