Bill > S2323

This bill, titled "Creating a maximum allowable check-cashing rate," proposes to amend Massachusetts General Laws chapter 169A, which governs check cashers. The bill increases the maximum amount for which a check casher can charge a fee from $500 to $1,000, and it establishes specific, tiered maximum fees that check cashers can charge for various types of checks, including government assistance checks, other government checks, payroll checks of different values, personal checks, and other payment instruments, in addition to a flat $1 service charge. For personal checks, the fee is capped at 5% of the face value or $5, whichever is greater. The bill also limits the fee for setting up an initial customer account to $5. These provisions aim to regulate the fees charged by check cashing businesses, potentially making them more affordable for consumers.