MA S2374

Bill

MA S2374

Relative to personal savings

Introduced
06/23/2016

In Committee
07/31/2016

Crossed Over
10/03/2016

Passed
10/06/2016

Dead

Signed/Enacted/Adopted
10/14/2016

Introduced Session

189th General Court

Bill Summary

The committee on Ways and Means, to whom was referred the Senate Bill to promote personal savings (Senate, No. 495),-- reports, recommending that the same ought to pass with an amendment substituting a new draft with the same title (Senate, No. 2374).

AI Summary

This bill, titled "Relative to personal savings," amends existing Massachusetts General Laws to allow banks and credit unions to conduct "savings promotion raffles," which are defined as contests where the only requirement to enter is depositing money into a savings account or program, with each entry having an equal chance of winning prizes, and which must comply with federal regulations, specifically referencing the federal Consumer Financial Protection Act of 2012 and the federal American Savings Promotion Act of 2014, and clarifies that these raffles will not be considered illegal gambling under state law, with the commissioner tasked with creating the necessary regulations to oversee these new savings initiatives.

Committee Categories

Budget and Finance

Sponsors (0)

No sponsors listed

Other Sponsors (1)

Senate Committee on Ways and Means (Senate)

Last Action

Signed by the Governor, Chapter 294 of the Acts of 2016 (on 10/14/2016)

Official Document

https://malegislature.gov/Bills/189/Senate/S2374

(13 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/189/Senate/S2374
State Bill Page	https://malegislature.gov/Bills/189/S2374
Bill	https://malegislature.gov/Bills/189/S2374.pdf

Bill	Bill Name	Last Action	Type
S1336	Relative to the veteran allowance for public retirees	Accompanied H3285	Similar To
S181	Relative to check cashing fees	Accompanied a study order, see S2357	Similar To
S182	Relative to credit and debit cards	Accompanied a study order, see S2318	Similar To
S2023	Relative to private construction contracts.	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S2038	Authorizing the city of Lynn to grant 1 additional license for the sale of all alcoholic beverages not to be drunk on the premises	Signed by the Governor, Chapter 152 of the Acts of 2015	Similar To
S2090	Authorizing the town of Middleborough to exchange certain parcels of conservation land	Signed by the Governor, Chapter 189 of the Acts of 2016	Similar To
S2471	Resolve An Act creating a sexual assault climate survey for Massachusetts colleges and universities	Read; and referred to the committee on House Ways and Means	Similar To
S431	Relative to the Use of Crossbows	Accompanied S414	Similar To
S457	Relative to a moratorium on hydraulic fracturing	New draft substituted, see S2309	Similar To
S465	Relative to the removal and disposal of waste oil	Accompanied a study order, see S2380	Similar To
S495	To promote personal savings	New draft substituted, see S2374	Similar To
S509	To increase transparency at mutual banks, co-operative banks and credit unions	Accompanied a study order, see S2318	Similar To
S534	Relative to fraud or embezzlement	Accompanied a study order, see S2318	Similar To

Bill > S2374

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (0)

Other Sponsors (1)

Last Action

Official Document

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