SENATE DOCKET, NO. 714        FILED ON: 1/15/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 152

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Linda Dorcena Forry

_________________

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:

Linda Dorcena Forry

First Suffolk

Mayor Martin J. Walsh

Boston City Hall 1 City Hall Plaza Boston, MA 02201

William N. Brownsberger

Second Suffolk and Middlesex

Russell E. Holmes

6th Suffolk

Daniel J. Hunt

13th Suffolk

Daniel Cullinane

12th Suffolk

Aaron Michlewitz

3rd Suffolk

Jay D. Livingstone

8th Suffolk

Daniel J. Ryan

2nd Suffolk

Tricia Farley-Bouvier

3rd Berkshire

Mary S. Keefe

15th Worcester

Michael J. Barrett

Third Middlesex

Barbara A. L'Italien

Second Essex and Middlesex

Jason M. Lewis

Fifth Middlesex

Brian A. Joyce

Norfolk, Bristol and Plymouth

Patricia D. Jehlen

Second Middlesex

Denise Provost

27th Middlesex

Michael F. Rush

Norfolk and Suffolk

Chris Walsh

6th Middlesex


SENATE DOCKET, NO. 714        FILED ON: 1/15/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 152

By Ms. Forry, a petition (accompanied by bill, Senate, No. 152) of Linda Dorcena Forry, Mayor Martin J. Walsh, William N. Brownsberger, Russell E. Holmes and other members of the General Court for legislation to create a maximum allowable check-cashing rate.  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 inserting 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 of the General Laws, as appearing in the 2012 Official Edition,  is hereby amended by striking out, in line 3, the words “five hundred” and inserting in place thereof the following words: - “one thousand”.