HOUSE DOCKET, NO. 1715        FILED ON: 1/18/2023

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1051

 

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

1/17/2023

Nicholas A. Boldyga

3rd Hampden

1/26/2023

Susan Williams Gifford

2nd Plymouth

1/26/2023

F. Jay Barrows

1st Bristol

1/26/2023

Kimberly N. Ferguson

1st Worcester

2/1/2023


HOUSE DOCKET, NO. 1715        FILED ON: 1/18/2023

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1051

By Representative Jones of North Reading, a petition (accompanied by bill, House, No. 1051) of Bradley H. Jones, Jr., and others for legislation to establish a special task force (including members of the General Court) to review and report on the financial impact of financial technology operations and current bank charter regulations.  Financial Services.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Third General Court
(2023-2024)

_______________

 

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:
 

SECTION 1. Notwithstanding any special or general law to the contrary, 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.