This bill directs the Department of Consumer Affairs and Business Regulation to establish regulations mandating that entities handling personal information develop comprehensive information security programs. These programs must encompass administrative, technical, and physical safeguards to ensure personal information is secure and confidential, protect against foreseeable risks, and prevent unauthorized access that may harm individuals. Entities are required to designate personnel to oversee their security programs, assess security risks, implement necessary safeguards, and ensure third-party service providers uphold appropriate protections. The bill also enhances notification requirements for security breaches involving personal information, mandating that notices to affected individuals clearly outline their rights to obtain a police report, request a security freeze, and be informed of any applicable fees when interacting with consumer reporting agencies.

Prohibits bad-faith assertions of patent infringement, including demand letters and threats, and authorizes the Superior Court to determine bad faith using enumerated factors such as inadequate patent or infringement detail in a demand letter, lack of pre-suit analysis, unreasonable deadlines or licensing demands, meritless or deceptive claims, prior abusive litigation, or patents already held invalid, while allowing consideration of good-faith indicators.

Creates a private right of action for targets or other aggrieved persons with remedies including equitable relief, damages, costs and reasonable attorneys' fees, and exemplary damages of $50,000 or three times the total of damages, costs, and fees, whichever is greater. Establishes personal jurisdiction over anyone who sends a patent demand letter to a target within the state; imposes joint and several liability on those who arrange for or are otherwise responsible for a bad-faith assertion under common-law principles; permits fee shifting to prevailing defendants when an action is not well-grounded in fact or law or brought for an improper purpose; and preserves all other rights and remedies.

This bill looks to enhance financial literacy, targeting underserved communities. The bill mandates the integration of personal financial literacy education into the high school curriculum as a graduation requirement. The curriculum will address financial topics like income management, taxation, budgeting, credit, investments, and emerging financial technologies. The Department of Elementary and Secondary Education will support educators through professional development and resource provision in alignment with these new standards. The bill also creates the Financial Literacy Trust Fund, which funds programs such as professional development for teachers, the creation of educational materials, and experiential learning partnerships with institutions and stakeholders. Additionally, the bill authorizes a special legislative commission to devise a statewide financial literacy strategy for all residents. This commission will explore potential partnerships and consider developing an online financial education platform. 

Prohibits any person or entity from using the name, trade name, or trademark of any bank or credit union, or any subsidiary, in any advertisement or solicitation without the institution's express written consent, and defines "advertisement or solicitation" broadly to include written, oral, and electronic communications to a specifically identified consumer or containing specific account or loan information.

Bars, in such communications to a specifically identified consumer without consent, referencing an existing bank or credit union or placing a loan number, loan amount, or other specific loan information on the outside of an envelope, visible through a window, or on a postcard.

Allows use of publicly available loan information about a specifically identified consumer only if the solicitation clearly and conspicuously states in bold on the front page that the sender is not sponsored by, affiliated with, or authorized by the referenced institution, includes the sender's name, address, and telephone number, and states the loan information was not provided by the institution, with the same disclosures required during any oral solicitation; treats violations as unfair and deceptive practices.

Revises banking and mortgage statutes by allowing limited purpose trust companies to organize or convert into corporations, LLCs, or other entities subject to terms set by the Commissioner of Banks; updating director elections of officers; redefining "high cost home mortgage loan" by reference to regulations issued by the Commissioner of Banks no less protective than federal standards; requiring counselor certification before making such loans with noncompliant loans unenforceable; creating a presumption of ability-to-repay when specified state or federal standards are met; and striking the "greater than 5 percent of the total loan amount or $800, whichever is greater" fee threshold language.

Regulates core processor contracts with financial institutions by prohibiting long terms without safety and compliance upgrade commitments, failure to indemnify for infringement claims, excessive or undisclosed data-access fees, outsized merger-related termination penalties, abusive retroactive audits after non-renewal notices, indirect evasion, and coerced liability waivers; declares violative provisions void and applies these rules to contracts existing on or after the effective date.

Authorizes public funds to be placed through FDIC-insured redeposit arrangements via a selected in-state banking institution that reallocates funds into multiple deposit accounts with full insurance of principal and accrued interest, requires MTDC moneys to be deposited in specified depositories, and updates county officials' deposit authority to include time deposits and U.S. Treasury bills with interest generally payable to the county subject to court-directed exceptions, and establishes emergency governance flexibility for financial institutions by allowing postponement of annual meetings during a Governor-declared state of emergency with retention of the current governing body and deferral of required annual actions, and by permitting annual or special meetings to be held virtually or in hybrid form with participation, notice, attendee verification, technical assistance, record-keeping, and continued validity of actions after the emergency ends.

