HOUSE DOCKET, NO. 2255        FILED ON: 1/15/2025

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

The Commonwealth of Massachusetts

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PRESENTED BY:

Bradley H. Jones, Jr.

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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.

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PETITION OF:

HOUSE DOCKET, NO. 2255        FILED ON: 1/15/2025

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 1051 OF 2023-2024.]

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Fourth General Court
(2025-2026)

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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 senate appointed by the senate minority leader; a member of the house of representatives 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.