An Act creating a maximum allowable check- cashing rate
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to establish a limit on the fees that cashers can charge for processing checks, drafts, or money orders. It seeks to protect consumers, particularly those who rely on check cashing services, from potentially excessive fees. The legislation would set a maximum allowable rate for these services, ensuring fairer pricing practices. This bill builds upon previous attempts to regulate check-cashing fees in Massachusetts.
Key provisions
- Establishes a maximum allowable fee for check cashing services.
- Applies to cashers of checks, drafts, and money orders.
- Regulates fees charged by businesses that cash checks.
- Addresses concerns about predatory check-cashing practices.
- Is being reviewed by the Committee on Consumer Protection and Professional Licensure.
Who is affected
- Consumers
- Check cashers
- Financial service providers
- Low-income individuals
- Massachusetts residents
Notable changes
- This bill represents an ongoing effort to regulate check-cashing fees in Massachusetts.
- It builds on previous legislation with similar goals (H.207, H.401, H.277, H.2819, and H.4277).
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Daniel J. Hunt
Cosponsor
Daniel J. Hunt
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