Prohibits consumer reporting agencies from selling or otherwise making available to third parties information about a consumer's loan application with banks, credit unions, or mortgage lenders without the consumer's consent.

Requires financial lending institutions to provide clear, conspicuous opt-in notices on loan applications, in at least 10-point type, using prescribed disclosure and consent language advising consumers they may authorize sharing of application information with third parties and that, in certain circumstances, they may be entitled to compensation if damaged by negligent or intentional failure to comply with the credit reporting act.

Authorizes mergers or consolidations in which one or more mutual banks and one or more thrift institutions combine with a subsidiary banking institution into that single subsidiary banking institution, requiring a two-thirds vote of each mutual bank's board, board approvals under the organizing laws of each thrift institution, approval by the subsidiary banking institution's board, and written approval by the Commissioner. Treats references to a mutual bank in these transactions as including a subsidiary banking institution, extends reorganization provisions to the organization of an interim bank, and allows institutions, from time to time, to elect specified corporate governance provisions.

Revises voting standards across multiple actions to count those present and voting, including changing a requirement from holders of at least two-thirds of outstanding stock to two-thirds of stockholders present and voting, and makes related clarifications.

Modernizes terminology and cross-references throughout banking statutes by replacing "banks and banking" with "financial services," updating consolidated references, adjusting the definition of "Stock bank," recognizing savings and cooperative banks in stock form without additional cross-references, and recognizing federal savings banks; strikes two paragraphs and corrects a typographical error; sets a 60-day deadline after the annual meeting to file a list of corporators identifying trustees and reduces a statutory period from 27 to 7.

Establishes protections against financial exploitation of eligible adults-persons age 60 or older or disabled-by authorizing financial institutions and qualified individuals to report suspected or attempted exploitation to the Commissioner of the Division of Banks and adult protective services and to delay disbursements or transactions upon reasonable cause following an internal review; permits notifying a previously designated third party unless that party is suspected.

Requires written notice of any delay to authorized account parties (excluding suspected perpetrators) and to the Commissioner within two business days, a report of review results within ten business days, and limits any delay to the earlier of a no-exploitation determination or 21 business days unless extended by court order.

Requires provision of relevant records to the Commissioner, adult protective services, or law enforcement for investigations with confidentiality protections; grants immunity from administrative or civil liability for good-faith, reasonable-care compliance; and preserves the authority of the Secretary of the Commonwealth to examine broker-dealer and investment adviser books and records.

Prohibits payment card networks and covered credit card issuers from fixing interchange fees; bars networks from conditioning merchant acceptance on taking a covered issuer's cards if they accept other network-enabled cards; forbids charging consumers or merchants fees on disputed transactions until a responsibility finding with written notice; and bans penalizing merchants for lawful price-setting.

Prohibits any issuer, payment card network, acquirer bank, or processor from charging interchange fees on the identified tax or gratuity portion of electronic payments, allows a 180-day documentation cure, mandates refunds within 30 days, and bars circumvention by increasing fees on non-tax/gratuity amounts; authorizes the Attorney General to seek injunctive relief and civil penalties and imposes a $1,000-per-transaction penalty and refund obligation for violations. Beginning 180 days after enactment, requires covered credit card issuers to disclose on monthly statements for each transaction whether an interchange fee was charged and its amount, and prohibits them from receiving or charging interchange fees determined by a payment card network's fee schedule or by a schedule also used by another covered issuer in the same calendar year; and limits non-merchant entities' use of transaction data to processing, fraud detection, loyalty or rewards or promotions, tailoring products and services, or legal compliance, with violations deemed consumer-protection violations.

Expands community reinvestment examinations for credit unions with geographically defined fields of membership to cover the entire area specified in their by-laws, and requires foreign credit unions seeking a branch to file with the Division of Banks either an assessment area or a strategic plan to meet the credit needs of the communities they will serve.

Overhauls membership eligibility by-law amendments by requiring a three-fourths vote at an annual meeting-or, if merger-related and so determined by the Commissioner, at a special meeting-prohibiting proxy voting, setting a 5 percent member participation threshold for a valid vote, and making amendments operative only after member approval, submission of an application with a certified vote, and written approval by the Commissioner.

