ARIZONA HOUSE OF REPRESENTATIVES FIRST REGULAR SESSION - 1999

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_DPA_ For Committee on BANKING AND INSURANCE

S/E

_____ For Committee on

__X___ For Caucus and COW

_____ As Passed the House

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Abstract HB 2612 check cashing services; money transmitters sponsors: Loredo, Avelar, Rios, et al

HB 2612 allows a licensee to charge for check cashing.

HB 2612 was amended in the Banking and Insurance Committee as follows:

SUMMARY OF PROPOSED STRIKE-EVERYTHING AMENDMENT TO HB 2612:

The strike everything amendment to HB 2612 defines a check casher. The proposed amendment also establishes maximum fees a check casher may charge for cashing a government check (one per cent of face value of the check) and a payroll check (three per cent of the face value of the check).

The strike-everything amendment requires a check casher to display in a conspicuous location a notice that indicates a schedule of all fees for each of the following:

1. cashing any check, draft, or money order;

2. issuing a money order;

3. issuing an identification card.

An amendment to the strike-everything amendment was passed in the Banking and Insurance Committee that removes the requirement of posting a schedule of fees for the issuance of a money order.

Prepared by: Jonathan Dinesman, Isaac Gabriel

hb2612.bi 3/4/99 cac

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