HOUSE DOCKET, NO. 1907 FILED ON: 1/18/2023
HOUSE . . . . . . . . . . . . . . . No. 344
|
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 | 1/17/2023 |
Daniel J. Hunt | 13th Suffolk | 1/30/2023 |
Michael D. Brady | Second Plymouth and Norfolk | 1/30/2023 |
James K. Hawkins | 2nd Bristol | 1/30/2023 |
Michelle M. DuBois | 10th Plymouth | 2/7/2023 |
Lindsay N. Sabadosa | 1st Hampshire | 5/31/2023 |
David Henry Argosky LeBoeuf | 17th Worcester | 6/23/2023 |
HOUSE DOCKET, NO. 1907 FILED ON: 1/18/2023
HOUSE . . . . . . . . . . . . . . . No. 344
By Representatives Khan of Newton and Hunt of Boston, a petition (accompanied by bill, House, No. 344) 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. 417 OF 2021-2022.]
The Commonwealth of Massachusetts
_______________
In the One Hundred and Ninety-Third General Court
(2023-2024)
_______________
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. 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 six months after the date of enactment.