Bill > H496

This bill amends various banking laws and statutes in the Commonwealth of Massachusetts. Key provisions include: 1. Allowing a portion of public monies to be deposited in accordance with certain conditions, such as being initially invested through an FDIC-insured banking institution and having the full amount of principal and interest insured by the FDIC. 2. Clarifying the types of financial institutions where county treasurers and other officials can deposit funds, and allowing county treasurers to invest in U.S. Treasury bills. 3. Authorizing cities, towns, districts, and regional school districts to invest monies in a similar manner as the public monies provision, with the full amount insured by the FDIC. 4. Prohibiting consumer reporting agencies from selling or making available to third parties any information about a consumer's loan application without the consumer's consent, and requiring financial lending institutions to provide notice to consumers about this right. 5. Declaring certain practices by "core processors" (entities that provide data processing services to financial institutions) to be unfair and unlawful, such as requiring excessively long contracts or charging excessive fees. 6. Allowing the banking board to extend the time period for a bank to issue stock after authorization, subject to certain terms and conditions.

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https://malegislature.gov/Bills/190/H496