Bill > H400

This bill creates new regulations for check-cashing businesses by establishing maximum fee limits for different types of checks. Specifically, the bill sets fee caps for government checks under $1,500 at 2.5% of the check's face value plus a $1 service charge, payroll checks at 2.25% of the face value plus a $1 service charge, personal checks at 5% of the face value or $5 (whichever is greater) plus a $1 service charge, and other payment instruments under $1,500 at 3% of the face value plus a $1 service charge. Additionally, the bill limits account setup fees to no more than $5. The bill also increases the maximum amount referenced in an existing law from $500 to $1,000, potentially expanding the scope of regulated transactions. These provisions aim to protect consumers by preventing excessive fees from check-cashing businesses, which often serve individuals who may not have traditional bank accounts. The new regulations will take effect one year after the bill's enactment, giving businesses time to adjust their pricing and practices to comply with the new requirements.

Labor and Employment

https://malegislature.gov/Bills/194/H400