Budget Amendment ID: FY2019-S4-819
ECO 819
Minority Owned Economy of Scale Business Initiative
Messrs. Welch, Lesser, O'Connor and Collins moved that the proposed new text be amended by inserting after section XXX the following section:-
"SECTION XYZ. Notwithstanding any general or special law to the contrary, Chapter 204. Chapter 255-E and Chapter 255-F of the General Laws, and whatever other General Laws shall be required, shall be amended for the purpose maximizing the intent of this section, the Division of Banks and Division of Professional Licensure shall, beginning in fiscal year 2019 and with a planned completion by the end of fiscal year 2024: plan, develop and implement strategies to achieve 'A Minority Owned Economy of Scale Business Initiative' to maximized the participation of minority owned real estate and financial services professions into the Commonwealth of Massachusetts Real Estate and Financial Services Market, Among the goals of such strategies shall be to realize: fifteen (15) Mortgage Lender and Mortgage Broker Licensees, eight (8) State Bank Charters, and ten (10) Insurance /Carrier License approvals. To aide in carrying out the intention of this section both, the Division of Banks and the Division of Professional Licensure are herein authorized to establish and development working relationships and/or coordination with the Region 1, National Association of Real Estate Brokers (NAREB), or other Appropriately qualified organization.".