Bill > H955

This bill makes several amendments to the banking laws and related statutes in Massachusetts. The key provisions are: 1. Allows the state treasurer to deposit a portion of public monies in deposit accounts insured by the Federal Deposit Insurance Corporation (FDIC) through a selected banking institution. 2. Clarifies the requirements for county treasurers and other officials to deposit funds in national banks, trust companies, savings banks, cooperative banks, federal savings banks, or federal savings and loan associations. 3. Authorizes financial institutions to postpone their annual meetings or hold them in a virtual or hybrid manner during a declared state of emergency. 4. Prohibits certain unfair practices by "core processors" (entities that provide data processing services to financial institutions). 5. Makes changes to the requirements for "high cost home mortgage loans" related to counseling and ability to repay determinations. Overall, the bill aims to modernize and provide more flexibility in the banking and financial services industry in Massachusetts, while also protecting consumers and regulating certain practices.

Business and Industry

https://malegislature.gov/Bills/193/H955