An Act creating a maximum allowable check-cashing rate

This bill establishes specific maximum fees that check-cashing businesses in Massachusetts can charge customers. It directly affects licensed check cashers and the individuals who use their services to convert checks into cash. The law sets different fee caps based on the type of check, such as limiting fees for government checks to 2.5 percent plus a one-dollar service charge and capping payroll check fees at 2.25 percent plus one dollar. Additionally, the bill prohibits businesses from charging more than five dollars to open a new customer account. These new limits will become active six months after the legislation is officially signed into law.