HOUSE DOCKET, NO. 3069        FILED ON: 1/20/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2819

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Kay Khan and Daniel J. Hunt

_________________

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

1/20/2017

Daniel J. Hunt

13th Suffolk

1/20/2017

Mayor Martin J. Walsh

1 City Hall Square Boston, MA 02201

1/20/2017

Alexandra Kahveci

9 Monadnock Street Dorchester, MA 02125

1/20/2017

Byron Rushing

9th Suffolk

2/3/2017

Brian M. Ashe

2nd Hampden

1/30/2017

Mike Connolly

26th Middlesex

2/1/2017

Daniel Cullinane

12th Suffolk

2/2/2017

Marjorie C. Decker

25th Middlesex

2/3/2017

Michelle M. DuBois

10th Plymouth

1/31/2017

James B. Eldridge

Middlesex and Worcester

2/1/2017

Tricia Farley-Bouvier

3rd Berkshire

2/2/2017

Kenneth I. Gordon

21st Middlesex

2/1/2017

Jonathan Hecht

29th Middlesex

1/27/2017

Mary S. Keefe

15th Worcester

2/2/2017

Michael O. Moore

Second Worcester

2/2/2017

Denise Provost

27th Middlesex

1/24/2017

Daniel J. Ryan

2nd Suffolk

1/27/2017

Angelo M. Scaccia

14th Suffolk

1/30/2017

Frank I. Smizik

15th Norfolk

1/26/2017

Chris Walsh

6th Middlesex

2/2/2017


HOUSE DOCKET, NO. 3069        FILED ON: 1/20/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2819

By Representatives Khan of Newton and Hunt of Boston, a petition (accompanied by bill, House, No. 2819) of Kay Khan, Daniel J. Hunt and others for legislation to limit fees charged by cashers of checks, drafts or money orders.  Consumer Protection and Professional Licensure.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 213 OF 2015-2016.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

_______________

 

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.