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MGC votes to begin rulemaking on 205 CMR 149 to require treasurer authorization for escrowed funds
Summary
The commission voted to begin promulgation of an amendment to 205 CMR 149 requiring the commission to seek authorization from the Office of the Treasurer and Receiver General before creating escrow/resource development funds; commissioners agreed to cite both G.L. ch. 29 §23 and §34 for clarity.
Senior Associate General Counsel Judy Young presented proposed amendments to 205 CMR 149 (Resource Development Fund) that would require the commission to request written authorization from the Office of the Treasurer and Receiver General before initiating an escrow or special account process.
Young explained the proposed change grew from a request by a horsemen association and from legal research and consultations with the Treasurer’s and Comptroller’s offices. Commissioners discussed which statutory citations best reflect the treasurer’s written-consent requirement; staff proposed—and commissioners accepted—adding both chapter 29, section 23 and section 34 as cross-references to the regulation text to address differing emphases in counsel guidance.
Commissioner Broer moved and the commission voted to approve the small business impact statement and the draft 205 CMR 149 for promulgation, with staff authorized to file the required documentation with the Secretary of the Commonwealth; vote was 4-0.
Why it matters: The change would create an internal rulemaking step and formal cross-agency authorization process before the commission could begin escrowing funds on behalf of outside associations or for related resource-development purposes.
Next steps: The regulation will enter the promulgation cycle and a public comment period; staff said the holiday season will extend the available comment window.
