Bill > H1099

This bill establishes a matched savings account program to be administered by fiscal intermediaries. The key provisions are: 1. The bill creates a new chapter in the General Laws (Chapter 167K) to enable lower-income households to open matched savings accounts with community-based organizations. The accounts can be used for approved savings goals like education, home purchase, small business, vehicle purchase, etc. 2. Eligible individuals must be part of a lower-income household (80% or less of area median income) and have assets of no more than $75,000. They must develop a savings plan with a community-based organization. 3. Fiscal intermediaries selected by the Division of Banks will manage the matched savings accounts, providing at least $4 in matching funds for every $1 deposited by the account holder, up to a total of $20,000 per account. 4. Community-based organizations will be responsible for marketing, outreach, enrollment, financial education, and other support activities, receiving up to 25% of the allocated funds. 5. The Division of Banks will determine the eligibility criteria for selecting fiscal intermediaries and provide oversight of the program.

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https://malegislature.gov/Bills/192/H1099