An Act creating a maximum allowable check-cashing rate for check cashers

This bill sets maximum fees that check cashing businesses can charge for cashing various types of checks. 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 and requires businesses to publicly post their fee schedules. It directly affects check cashing businesses and customers who use these services, particularly low-income individuals who rely on check cashing for small transactions. The bill takes effect 12 months after enactment.