SECTION 1. Section 13 of chapter 169A of the General Laws is hereby amended by striking out, in line 3, the words “five hundred” and inserting in place thereof the following words:- one thousand.
SECTION 2. Said chapter 169A is hereby amended by adding after section 13 the following new section:-
Section 14. (a) No licensee shall directly or indirectly charge or collect fees or other considerations for cashing checks payable to natural persons in excess of the following:
(1) 2.5 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) 2.25 per cent of the face value of a payroll check 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 licensee shall charge more than 5 dollars to set up an initial customer account.
SECTION 3. This act shall take effect as of December 31, 2022.
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