Bill
H 4277
Overview: H 4277 is a bill creating a maximum allowable check-cashing rate for check cashers.Purpose and Intent: The bill aims to protect consumers from excessive fees charged by c
Overview: H 4277 is a bill creating a maximum allowable check-cashing rate for check cashers.
Purpose and Intent: The bill aims to protect consumers from excessive fees charged by check-cashing businesses. It seeks to establish a reasonable and standardized maximum rate that check cashers can charge for their services.
Key Provisions:
- Sets a maximum allowable check-cashing rate of 2% of the face value of the check
- Requires check cashers to prominently display the maximum rate and any other fees charged
- Imposes penalties on check cashers who exceed the maximum rate or fail to disclose their fees
Affected Parties and Impacts: The bill would primarily benefit consumers who use check-cashing services, as it would limit the fees they are charged. Check-cashing businesses would be required to adjust their pricing and fee structures to comply with the new maximum rate.
Procedural and Timeline Considerations: The bill has been read a second time and ordered to a third reading in the legislature. If passed, the new maximum check-cashing rate would take effect 60 days after the bill's enactment.
Compiled from official sources — confirm details with the bill’s official record.
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