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Opinion Summary of Selected Opinion 97-175

Date: 07/01/1997
Organization: Division of Banks
Docket Number: 97-175

This opinion was issued in the third quarter of 1997.

Table of Contents

Check Cashers' Operations

While Massachusetts law does not set or limit the fees for cashing checks, check cashers are required to post a schedule of fees and charges in a clear and conspicuous place within each location where they conduct business pursuant to 209 CMR 45.06. The schedule must identify the percentage that will be charged to cash both a specific type of check as well as a particular dollar amount or range. The posting must be within the immediate area where the items is to be cashed. Similarly, check cashers are required to prominently post in their place of business their license issued by the Commissioner, as well as a clear and conspicuous notice which contains the name of the licensed person or corporation; the name, address , and telephone number of the manager or other designated person which should receive inquiries or complaints; and a statement explaining how a customer may file a complaint with the Division of Banks.

Check cashers are also required to provide each individual cashing a check, draft or money order a receipt of the transaction which specifies the name, license type, and license number of the check casher; the amount of the item cashed; the fee charged; the total amount received by the customer; and the date of the transaction. Additionally, check cashers must file annually a complete schedule of check cashing fees and charges with the Division of Banks by April 1. Accordingly, any changes in check cashing fees or charges, or hours of operation which occur between filing periods, must be immediately filed in writing to the Division. Massachusetts-licensed check cashers are examined on a biennial basis by the Division to verify compliance with Mass. Gen. Laws chapter 169A and 209 CMR 45.00 et seq.