Massachusetts H400 sets maximum allowable fees for cashing checks, drafts, or money orders.

Massachusetts H400 amends the General Laws to establish a cap on fees charged by check cashers. It limits fees to 2.5% of the face value of a government check under $1,500, 2.25% for payroll checks, 5% for personal checks, and 3% for other payment instruments, plus a $1 service charge. The bill also restricts the initial account setup fee to $5. This act will take effect twelve months after its enactment.

Massachusetts H400 sets maximum allowable fees for cashing checks, drafts, or money orders.

Massachusetts H400 amends the General Laws to establish a cap on fees charged by check cashers. It limits fees to 2.5% of the face value of a government check under $1,500, 2.25% for payroll checks, 5% for personal checks, and 3% for other payment instruments, plus a $1 service charge. The bill also restricts the initial account setup fee to $5. This act will take effect twelve months after its enactment.