Bill > S152

This bill establishes maximum allowable rates that licensed check cashers can charge for their services, aiming to protect consumers. Specifically, it sets limits on fees for cashing government checks at 1.5% of the check's value plus a $1 service charge, and for payroll checks, it allows 3% plus a $1 service charge for checks $100 or less, and 2.25% plus a $1 service charge for checks over $100. For personal checks, the fee will be the greater of 5% of the check's value or $5, plus a $1 service charge. All other payment instruments will have a 3% fee plus a $1 service charge. The bill also caps the initial customer account setup fee at $5 and increases the maximum amount a check casher can hold in their possession from $500 to $1,000, which provides context for the types of transactions these businesses handle.