This act directs the Commissioner of Financial Regulation to adopt rules to license and regulate entities administering or proposing to administer one or more health reimbursement arrangements, health savings accounts, flexible spending accounts, or similar tax-advantaged accounts for health-related expenses, or a combination of these, in Vermont. The act establishes a $600 initial licensing fee and a $600 renewal fee to be paid once every three years. The act requires the Department of Financial Regulation to provide an update on its rulemaking process to the General Assembly by February 15, 2020 and to adopt its final rule by September 1, 2020.