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HOUSE DOCKET, NO. 2041         FILED ON: 1/20/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1880

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Carlos Henriquez

_______________

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:

Carlos Henriquez

5th Suffolk

John Hart, Jr.

 

Angelo M. Scaccia

14th Suffolk

Nick Collins

4th Suffolk

Linda Dorcena Forry

12th Suffolk

Steven L. Levy

4th Middlesex

Gloria L. Fox

7th Suffolk

Martin J. Walsh

13th Suffolk

Barry R. Finegold

 

Richard Bastien

2nd Worcester

Ellen Story

3rd Hampshire

Alexandra Knowles

Monadnock St.


HOUSE DOCKET, NO. 2041        FILED ON: 1/20/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1880

By Mr. Henriquez of Boston, a petition (accompanied by bill, House, No. 1880) of Carlos Tony Henriquez and others for legislation to limit fees charged by cashers of checks, drafts or money orders.  Consumer Protection and Professional Licensure. 


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Eleven

_______________

 

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, draft or money order plus a service charge of one dollar for all checks, drafts or money orders 100 dollars or less.

              (2) 2.25 per cent of the face value of the check, draft or money order for all checks, drafts or money orders greater than 100 dollars

              SECTION 2. Section 8 of said chapter 169A is hereby amended by striking out, in lines 20 to 21, the words “five hundred dollars per day” and inserting in place thereof the following words: - one thousand dollars

              SECTION 3. 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

              SECTION 4. Said section 13 of said chapter 169A is hereby further amended by striking out, in line 4, the words “day a violation continues” and inserting in place thereof the following word: - violation  

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