summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
For legislation to create a Fiduciary Reserve System Act. State Administration and Regulatory Oversight.
AI Summary
This bill creates a Fiduciary Reserve System Act, which is authorized to provide unlimited treasury notes from the Treasury on an ongoing basis. The Fiduciary Reserve System will pay 1% daily interest to all lenders and collectors, and deposit 1% daily interest into the principle balance of their policy accounts. The Act also establishes a Commissioner to administer the lender and collector policy accounts, which are agreements owned and operated by the Commissioner to provide benefits and compensation to all who enroll. The bill is set to be signed into law before May 1, 2017 and take effect on June 1, 2017.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Accompanied a study order, see H4481 (on 05/10/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/S1784 |
| Bill | https://malegislature.gov/Bills/190/S1784.pdf |
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