MA S1811

Bill

MA S1811

Relative to the Federal Debit Bank Act

Introduced
01/23/2017

In Committee
01/23/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

For legislation relative to the Federal Debit Bank Act. State Administration and Regulatory Oversight.

AI Summary

This bill proposes the "Federal Debit Bank Act," which would establish a trust account to provide financial relief and protection to U.S. citizens affected by cybercrime, investment fraud, or loss/damage to real property. Key provisions include: - Appropriating $100,000 per citizen, account holder, or cybercrime victim to fund new and existing banking, insurance, and cybercrime relief programs, as well as $100 billion annually to administer the trust account and federal emergency relief program. - Setting the trust account's standard interest rate at 500% per day of the principal balance. - Requiring the trust account to collect data on real property holdings and bank/insurance deposits worldwide to guarantee full purchase reimbursement. - Mandating annual reports on the trust account's activities, including the number of accounts, real property holdings, interest paid, cybercrime incidents, and relief provided. - Establishing the commissioner of the Federal Debit Bank Act as an appointed position with authority over contracts and services related to the trust account. The bill aims to immediately provide financial security and assistance to those impacted by various financial crimes and property losses.

Committee Categories

Government Affairs

Sponsors (1)

Bruce Tarr (R)*,

Last Action

Accompanied a study order, see H4481 (on 05/10/2018)

Official Document

https://malegislature.gov/Bills/190/S1811

(16 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/190/S1811
Bill	https://malegislature.gov/Bills/190/S1811.pdf

Bill	Bill Name	Last Action	Type
H155	To strengthen enforcement of Chapter 141 and 147 licenses	Accompanied a study order, see H4638	Similar To
H1811	Relative to the Save Our Children’s Sight Fund	Accompanied a study order, see H4502	Similar To
H1903	To improve recycling along our state highways	No further action taken	Similar To
H2226	Relative to breaking generational cycles of poverty	No further action taken	Similar To
H2480	To promote public health through the Prevention and Wellness Trust Fund	Accompanied a new draft, see H4605	Similar To
H3724	Relative to the other post employment benefits trust fund of the town of Wellesley	Amended by substitution of a bill with the same title, H4006	Similar To
H4006	Relative to the other post employment benefits trust fund of the town of Wellesley	Enacted and laid before the Governor	Similar To
H4481	State Administration and Regulatory Oversight	Discharged to the committee on House Rules	Replaced by
H601	Relative to funding the Behavioral Health Workforce Development Trust Fund	Accompanied a new draft, see H4605	Similar To
H970	Providing support to local municipalities and their police departments	Accompanied a study order, see H4874	Similar To
S1550	Authorizing voluntary contributions to the Massachusetts Fire Fighters Academy Trust Fund	Accompanied a study order, see S2497	Similar To
S1630	Creating the Preservation of Historic Buildings Trust Fund	Accompanied a study order, see S2497	Similar To
S634	To establish a state Epinephrine bulk purchase program	Accompanied a study order, see S2535	Similar To
S701	Relative to breaking generational cycles of poverty	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S890	Relative to forfeiture reporting	Accompanied a study order, see S2313	Similar To
S893	To enhance state anti-trust powers and enforcement	Accompanied a study order, see S2313	Similar To

Bill > S1811

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

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