Requires credit unions to adopt a written policy specifying acceptable documents to verify membership qualifications, retain copies for each new member, and maintain the documentation by calendar quarter and year for examiner review; mandates electronic voting at annual or special meetings for credit unions with more than 25,000 members, effective for meetings held two years after the act takes effect.

Authorizes electronic recording of real property documents by deeming electronic documents and electronic signatures sufficient to satisfy legal requirements for originals, writings, and signatures, and by recognizing electronic notarization, acknowledgments, verifications, witnessing, and oaths without a physical seal.

Empowers Registrars to receive, index, store, archive, transmit, and provide electronic access to records; convert paper submissions and previously recorded information to electronic form; accept electronic payment of fees and taxes; and coordinate electronically with other officials on prior approvals, while continuing to accept paper and maintaining a single index for both.

Requires the Secretary of State to adopt implementation standards that harmonize with other jurisdictions and national bodies and account for counties of varying size, and directs uniform application and construction of the act; modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act with specified exceptions, effective January 1, 2026.

The bill amends state laws concerning jurisdiction and penalties for specific criminal offenses. It amends the law criminalizing dishonored check fraud to allowing actions to be initiated in the court where either the plaintiff or defendant resides or works. The bill also revises the armed robbery law to include use of improvised explosive devices, hypodermic needles or any other deadly weapon as grounds for higher sentences, as well as armed or unarmed robbery of a bank or credit union. The bill also provides that larceny cases involving forged or counterfeit financial instruments can be pursued in the jurisdiction where the offense occurred or at the location of the payee bank’s main office. Lastly, the bill specifies that check fraud actions can begin either where the crime took place or where the bank or depository’s main office is situated. 

Creates the offense of check washing-intercepting a check or money order, altering the payee name or amount, and fraudulently cashing or depositing it or attempting to do so-with penalties of up to 10 years in state prison or a $50,000 fine when the funds involved exceed $1,200, and up to 2 years in jail or a $3,000 fine when $1,200 or less.

Expands venue by allowing larceny prosecutions involving money obtained through uttering forged, altered, or counterfeit checks, drafts, or orders to be brought either where the uttering occurred or where the payee bank or other depository's main office is located, and permits actions for related crimes to be taken either where committed or where the bank or other depository's main office is located.

Establishes a comprehensive framework for fiduciary access to digital assets and electronic communications, giving users control over post-mortem and incapacity disclosures via an online tool that overrides contrary directions in a will, trust, or power of attorney while preserving limits in terms-of-service agreements and other law. Requires custodians to disclose the content of electronic communications only in defined circumstances-such as with a deceased user's consent or a court order, express authority in a power of attorney, or as provided in trust instruments-while allowing disclosure of catalogues of communications and other digital assets absent prohibition, and sets detailed documentation requirements for personal representatives, agents, trustees, and conservators, including authority to request account termination.

Authorizes custodians to choose how to disclose (full, partial, or copies), assess reasonable administrative charges, refuse requests that are unduly burdensome or when aware of lawful access after a request, and seek or require court orders; mandates compliance within 60 days and provides good-faith immunity. Applies to instruments and proceedings regardless of execution date, covers custodians where the user resides or resided at death, excludes employer-provided business accounts, and takes effect one year after passage.

This bill proposes changing how certain foreign income amounts are handled under state tax law. Under the bill, 50% of revenue received from non-US companies that are controlled by American individuals, federally considered the so-called GILTI income, will be subject to state income tax. These changes are scheduled to be effective for tax years commencing on or after January 1, 2025.

Authorizes cross-charter mergers and two-way charter conversions between credit unions and mutual or co-operative banks-including mergers of mutual banks and credit unions into a single credit union and conversion of mutual banks or qualifying stock banks into credit unions-and overhauls conversion procedures with detailed plans and disclosures, independent secret-ballot member votes, required regulatory approvals, post-conversion filings, and a two-year period to divest impermissible assets after bank-to-credit-union conversions. Expands credit union investment powers to include asset-backed securities, investments in organizations providing services closely related to banking, participation in the Capital Growth Corporation, and shared service entities with other credit unions.

Expands the Credit Union Share Insurance Corporation's membership to include state- and federally chartered credit unions with principal offices in Maine, New Hampshire, Vermont, New York, Connecticut, or Rhode Island, and authorizes the Commissioner to collect examination reports, require supervisory agreements, and weigh interagency information-sharing arrangements and other risk factors when considering applications.

