#2023-32, December 15, 2023

December 20 Public Hearing for Proposed “Junk Fee” Regulations

As you know, Attorney General Andrea Campbell’s office recently released a new set of regulations aimed at prohibiting so-called “junk fees” as reported in the Boston Globe article -- 'Junk fees' are focus of new regulations from AG Campbell (bostonglobe.com). While on their face the newly proposed regulations appear mostly aimed at “junk fees” added in the sale of products, there are some advertising, solicitation and other provisions looped into the proposed regulation that merits industry review. Thomas P. Quinn, Jr., Partner at Hudson Cook, LLP, provided an analysis of the draft regulation, which can be found here.

The proposed regulations will be subject to a hybrid public hearing next Wednesday, December 20th, 2023, at 11:00 a.m. in Boston. 

The Association is still reviewing the proposed regulations and anticipates submitting a statement on behalf of the industry before next week’s hearing. MBA urges our members to review the proposed regulations and contact Brad Papalardo or Larry Liuzzo with any comments or concerns.

Governor Healey Unveils 2023 Economic Development Plan

Last week, Governor Healey unveiled her administration’s first economic development plan – “Team Massachusetts: Leading Future Generations.”

Citing Massachusetts’ long history of leadership in industries such as financial and intellectual capital, health care, higher education, and others, the plan is “drafted with this strong history and record of success in mind, and with an eye towards a vibrant future for our state, its economy and its people. This plan reflects a vision for Massachusetts which is organized around three main priorities, supported by specific initiatives for each:

1. Fundamentals: Investing in the fundamentals to enable economic growth,

2. Talent: Retaining and attracting the world’s best talent across all backgrounds, and

3. Sectors: Supporting businesses that power the state’s economy.”

According to the Governor’s office, this plan will guide her administration’s priorities over the next four years “to make Massachusetts more affordable, competitive, and equitable.”

To read more about the economic development plan click the links below:

Team Massachusetts: Leading Future Generations

Healey-Driscoll Administration Announces 2023 Economic Development Plan | Mass.gov

Massachusetts Department of Revenue (DOR): November 2023 Revenue Collections Total $2.253 Billion

The MA DOR reported November 2023 revenue collections totaled $2.253 billion -- $131 million (5.5%) less than collections in November 2022 – and $274 million (10.9%) below benchmark.

Fiscal Year 2024 (FY24) year-to-date collections totaled approximately $14.097 billion -- $146 million (1%) more than the same period last year of Fiscal Year 2023 (FY23), but $627 million (4.3% ) less than the year-to-date benchmark.

To read more about the September 2023 revenue collections, click here.

CommonWealth’s Bruce Mohl has more on the revenue picture here.

Beacon Hill Report Update

Due to the Christmas and New Year Holidays and depending on relevant advocacy updates, there may not be a Beacon Hill Report next week. On behalf of the Massachusetts Bankers Association, we wish you a happy, healthy and safe Holiday Season and a great start to the New Year!