CT SB00361

Increases liquid asset requirements for check cashing licensees from $10,000 to $50,000 per general facility and maintains $2,500 per limited facility, effective October 1, 2012, with existing licensees grandfathered until October 1, 2015.

Eliminates the $6,000 cap on check amounts that licensees can cash, removing restrictions on cashing high-value checks, certified checks, government checks, insurance checks, and attorney trust account checks.

Allows check cashing licensees to charge up to 2.5% in fees for checks drawn on depository institutions when negotiated by the original payee with proper identification, notwithstanding regulatory maximum fee limits.

Requires licensees to submit quarterly reports to the commissioner detailing types of checks cashed and the number of checks exceeding $2,500 during the previous quarter.

Maintains existing protections limiting fees to 1% for state of Connecticut checks cashed by public assistance recipients and requiring conspicuous display of fee schedules at each business location.