Tightens conditions on excess members by capping excess share and deposit insurance to the limits applicable to state-chartered credit unions, subjecting them to the Commissioner's supervision and examinations, and requiring prior approval for mergers, asset purchases, and establishing branch offices in other states-failure to obtain approvals automatically terminates excess insurance.

Strengthens the corporation's powers by requiring quarterly board meetings; permitting it to borrow and pledge assets and to be an organization member so credit unions may lend to it; authorizing, with a two-thirds board vote and Commissioner approval, investments up to 15% of assets in non-enumerated instruments and the use of registered investment advisers; and enhancing its ability to resolve troubled members by facilitating mergers or purchase-and-assumption transactions and by providing broad forms of financial assistance, including above-market asset purchases, loans, reserve deposits (including subordinated), liability assumptions, and guarantees.

Requires every school district, beginning in the 2026-2027 school year, to provide personal financial literacy instruction for middle and high school students aligned to Department of Elementary and Secondary Education standards:establishes the Personal Financial Literacy Education Fund.

Enacts a new Massachusetts Consumer Data Privacy Act which grants consumers rights to access, correct, delete, and obtain copies of their personal data, and opt out of data collection for targeted advertising, sale, or profiling in automated decision-making; companies controlling data must create processes for consumer data requests, ensure data security, limit data collection to necessary amounts, and prohibit the sale or processing of sensitive data without affirmative consent.

Expands the scope of "personal information" to include precise location information within 1,750 feet, neural data, biometric indicators, broad categories of medical and medication information, and account identifiers such as usernames or emails when combined with credentials and financial account numbers; adds related definitions for Precise Location Information, Biometric Indicator, Neural Data, Access Device, Service Provider, and Information Security Program. Overhauls breach notices by requiring disclosure of the right to obtain a police report, the breach and discovery dates if known, free security-freeze instructions, and mitigation services; bars including the breach's nature or the number of residents affected, forbids delaying notice because totals are unknown, and requires prompt supplemental notices when new information emerges.

Directs the Department of Consumer Affairs and Business Regulation to issue information-security regulations aligned with applicable federal safeguards and industry standards, including written-contract oversight of third-party service providers and tailoring to business size, resources, and data. Revises substitute notice to specify email, conspicuous website posting, publication or broadcast through media, and clear online notice while the resident is connected to the account when credentials are implicated, and creates a notice exemption for inadvertent disclosures by authorized users when a written assessment retained for five years reasonably finds no likely misuse, financial harm, or-if the source is unknown-emotional harm.

Prohibits payment card networks and covered credit card issuers with more than $85 billion in assets from fixing interchange fees or using common network fee schedules; bars networks from conditioning acceptance of a covered issuer's cards on a merchant's acceptance of other cards on that network; forbids penalizing merchants for lawful pricing practices; and prohibits charging consumers or merchants fees for disputed transactions until responsibility is determined through fact finding and written notice is provided.

Beginning 180 days after enactment, requires covered issuers to disclose on monthly statements for each credit card transaction whether an interchange fee was charged and the amount.

Prohibits charging interchange on the tax or gratuity portions of electronic payment transactions when those amounts are transmitted in authorization or settlement, allows post-transaction documentation within 180 days with a 30-day credit to the merchant, and bars inflating fees on the non-tax portion to offset; authorizes the Attorney General to seek injunctive relief and civil penalties for violations, imposes a $1,000-per-transaction civil penalty and refunding of interchange collected on tax or gratuity amounts, and restricts the use or sharing of transaction data to processing, fraud prevention, loyalty or promotional offerings, tailoring products and services, or as required by law.

Prohibits issuers, payment card networks, acquirer banks, and processors from charging or receiving interchange fees on the tax or gratuity portion of an electronic payment transaction when the merchant transmits those amounts during authorization or settlement, and bars manipulating fee computations by increasing rates or amounts on the portion not attributable to taxes or other fees charged to the merchant.

Requires merchants to transmit tax or gratuity data to avoid such fees, permits submission of tax documentation within 180 days if not transmitted, and requires issuers to credit within 30 days any interchange fees charged on those amounts; limits payment card network liability for the accuracy of merchant-reported data and imposes a $1,000 per-transaction civil penalty for violations after receipt of such data, plus a refund of interchange fees calculated on the tax or gratuity amount.

Authorizes business combinations in which a bank in mutual form or a credit union purchases assets and assumes the deposit and other liabilities, including contingent liabilities, of a mutual or stock bank, subject to approval of the purchase and sale agreement. Directs the Commissioner to establish expedited liquidation procedures dissolving the selling bank immediately after the combination, with standard procedures if any liabilities remain; provides that when a bank's main office and branches are purchased, they become branches of the acquiring credit union without further approval, and requires the bank's depositors to become credit union members within two years or longer as approved by the Commissioner.

