H.3778 (Redraft of H.223)
Call or e-mail your Representatives and tell them you support H.3778
(You can find out who your elected officials are by going to wheredoIvotema.com)
(You can find out who your elected officials are by going to wheredoIvotema.com)
Terms of the bill:
(1) 1.5 per cent of the face value of the check plus a service charge of one dollar for any government check issued by the United States, the Commonwealth of Massachusetts or any political subdivision thereof. (2) 3 per cent of the face value of a payroll check 100 dollars or less plus a service charge of one dollar; 2.25 per cent of the face value of a payroll check greater than 100 dollars plus a service charge of one dollar. (3) 5 per cent of the face value of the check or 5 dollars, whichever is greater, plus a service charge of one dollar, for all personal checks. (4) 3 per cent plus a service charge of 1 dollar for all other payment instruments, including checks, drafts, or money orders. (b) No check-casher licensed or subject to regulation under this chapter shall charge more than 5 dollars to set up an initial customer account. (5) An increase penalty of $1,000 per transaction for violating the new law. |