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.