Bill > H2679

This bill amends various banking laws and related statutes in Massachusetts. Key provisions include: 1. Allowing a portion of public monies to be deposited in banks or savings and loan associations that are insured by the Federal Deposit Insurance Corporation (FDIC), even if those institutions are not located in the Commonwealth. 2. Updating the laws governing how county treasurers, clerks, and other officials can deposit and invest public funds. 3. Prohibiting certain unfair practices by "core processors" - entities that provide data processing services to financial institutions. This includes restrictions on contract terms, fees, and penalties. 4. Modifying requirements related to the acquisition of bank holding companies and the establishment of subsidiary banking institutions. 5. Updating the definition of "high cost home mortgage loan" and requiring borrower certification from a housing counselor before a lender can make such a loan. The bill aims to provide more flexibility in how public monies are deposited and invested, while also regulating certain business practices that impact financial institutions and borrowers.

Business and Industry, Government Affairs

https://malegislature.gov/Bills/191/H2679