The bill amends Chapter 93 of the General Laws by introducing 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 and creditors are allowed to accept postdated payments, but they must notify the payer in writing if the check is postdated by more than five days, informing them of the intent to deposit the check within a specified timeframe. This timeframe must be between three to ten days before the actual deposit, excluding legal public holidays, Saturdays, and Sundays.

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