Massachusetts HD 2255: An Act relative to establishing a financial technology task force

Bill Text

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HOUSE DOCKET, NO. 2255 FILED ON: 1/15/2025
HOUSE . . . . . . . . . . . . . . . No. 1208

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:

NAME: DISTRICT/ADDRESS: DATE ADDED:
Bradley H. Jones, Jr. 20th Middlesex 1/15/2025
Paul K. Frost 7th Worcester 1/31/2025
Todd M. Smola 1st Hampden 3/10/2025
Hannah Kane 11th Worcester 1/31/2025

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HOUSE DOCKET, NO. 2255 FILED ON: 1/15/2025
HOUSE . . . . . . . . . . . . . . . No. 1208
By Representative Jones of North Reading, a petition (accompanied by bill, House, No. 1208) 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.

[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:

1 Notwithstanding any special or general law to the contrary, there shall be a special task
2 force to review and report on the financial impact of financial technology operations and current
3 bank charter regulation in Massachusetts. The task force shall consist of 9 members: the house
4 and senate chairs of the joint committee on financial services or their designees, who shall serve
5 as the co-chairs of the task force; a member of the senate appointed by the senate minority
6 leader; a member of the house of representatives appointed by the house minority leader; a
7 member of MassChallenge’s Global Board of Directors, or a designee; the executive director of
8 the Massachusetts Technology Collaborative, or a designee; and 3 persons to be appointed by the
9 Massachusetts Commissioner of Banks, 1 of whom shall be an employee of the commonwealth

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10 in the office of the secretary of labor and workforce development, and 2 of whom shall be
11 selected from a list of 5 persons nominated by the Massachusetts Bankers Association.
12 This task force shall: (i) identify and review the state laws, regulations, and
13 administrative directives related to financial technology and banking charters; (ii) identify the
14 key banking developments that would best benefit citizens of Massachusetts; (iii) require the
15 division of banks to submit reports to the legislature it obtains from banks and technology
16 companies; and (iv) develop recommendations to establish legislative procedures to better
17 integrate financial technology in Massachusetts.
18 The task force shall submit a report, including any draft legislation and regulations, to the
19 clerks of the house and representatives and the senate within 12 months of the passage of this act.