summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation relative to savings enabling prosperity. Financial Services.
AI Summary
This bill aims to establish a statewide matched-savings program in Massachusetts to enable lower-income households to build wealth through investments in small businesses, education, homeownership, and other wealth-building purposes. The program allows eligible account holders (households earning less than 80% of the area median income) to open matched-savings accounts with a fiscal intermediary organization, which will match their deposits at a 4:1 ratio up to a total of $20,000. The bill outlines the approved savings goals, the responsibilities of the fiscal intermediary and community-based organizations, and the oversight role of the Division of Banks. The goal is to provide an asset-based anti-poverty strategy that complements government income support programs.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see S2699 (on 02/17/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://malegislature.gov/Bills/192/S662 |
Bill | https://malegislature.gov/Bills/192/S662.pdf |
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