HOUSE DOCKET, NO. 2123        FILED ON: 1/17/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1012

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Bradley H. Jones, Jr.

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to establishing a financial technology task force.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Bradley H. Jones, Jr.

20th Middlesex

1/16/2019

Bradford Hill

4th Essex

1/24/2019

Elizabeth A. Poirier

14th Bristol

1/17/2019

Susan Williams Gifford

2nd Plymouth

1/17/2019

Paul K. Frost

7th Worcester

1/30/2019

Todd M. Smola

1st Hampden

1/31/2019

Randy Hunt

5th Barnstable

1/28/2019

Steven S. Howitt

4th Bristol

1/30/2019

Mathew J. Muratore

1st Plymouth

1/30/2019

Michael J. Soter

8th Worcester

1/31/2019


HOUSE DOCKET, NO. 2123        FILED ON: 1/17/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1012

By Mr. Jones of North Reading, a petition (accompanied by bill, House, No. 1012) of Bradley H. Jones, Jr., and others for an investigation by a special task force (including member so the General Court) relative to financial technology operations and current bank charter regulations in the Commonwealth.  Financial Services.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-First General Court
(2019-2020)

_______________

 

An Act relative to establishing a financial technology task force.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

There shall be a special task force to review and report on the financial impact of Financial Technology operations and current bank charter regulation in Massachusetts. The task force shall consist of 9 members: the house and senate chairs of the joint committee on financial services or their designees, who shall serve as the co-chairs of the task force; a member of the general court appointed by the senate minority leader; a member of the general court appointed by the house minority leader; a member of MassChallenge’s Global Board of Directors, or a designee; the executive director of the Massachusetts Technology Collaborative, or a designee; and 3 persons to be appointed by the Massachusetts Commissioner of Banks, 1 of whom shall be an employee of the commonwealth in the office of the secretary of labor and workforce development, and 2 of whom shall be selected from a list of 5 persons nominated by the Massachusetts Bankers Association.

This task force shall: (i) identify and review the state laws, regulations, and administrative directives related to financial technology and banking charters; (ii) identify the key banking developments that would best benefit citizens of Massachusetts; (iii) require the division of banks to submit reports to the legislature it obtains from banks and technology companies; and (iv) develop recommendations to establish legislative procedures to better integrate Financial Technology in Massachusetts.

The task force shall submit a report, including any draft legislation and regulations, to the clerks of the house and representatives and the senate within 12 months of the passage of this act.