HB2560 Summary

• Establishes maximum rates for check cashing by community and ambulatory currency exchanges: 1.4% of face amount plus $1 service charge for checks $100 or less, or 2.25% for checks over $100

• Sets maximum rates for money order issuance at 1% of face amount plus $0.75 service charge

• Prohibits currency exchanges from charging fees exceeding these statutory maximum rates

• Removes Secretary of Financial and Professional Regulation's authority to formulate and issue rate schedules through administrative rules, replacing discretionary rulemaking with fixed statutory rates