Bill > H989

This bill establishes the Bank of Massachusetts, a state-owned and operated banking system, with the purpose of encouraging and promoting agriculture, commerce, and industry in the Commonwealth. The key provisions of the bill include: 1. The state treasurer will operate, manage, and control the Bank of Massachusetts, with an advisory board of directors appointed by the governor to provide recommendations on the Bank's operations and management. 2. The Bank can engage in a wide range of banking activities, including making loans to various entities, purchasing loan participations, investing funds, and providing fund transfer services. 3. The Bank will maintain a revolving loan fund to provide loans to Massachusetts beginning farmers for the purchase of agricultural real estate, equipment, and livestock. 4. The Bank's records and financial information are largely confidential, and the Bank will replace the state treasurer as the custodian of certain securities. 5. The Bank can establish a residential mortgage loan program, where it can originate mortgages in partnership with local financial institutions or credit unions. Overall, this bill aims to create a state-run banking system to support economic development and provide financial services to various stakeholders within Massachusetts.

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https://malegislature.gov/Bills/191/H989