SECTION 1. Section 13 of chapter 169A of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by striking out, in line 3, the words “five hundred dollars” and inserting in place thereof the following words:- $1,000.

SECTION 2. Said chapter 169A is hereby further amended by adding the following 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 a check plus a service charge of $1.00 for any

government check less than $1,500 issued by the United States, or the commonwealth.

(2) 2.25 per cent of the face value of a payroll check plus a service charge of $1.00.

(3) 5 per cent of the face value of a check or $5.00, whichever is greater, plus a

service charge of $1.00, for all personal checks.

(4) 3 per cent of the face value of a payment instrument less than $1,500 plus a service charge of $1.00 for all other payment instruments, including checks, drafts, or money orders.

(b) No licensee shall charge more than $5.00 to set up an initial customer account.

SECTION 3. This act shall take effect twelve months after the date of enactment.