This bill amends Chapter 169A of the General Laws to establish a maximum allowable check-cashing rate for check cashers. It introduces a new section that specifies the fees that licensees can charge for cashing various types of checks. For government checks under $1,500, the fee is capped at 2.5% of the check's face value plus a $1.00 service charge. Payroll checks are limited to 2.25% plus a $1.00 service charge, while personal checks can incur a fee of 5% of the face value or $5.00, whichever is greater, plus a $1.00 service charge. Additionally, the bill stipulates that no more than $5.00 can be charged to set up an initial customer account, and licensees must file a schedule of fees with the commissioner annually.

Furthermore, the bill amends Section 13 of Chapter 169A by increasing the monetary threshold from five hundred dollars to $1,000. This change is intended to enhance regulatory oversight and consumer protection in the check-cashing industry. The provisions of this bill will take effect 12 months after its enactment.