Amends dissolution requirements to require the Commissioner's written approval, a two-thirds vote of the bank's voting body, and liquidation by a three-member committee that satisfies all debts and distributes remaining proceeds proportionally.

Expands eligible depositories for state and municipal funds to include credit unions and federal credit unions, in addition to banks, and permits such public monies to be placed as paid-up shares or deposits.

Authorizes credit unions and federal credit unions to receive public funds, subject to a cap limiting total public funds on deposit to no more than 25 percent of the institution's assets at any time.

Authorizes cross-charter combinations by permitting one or more mutual banks or subsidiary banking institutions and one or more credit unions to merge or consolidate into a single credit union with two-thirds board approval and written approval of the Commissioner, and permits mergers or consolidations between credit unions and savings or co-operative banks or subsidiary banking institutions with either as the surviving entity. Allows mutual banks-including, where federally permissible, mutual federal savings banks and mutual federal savings and loan associations-to convert into credit unions without new-organization or commencement-of-business requirements, with depositors becoming members within two years and a two-year window to divest impermissible assets.

Establishes comprehensive, regulator-supervised procedures for conversions between credit unions and mutual savings or co-operative banks and certain federal mutual thrifts, requiring adequate capitalization and a satisfactory Community Reinvestment Act rating; advance filing of a conversion plan and member information statement; 90-day notice to the applicable deposit insurer and a prohibition on conversions while insurer financial assistance remains outstanding; Commissioner review with authority to mandate changes; an independent, secret-ballot member vote; bans on inducements; and post-approval issuance of a certificate to transact business with automatic transfer of assets and liabilities.

Expands credit union powers to invest up to 10% of assets in asset-backed securities; up to 10% in organizations providing services closely related to banking, without acquiring control of another financial institution or investing in insurance companies, trade associations, liquidity facilities, or similar entities not otherwise permitted; up to 10% in the Massachusetts Capital Growth Corporation, its affiliates, subsidiaries, or managed funds; and to invest in, establish, operate, or subscribe for services from federal or out-of-state credit unions or other entities to obtain technology, trust, financial planning, compliance, internal audit, human resources, management, and other banking services.

Creates the crime of check washing-intercepting a check or money order, altering the payee name, amount, or both, and fraudulently cashing or depositing it or attempting to do so-with penalties of up to 10 years in state prison or a fine up to $50,000 if the funds obtained or attempted exceed $1,200, or up to 2 years in jail or a fine up to $3,000 if $1,200 or less.

Authorizes venue for larceny cases involving monies obtained through uttering forged, altered, or counterfeit instruments, and for crimes involving banks or other depositories, in either the court where the uttering or crime occurred or where the bank or depository's main office is located.

The bill amends state laws concerning jurisdiction and penalties for specific criminal offenses. It amends the law criminalizing dishonored check fraud to allowing actions to be initiated in the court where either the plaintiff or defendant resides or works. The bill also revises the armed robbery law to include use of improvised explosive devices, hypodermic needles or any other deadly weapon as grounds for higher sentences, as well as armed or unarmed robbery of a bank or credit union. The bill also provides that larceny cases involving forged or counterfeit financial instruments can be pursued in the jurisdiction where the offense occurred or at the location of the payee bank’s main office. Lastly, the bill specifies that check fraud actions can begin either where the crime took place or where the bank’s main office is situated. 

This bill proposes changing how certain foreign income amounts are handled under state tax law. Under the bill, 50% of revenue received from non-US companies that are controlled by American individuals, federally considered the so-called GILTI income, will be subject to state income tax. These changes are scheduled to be effective for tax years commencing on or after January 1, 2025.

The Massachusetts Data Privacy Act, introduced as Chapter 93M in the General Laws, establishes regulations on how businesses and certain organizations handle personal data. Key provisions include limiting data collection, processing, and transfer to what is necessary for service provision, and imposing stricter protections for sensitive data such as health and financial information; the Act prohibits transferring sensitive data without consent, except for legal compliance, and grants individuals rights to access, correct, or delete their data; it mandates transparency in data use and consent procedures, prohibits retaliation against individuals exercising data rights, and prevents discriminatory data practices. Organizations must provide privacy notices and allow consent withdrawal. The Act empowers the Attorney General to enforce these rules and pursue legal action for data mismanagement.