CT HB05401

Repeals and replaces Connecticut General Statutes Section 36a-585 to clarify commissioner authority over check cashing licensee fees, effective October 1, 2018.

Requires the commissioner to establish maximum fees by regulation for cashing checks, drafts, payroll drafts, and money orders, with no licensee allowed to charge more than the regulatory maximum or one dollar, whichever is greater.

Directs the commissioner to consider consumer impact, start-up costs, operational expenses, business volume, and other relevant factors when setting maximum fee regulations.

Requires check cashing licensees to conspicuously post and display fee schedules at each place of business.

Limits combined payments by employees or employers to licensees for cashing payroll checks to the maximum percentage fee established by the commissioner in regulations.