Massachusetts 2025-2026 Regular Session

Massachusetts House Bill H1349 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 3221 FILED ON: 1/16/2025
3	3	HOUSE . . . . . . . . . . . . . . . No. 1349
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Bud L. Williams
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act expanding access to banking and commercial insurance for underserved microbusinesses
13	13	and small businesses.
14	14	_______________
15	15	PETITION OF:
16	16	NAME:DISTRICT/ADDRESS :DATE ADDED:Bud L. Williams11th Hampden1/16/2025 1 of 5
17	17	HOUSE DOCKET, NO. 3221 FILED ON: 1/16/2025
18	18	HOUSE . . . . . . . . . . . . . . . No. 1349
19	19	By Representative Williams of Springfield, a petition (accompanied by bill, House, No. 1349) of
20	20	Bud L. Williams relative to improving access to banking for microbusinesses and small
21	21	businesses and for an investigation by a special commission (including members of the General
22	22	Court) relative to improve access to commercial insurance for microbusinesses and small
23	23	businesses. Financial Services.
24	24	The Commonwealth of Massachusetts
25	25	_______________
26	26	In the One Hundred and Ninety-Fourth General Court
27	27	(2025-2026)
28	28	_______________
29	29	An Act expanding access to banking and commercial insurance for underserved microbusinesses
30	30	and small businesses.
31	31	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
32	32	of the same, as follows:
33	33	1 SECTION 1. Chapter 23A of the General Laws, is hereby amended by adding the
34	34	2following section:-
35	35	3 Section 70: Establishing Microbusiness and Small Business Banking Access Working
36	36	4Group
37	37	5 Section 70. (a) There shall be a microbusiness and small business banking access
38	38	6advisory board, hereinafter referred to as the advisory board, to identify opportunities to improve
39	39	7access to banking for microbusinesses and small businesses, including but not limited to socially
40	40	8and economically disadvantaged enterprises and businesses and nonprofit organizations that
41	41	9partner with or receive assistance from the executive office of economic development or the
42	42	10Massachusetts development finance agency 2 of 5
43	43	11 (b) The advisory board shall consist of: the secretary of economic development or their
44	44	12designee, who shall serve as chair; the executive director of the Massachusetts development
45	45	13finance agency or their designee who shall serve as vice chair; the commissioner of banks or
46	46	14their designee; the house and senate chairs of the joint committee on community development
47	47	15and small business or their designees; the house and senate chairs of the joint committee on
48	48	16financial services of their designees; the chair and vice chair of the black and latino legislative
49	49	17caucus; the house and senate chairs of the caucus of women legislators; 1 member of the house
50	50	18who shall be appointed by the minority leader; 1 member of the senate who shall be appointed by
51	51	19the minority leader; the executive director of the commission on the status of women established
52	52	20under section 66 of chapter 3 of the General Laws; the executive director of Coalition for an
53	53	21Equitable Economy of their designee; the executive director of the Black Economic Council of
54	54	22Massachusetts or their designee; the executive director of the Massachusetts Association of
55	55	23Community Development Corporations or their designee; 1 person appointed by the governor
56	56	24who shall own a small business and have experience or expertise related to reducing gender,
57	57	25racial and economic disparities in economic development; 1 person appointed by the governor
58	58	26who shall own a microbusiness business and have experience or expertise related to reducing
59	59	27gender, racial and economic disparities in economic development; 1 person appointed by the
60	60	28governor who should currently serve as executive director of a community development
61	61	29corporation; 1 person appointed by the governor who should currently serve as executive director
62	62	30of a community development financial institutions; 1 person appointed by the governor with
63	63	31experience or expertise in nonprofit or other nontraditional lending; 1 person appointed by the
64	64	32treasurer with experience or expertise leading the massachusetts small business banking 3 of 5
65	65	33partnership; 1 person appointed by the treasurer with experience or expertise leading a business
66	66	34support organization; and 1 person to be appointed by the commission on the status of women.
