HOUSE DOCKET, NO. 3022 FILED ON: 1/16/2015
HOUSE . . . . . . . . . . . . . . . No. 213
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The Commonwealth of Massachusetts
_________________
PRESENTED BY:
Kay Khan
_________________
To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act creating a maximum allowable check-cashing rate.
_______________
PETITION OF:
Name: | District/Address: | Date Added: |
Kay Khan | 11th Middlesex | 1/16/2015 |
Mayor Martin J. Walsh | One City Hall Square, Suite 500 Boston, MA 02201-2013 | 1/15/2015 |
Denise Provost | 27th Middlesex | 1/29/2015 |
Alexandra Knowles | 9 Monadnock Street Dorcester, MA 02125 | 1/15/2015 |
Linda Dorcena Forry | First Suffolk | 1/22/2015 |
Ruth B. Balser | 12th Middlesex | 2/3/2015 |
Josh S. Cutler | 6th Plymouth | 1/22/2015 |
Marjorie C. Decker | 25th Middlesex | 2/3/2015 |
Tricia Farley-Bouvier | 3rd Berkshire | 1/27/2015 |
Daniel Cullinane | 12th Suffolk | 2/2/2015 |
Brian M. Ashe | 2nd Hampden | 1/26/2015 |
Gloria L. Fox | 7th Suffolk | 1/23/2015 |
Jay D. Livingstone | 8th Suffolk | 2/4/2015 |
Kenneth I. Gordon | 21st Middlesex | 2/1/2015 |
Robert L. Hedlund | Plymouth and Norfolk | 2/3/2015 |
Daniel J. Hunt | 13th Suffolk | 1/22/2015 |
Mary S. Keefe | 15th Worcester | 1/26/2015 |
Benjamin Swan | 11th Hampden | 1/29/2015 |
Jason M. Lewis | Fifth Middlesex | 1/27/2015 |
Elizabeth A. Malia | 11th Suffolk | 1/30/2015 |
Michael O. Moore | Second Worcester | 1/23/2015 |
David M. Rogers | 24th Middlesex | 1/26/2015 |
Daniel J. Ryan | 2nd Suffolk | 1/26/2015 |
Chris Walsh | 6th Middlesex | 1/28/2015 |
HOUSE DOCKET, NO. 3022 FILED ON: 1/16/2015
HOUSE . . . . . . . . . . . . . . . No. 213
By Ms. Khan of Newton, a petition (accompanied by bill, House, No. 213) of Kay Khan and others for legislation to limit fees charged by cashers of checks, drafts or money orders. Consumer Protection and Professional Licensure. |
The Commonwealth of Massachusetts
_______________
In the One Hundred and Eighty-Ninth General Court
(2015-2016)
_______________
An Act creating a maximum allowable check-cashing rate.
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 169A of the General Laws is hereby amended by adding after section 13 the following section:
Section 14. (a) Notwithstanding any other provision of the law to the contrary, no check-casher licensed or subject to regulation under this chapter shall directly or indirectly charge or collect fees or other considerations for rendering currency exchange services in excess of the following:
(1) 1.5 per cent of the face value of the check plus a service charge of one dollar for any government check issued by the United States, the Commonwealth of Massachusetts or any political subdivision thereof.
(2) 3 per cent of the face value of a payroll check 100 dollars or less plus a service charge of one dollar; 2.25 per cent of the face value of a payroll check greater than 100 dollars plus a service charge of one dollar.
(3) 5 per cent of the face value of the check or 5 dollars, whichever is greater, plus a service charge of one dollar, for all personal checks.
(4) 3 per cent plus a service charge of 1 dollar for all other payment instruments, including checks, drafts, or money orders.
(b) No check-casher licensed or subject to regulation under this chapter shall charge more than 5 dollars to set up an initial customer account.
SECTION 2. Section 13 of said chapter 169A is hereby amended by striking out, in line 2, the words “five hundred” and inserting in place thereof the following words: - one thousand.