SECTION 1. Section 28A of Chapter 140D of the general laws, as so appearing, is hereby amended by striking subsection (a)(2).

SECTION 2. There shall be a special commission to study the future of payments. The commission shall consist of the following members, the chairs of the joint committee on financial services, who shall serve as co-chairs; 1 member appointed by the attorney general; 1 member appointed by the minority leader of the house of representatives; 1 member appointed by the minority leader of the senate; the secretary of housing and economic development or a designee; the director of the division of banks; 1 member appointed by the Massachusetts Bankers Association; 1 member appointed by the Retailers Association of Massachusetts; 1 member appointed by Massachusetts PIRG; 1 member appointed by the Massachusetts chapter of the national federation of independent businesses; and 1 member appointed by the Massachusetts restaurant association.

The commission shall hold at least three public hearings and shall solicit input from the public, businesses and the payments industry on payment trends, the prevalence of cashless transactions and cashless businesses in the commonwealth, credit card fees, mobile payments, buy-now-pay-later financing, and other aspects of the payments industry.  The commission shall submit a report to the legislature on its findings and any legislative recommendations to update the laws of the commonwealth by March 1, 2024.