67	67	35 (c) The advisory board shall: (i) review and evaluate state and federal programs and
68	68	36regulations related commercial banking access for microbusinesses and small businesses,
69	69	37including but not limited to those that connect underserved small businesses with banking access
70	70	38through business support organizations; (ii) analyze laws, regulations, and programs in other
71	71	39states that encourage banking access for microbusinesses and small businesses, particularly
72	72	40socially or economically disadvantaged enterprises, including data by race and other relevant
73	73	41demographics; (iii) examine opportunities available within existing programs offered by the
74	74	42executive office of economic development and the massachusetts development finance agency to
75	75	43encourage recipients of capital or technical assistance to make connections with banks and other
76	76	44financial institutions through business support organizations and state agencies; and (iv)
77	77	45recommend policies to the executive office of economic development, the massachusetts
78	78	46development finance agency, and the legislature to further encourage access to banking by
79	79	47underserved microbusinesses and small businesses.
80	80	48 (d) The commission shall submit its report together with recommendations, if any, to the
81	81	49clerks of the house of representatives and the senate not later than June 1, 2026.
82	82	50 SECTION 2. Chapter 23A of the General Laws, is hereby amended by adding the
83	83	51following section:-
84	84	52 Section 71: Establishing Microbusiness and Small Business Commercial Insurance
85	85	53Special Legislative Commission 4 of 5
86	86	54 Section 71. (a) There shall be a special legislative commission pursuant to section 2A of
87	87	55chapter 4 of the General Laws to identify opportunities to improve access to commercial
88	88	56insurance for microbusinesses and small businesses, including but not limited to socially and
89	89	57economically disadvantaged enterprises and businesses and nonprofit organizations that partner
90	90	58with or receive assistance from the executive office of economic development or the
91	91	59massachusetts development finance agency.
92	92	60 (b) The special legislative commission shall consist of: the house and senate chairs of the
93	93	61joint committee on community development and small business, who shall serve as co-chairs; the
94	94	62house and senate chairs of the joint committee on financial services; the chair and vice chair of
95	95	63the massachusetts caucus of black and latino legislators; the house and senate chairs of the
96	96	64caucus of women legislators; 1 member of the house who shall be appointed by the minority
97	97	65leader; 1 member of the senate who shall be appointed by the minority leader; the secretary of
98	98	66economic development or their designee; the executive director of the massachusetts
99	99	67development finance agency or their designee; the commissioner of insurance or their designee;
100	100	68the commissioner of banks or their designee; the executive director of the commission on the
101	101	69status of women established under section 66 of chapter 3 of the General Laws; the executive
102	102	70director of Coalition for an Equitable Economy of their designee; the executive director of the
103	103	71Black Economic Council of Massachusetts or their designee; the executive director of the
104	104	72Massachusetts Association of Community Development Corporations or their designee; 1 person
105	105	73appointed by the governor who shall own a small business and have experience or expertise
106	106	74related to reducing gender, racial and economic disparities in economic development; 1 person
107	107	75appointed by the governor who shall own a microbusiness business and have experience or
108	108	76expertise related to reducing gender, racial and economic disparities in economic development; 1 5 of 5
109	109	77person appointed by the governor who should currently serve as executive director of a
110	110	78community development corporation; 1 person appointed by the governor who should currently
111	111	79serve as executive director of a community development financial institutions; 1 person
112	112	80appointed by the governor with experience or expertise in nonprofit or other nontraditional
113	113	81lending; 1 person appointed by the treasurer with experience or expertise leading the
114	114	82massachusetts small business banking partnership; 1 person appointed by the treasurer with
115	115	83experience or expertise leading a business support organization; and 1 person to be appointed by
116	116	84the commission on the status of women.
117	117	85 (c) The special legislative commission shall: (i) review and evaluate state and federal
118	118	86programs and regulations related commercial insurance access for microbusinesses and small
119	119	87businesses; (ii) analyze laws, regulations, and programs in other states that encourage
120	120	88commercial insurance access for microbusinesses and small businesses, particularly socially or
121	121	89economically disadvantaged enterprises, including data by race and other relevant demographics;
122	122	90(iii) examine opportunities available within existing programs offered by the executive office of
123	123	91economic development and the massachusetts development finance agency to encourage
124	124	92recipients of capital or technical assistance to make connections with commercial insurance
125	125	93through business support organizations and state agencies; and (iv) recommend policies to the
126	126	94executive office of economic development, the massachusetts development finance agency, and
127	127	95the legislature, to further encourage access to commercial insurance by underserved
128	128	96microbusinesses and small businesses.
129	129	97 (d) The commission shall submit its report together with recommendations for
130	130	98legislation, if any, to the clerks of the house of representatives and the senate not later than June
131	131	991, 2026.