S.B. No. 598 Summary

• Requires check cashers to post notices in 38-point type at all business locations disclosing fees for checks, money orders, membership cards, and deferred deposit transactions with annual percentage rates, plus warnings that deferred deposits are not suitable for long-term borrowing and that only one deferred deposit transaction can be open from all sources.

• Mandates written notice in 16-point type to each customer containing transaction fees, APRs, complaint procedures, information about extended repayment plans after four consecutive transactions, 24-hour rescission rights, and financial counseling resources.

• Caps cumulative fees on deferred deposit transactions at an annual percentage rate not to exceed 36 percent (with individual fees capped at 15 percent of check face amount up to $600).

• Requires check cashers to offer interest-free payment plans to non-default customers for up to 90 days and to defaulting customers for at least 60 days, plus extended repayment plans to customers with four or more consecutive transactions.

• Removes exemption for retailers who cash checks incidentally, applying check casher regulations more broadly; effective July 1, 2050.