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.