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H 1119

An Act relative to financial technology services

194th Legislature (2025-2026) Introduced by Mark Cusack

H 1119 - An Act relative to financial technology services OverviewBill Number: H 1119Title: An Act relative to financial technology servicesStatus: Hearing rescheduled to 10/07/202

Accompanied a study order, see H5224
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Bill Summary · H 1119

H 1119 - An Act relative to financial technology services

Overview

Bill Number: H 1119
Title: An Act relative to financial technology services
Status: Hearing rescheduled to 10/07/2025 from 10:30 AM-01:10 PM in A-2 and Virtual Hearing updated to New End Time
Introduced: February 27, 2025

Purpose and Intent

The primary goal of this bill is to establish a regulatory framework for financial technology (fintech) services in the state. The legislation aims to foster innovation in the fintech sector while also ensuring consumer protections and market stability. Lawmakers believe that clear regulations will provide certainty for fintech companies, encourage investment and job growth in the industry, and give residents access to new financial tools and services.

Key Provisions

  • Defines "fintech services" to include digital payments, lending, wealth management, and other financial activities enabled by technology
  • Requires fintech companies to obtain a state license to operate, with application and ongoing compliance requirements
  • Grants the state's Department of Financial Services oversight and enforcement authority over licensed fintech firms
  • Mandates fintech companies to implement robust cybersecurity measures and consumer data privacy protections
  • Establishes a regulatory "sandbox" program to allow fintech innovators to test new products and services with reduced requirements
  • Imposes restrictions on certain fintech activities, such as limits on interest rates for consumer loans

Affected Parties and Impacts

  • Fintech companies: Will need to obtain a state license and comply with new regulatory requirements to operate legally
  • Consumers: Gain access to new financial technology services, but also have their data and transactions subject to state oversight
  • Traditional financial institutions: May face increased competition from fintech firms, but could also partner with or acquire fintech companies
  • State government: Will take on new regulatory responsibilities to oversee the fintech industry and enforce compliance

Procedural and Timeline Considerations

The bill is currently scheduled for a public hearing on October 7, 2025, where lawmakers will receive testimony from stakeholders. After the hearing, the bill will proceed through the normal legislative process, including potential amendments, committee votes, and floor votes in both chambers. If passed by the legislature, the bill would then go to the governor for signature or veto. The new fintech regulatory framework would likely take effect 6-12 months after the bill is signed into law to allow time for the state to establish the necessary rules and infrastructure.

Compiled from official sources — confirm details with the bill’s official record.

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