2015 -- H 5483

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LC001314

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2015

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A N   A C T

RELATING TO FINANCIAL INSTITUTIONS - CHECK CASHING

     Introduced By: Representatives Barros, Blazejewski, Kazarian, Maldonado, and Abney

     Date Introduced: February 12, 2015

     Referred To: House Corporations

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 19-14.4-4 of the General Laws in Chapter 19-14.4 entitled "Check

Cashing" is hereby amended to read as follows:

     19-14.4-4. Fees for services. -- No licensee shall:

      (1) Charge check-cashing fees in excess of three percent (3%) of the face amount of the

check, or five dollars ($5.00), whichever is greater, if the check is the payment of any kind of

state public assistance or federal social security benefit;

      (2) Charge check-cashing fees for personal checks in excess of ten percent (10%) of the

face amount of the personal check or five dollars ($5.00), whichever is greater; or

      (3) Charge check-cashing fees in excess of five percent (5%) of the face amount of the

check or five dollars ($5.00), whichever is greater, for all other checks.

      (4) Charge deferred deposit transaction fees in excess of ten percent (10%) five percent

(5%) of the amount of funds advanced.

     SECTION 2. This act shall take effect upon passage.

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LC001314

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO FINANCIAL INSTITUTIONS - CHECK CASHING

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     This act would reduce the amount a check cashing business can charge for deferred

deposit transaction fees from ten percent (10%) to five percent (5%) of the funds advanced.

     This act would take effect upon passage.

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LC001314

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