The bill amends Chapter 93 of the General Laws by adding a new section, Section 24A 1/2, which outlines specific regulations regarding the acceptance of postdated checks and similar payment instruments by debt collectors and creditors. Under this new provision, debt collectors or creditors are allowed to accept postdated payments, but they must notify the payer in writing if they intend to deposit a check that is postdated by more than five days. This notification must occur between three to ten days before the intended deposit, excluding legal public holidays, Saturdays, and Sundays.

Additionally, the bill prohibits debt collectors or creditors from soliciting postdated checks for the purpose of threatening criminal prosecution and forbids them from depositing or threatening to deposit any postdated payment instrument before its specified date. These measures aim to protect consumers from potential abuse in the debt collection process while allowing for more flexible payment options.