SENATE DOCKET, NO. 125        FILED ON: 1/12/2009

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 190

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act requiring the disclosure of check cashing and money transfer fees.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1.  Chapter 93 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by inserting after section 114 the following section:- Section 115.  As used in sections 115-116, inclusive, the following words shall, unless the context clearly requires otherwise, have the following meanings:- “Check casher,” any individual, partnership, association, joint stock association, trust or corporation, excluding the United States Government and the government of this state, who exchanges cash or other value for any check, draft, money order, personal money order, or other instrument for the transmission or payment of money, except travelers checks and foreign drawn payment instruments, and who charges a fee for said exchange.

“Money transfer,” accepting currency or funds denominated in the currency of any country and transmitting the currency or funds, or the value of the currency or funds, by any means through a financial agency or institution.

“Money transfer operator (MTO),” a business which provides check cashing, currency exchange, or money transmitting or remittance services, or issues or redeems money orders, travelers' checks, and other similar instruments.

SECTION 2.  Said Chapter 93 is hereby further amended by inserting after section 115 the following section:-

Section 116.  (a) A money transfer operator shall make available to all customers of their service an itemized listing of any and all fees associated with their services.  Said fees shall include but not be limited to: flat fees, international money transfer fees, remittance taxes, and exit fees. An itemized listing in accordance with this section shall be made available to the customer prior to the completion of a money transfer. 

(b) A check casher shall make available to all consumers of their service an itemized listing of all fees associated with their services. Said fees shall include but not be limited to: flat fees, international money transfer fees, remittance taxes, and exit fees. An itemized listing in accordance with this section shall be made available to the customer prior to the completion of a money transfer. 

(c) The itemized listing of fees shall be in English and in the same language, if other than English, as the language principally used by the financial institution or money transmitting business, or any of its agents, to advertise, solicit, or negotiate, either orally or in writing, at the office of the institution or business at which the money transfer is initiated.

(d) The provisions of this article shall not apply to:

          (1)  Any bank, trust company, savings association, savings and loan association, savings bank or credit union which is chartered under the laws of this state or under federal law and domiciled in this state.

          (2)  Any person who cashes checks at their face value and does not charge the consumer a fee or otherwise receive any consideration from the consumer.