Bill Text: CT HB05401 | 2018 | General Assembly | Introduced

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Bill Title: An Act Concerning Fees For Cashing Payroll Drafts.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2018-03-02 - Public Hearing 03/06 [HB05401 Detail]

Download: Connecticut-2018-HB05401-Introduced.html

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General Assembly		Raised Bill No. 5401
February Session, 2018		LCO No. 1394
		*01394_______BA_*
Referred to Committee on BANKING
Introduced by:
(BA)

AN ACT CONCERNING FEES FOR CASHING PAYROLL DRAFTS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 36a-585 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2018):

The commissioner shall, by regulation adopted in accordance with the provisions of chapter 54, establish the maximum fees which may be charged by a licensee for cashing a check, draft, payroll draft or money order drawn on a depository institution. No check cashing licensee shall charge any sum in excess of that established by such regulation or one dollar, whichever is greater. In establishing maximum fees under this section, the commissioner shall consider: (1) The effect any change in rates will have on consumers; (2) start-up costs, operational expenses, volume of business, and any other information the commissioner deems relevant. The licensee shall conspicuously post and at all times display, at each place of business, a schedule of fees permitted under sections 36a-580 to 36a-589, inclusive. The sum of any payment made by an employee or by an employer on behalf of the employee to a licensee of a limited facility for cashing payroll checks shall not exceed the percentage limitation for maximum fees established by the commissioner in regulations adopted pursuant to this section.

This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2018	36a-585

Statement of Purpose:

To clarify that the commissioner shall adopt regulations establishing the maximum fees that may be charged by a check cashing licensee for cashing a payroll draft.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]