The 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 checks payable to natural persons. The maximum fees include 2.5% of the face value plus a $1.00 service charge for government checks under $1,500, 2.25% plus a $1.00 service charge for payroll checks, 5% or $5.00 (whichever is greater) plus a $1.00 service charge for personal checks, and 3% plus a $1.00 service charge for other payment instruments under $1,500. Additionally, it prohibits licensees from charging more than $5.00 to set up an initial customer account and requires them to file a schedule of fees with the commissioner annually.

Furthermore, the bill amends Section 13 of Chapter 169A by increasing the threshold for certain provisions from five hundred dollars to $1,000. The changes outlined in this bill are set to take effect 12 months after the act's effective date.