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S 752

Relates to ballot drop boxes for absentee and early voting ballots

2025 Regular Session Introduced by Brad Hoylman-Sigal

Massachusetts enacts a statewide Financial Literacy Hub, universal adult curriculum, regional centers, grants, and a commission to expand free, standardized financial education.

SIGNED CHAP.109
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Bill Summary · S 752

Note on title: the bill text you provided concerns statewide financial literacy and wealth-building initiatives in Massachusetts. It does not match the initial short title you listed about ballot drop boxes; this summary covers the financial literacy bill text.

Bill: S.752 (Mass.) — An Act promoting financial literacy, wealth‑building, and economic opportunity for all
Status: Enacted — Signed (Chapter 109) on March 20, 2025
Introduced: January 17 / February 26, 2025
Sponsor (MA): Senator Paul R. Feeney

Purpose
- Create a coordinated, statewide effort to expand adult financial literacy, democratize access to financial products and services, and provide centralized guidance and resources for wealth‑building across Massachusetts.

Key provisions
1. Massachusetts Financial Literacy and Longevity Hub (Section 1)
- Establishment by the Office of Consumer Affairs and Business Regulation (in concert with the Executive Office of Economic Development and the Division of Banks).
- A centralized online portal offering: financial education and planning tools, insurance and financial product definitions, wealth‑building and retirement planning resources, resources for individuals with disabilities, FAQs, links to certified financial advisors, consumer hotlines, and a searchable (by ZIP code) list of accreditable financial institutions, banks, credit unions and certified advisors.

  1. Adult Financial Literacy Education Consortium (Section 2)

    • A 13‑member multidisciplinary consortium appointed by the Commissioner of Higher Education (includes designees from Division of Banks and OCABR, representatives from Office of Economic Empowerment, Massachusetts Bankers Association, Cooperative Credit Union Association, Compass Working Capital, Federal Reserve Bank of Boston, higher education institutions, Certified Financial Advisors of MA, and MA chapter of the National Association of Insurance and Financial Advisors).
    • Tasked with recommending a universal adult financial literacy curriculum: priority populations, curriculum content and delivery methods (e.g., community colleges, service providers), linkage to state programs (e.g., student loan resources), and exploration of completion incentives.
    • Required to file findings, recommendations, and draft legislation with the Legislature and relevant committee within one year of the act’s effective date.

  2. Universal curriculum, regional centers, and grants (Sections 2–4)

    • Department of Higher Education (DHE) to develop and disseminate a universal adult financial literacy curriculum.
    • Creation of regional financial literacy centers across the Commonwealth to deliver the program.
    • DHE to run a competitive grant program to fund these centers and provide free programming.

  3. Special legislative commission (Section 5)

    • Establishes a commission (under chapter 4, section 2A) to develop a statewide financial literacy strategy, solicit public/industry input, and study/adopt adult financial literacy standards covering loans, interest, credit use, investing and diversification, online commerce, housing decisions, saving/retirement, banking basics, taxes, fraud/identity protection, and emerging financial technologies (including cryptocurrencies and online trading), among other topics.

Who is affected
- Massachusetts adults (especially targeted/priority populations), higher education institutions, community colleges, regional service providers, banks, credit unions, certified financial advisors, state agencies (DHE, OCABR, Division of Banks, Executive Office of Economic Development), and non‑profits engaged in financial empowerment.

Timeline and procedural notes
- Consortium must report within 1 year of the act’s effective date.
- The act was passed by the Legislature and signed into law as Chapter 109 on March 20, 2025. Implementation actions (portal development, consortium appointments, curriculum drafting, grant solicitations, and regional center establishment) will follow per assigned agencies.

Potential impact
- Centralizes consumer financial information and referral services.
- Expands free adult financial education statewide via standardized curriculum and funded regional centers.
- Facilitates partnerships between government, financial institutions, higher education, and community organizations.
- May require administrative funding and agency coordination; subsequent legislation or regulations could follow from consortium/commission recommendations.

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

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