Bill > H207

This bill establishes maximum allowable rates that licensed check cashers can charge for their services, aiming to protect consumers. Specifically, it sets limits on the percentage of the check's face value plus a fixed service charge that can be applied to different types of checks, including government checks (1.5% plus $1), payroll checks (3% for checks $100 or less, 2.25% for checks over $100, both plus $1), and personal checks (5% or $5, whichever is greater, plus $1). For all other payment instruments, the fee is capped at 3% plus $1. The bill also limits the initial setup fee for customer accounts to $5 and increases the maximum penalty for violations from $500 to $1,000, providing a stronger deterrent against excessive fees.