Sec. 36a-585. (Formerly Sec. 36-569). Maximum fees set by Banking Commissioner.
Sec. 36a-585. (Formerly Sec. 36-569). Maximum fees set by Banking Commissioner. The commissioner shall, by regulation adopted in accordance with the provisions
of chapter 54, establish the maximum fees which may be charged by a licensee for
cashing a check, draft or money order drawn on a depository institution. No check
cashing licensee shall charge any sum in excess of that established by such regulation
or one dollar, whichever is greater. In establishing maximum fees under this section,
the commissioner shall consider: (1) The effect any change in rates will have on consumers; (2) start-up costs, operational expenses, volume of business, and any other information the commissioner deems relevant. The licensee shall conspicuously post and at all
times display, at each place of business, a schedule of fees permitted under sections
36a-580 to 36a-589, inclusive. The sum of any payment made by an employee or by an
employer on behalf of the employee to a licensee of a limited facility for cashing payroll
checks shall not exceed the percentage limitation for maximum fees established by the
commissioner in regulations adopted pursuant to this section.
(P.A. 89-178, S. 5, 8; P.A. 94-122, S. 273, 340; P.A. 95-253, S. 17, 19; P.A. 05-192, S. 3.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-569 transferred to Sec. 36a-585 in
1995; P.A. 95-253 added the ceiling on the sum of payments to a licensee of a limited facility and changed "check cashing
service" to "checking cashing licensee", effective July 6, 1995; P.A. 05-192 established maximum fee of $1 or that established by regulation, "whichever is greater".