An Act creating a maximum allowable check- cashing rate

HD 1046 sets new maximum fees for check-cashing services in Massachusetts. It limits fees to 2.5% plus $1 for government checks under $1,500, 2.25% plus $1 for payroll checks, 5% or $5 (whichever is greater) plus $1 for personal checks, and 3% plus $1 for other payment instruments under $1,500. The bill also caps initial account setup fees at $5.00. These changes directly affect check-cashing licensees and customers who use these services, taking effect 12 months after enactment.