HOUSE DOCKET, NO. 2921        FILED ON: 1/17/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3876

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

David Henry Argosky LeBoeuf

_________________

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 equitable access to personal banking services.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

David Henry Argosky LeBoeuf

17th Worcester

1/17/2019

Patricia D. Jehlen

Second Middlesex

1/31/2019

Denise Provost

27th Middlesex

6/5/2019

Tommy Vitolo

15th Norfolk

1/30/2019


HOUSE DOCKET, NO. 2921        FILED ON: 1/17/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3876

By Mr. LeBoeuf of Worcester, a petition (accompanied by bill, House, No. 3876) of David Henry Argosky LeBoeuf and others for legislation to establish a low income checking account access program.  Financial Services.

 

The Commonwealth of Massachusetts

 

_______________

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

_______________

 

An Act relative to equitable access to personal banking services.

 

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

SECTION 1. Chapter 10 of the General Laws is hereby amended by inserting after section 35LLL the following 2 sections:-

SECTION 35MMM. There shall be a Low Income Checking Account Access Fund which shall be expended, without further appropriation, for the operation of the low income checking account access program established in section 35NNN. The fund shall consist of: (1) an amount equal to 50 per cent of the application and licensure fees collected pursuant to section 96 of chapter 140 and section 3 of chapter 169A and (2) all revenues received by the commonwealth from public and private sources as gifts, grants and donations to support the low income checking account access program. Any balance in the fund at the end of a fiscal year shall not revert to the General Fund but shall remain available for expenditure in subsequent years. No expenditure made from the fund shall cause the fund to become deficient at any point during a fiscal year.

SECTION 35NNN. The treasurer and receiver general shall establish and administer a low income checking account access program. The program shall increase access for low income individuals to checking accounts with credit unions located in the commonwealth. The treasurer and receiver general shall promulgate rules and regulations to implement this section.

SECTION 2. Section 96 of chapter 140 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by inserting after the word “transacted”, in line 8, the following words:- ; provided, that the annual fee for said license shall not be less than $2,200.

SECTION 3. Section 3 of chapter 169A of the General Laws, as appearing the in 2016 Official Edition, is hereby amended by inserting after the figure “seven”, in line 18, the following words:- ; provided, that the annual fee for said license shall not be less than $2,000.