Bill > H1052

This bill amends various banking laws and related statutes in Massachusetts. The key provisions of the bill are: 1. It allows a portion of public monies to be deposited in certain banking institutions that then arrange for the redeposit of the funds in insured deposit accounts at other banks or savings and loan associations. 2. It updates language around the deposit and investment of funds by county treasurers, clerks of the courts, and other officials. 3. It establishes the Uniform Real Property Electronic Recording Act, which allows for the electronic recording of documents and creates standards for registrars to implement electronic recording. 4. It allows financial institutions to postpone annual meetings and hold virtual or hybrid meetings during a declared state of emergency in the Commonwealth. 5. It prohibits certain unfair practices by core processors that provide data processing services to financial institutions. 6. It makes changes to the laws governing the election of officers at certain types of financial institutions. 7. It updates the definition of "high cost home mortgage loan" and requirements around such loans to be consistent with federal regulations.

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https://malegislature.gov/Bills/192/H1052