To establish a limit on the fee which certain persons may charge for cashing checks and other instruments, to require depository institutions to cash checks issued by the United States or a State, and to provide that checks drawn by the Federal Government may be mailed only to the personal residence or primary place of business of the payee, to a Federal post office box, or to a federally insured depository institution at which the payee holds an account.
Check Cashing Act of 1933 - Sets forth licensing requirements for businesses that engage in issuing, redeeming, or cashing checks, travellers' checks, money orders, or similar instruments, or that transmit money. Confers licensing authority over such businesses upon the Federal Trade Commission (the Commission). Subjects violators of this Act to a civil penalty.
Sets a maximum fee limitation which such businesses may charge for their services.
Prohibits a depository institution from refusing to cash government checks where the presenter is the payee and provides sufficient identification. Mandates that checks drawn by Federal agencies be mailed only to specified addresses.
Requires the Comptroller General to study and report to the Congress on the effects of requiring the use of a debit card system for making Federal benefit payments.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the House Committee on Government Operations.
Referred to the Subcommittee on Human Resources and Intergovernmental Relations.
Sponsor introductory remarks on measure. (CR H1961-1962)
Referred to the Subcommittee on Consumer Credit and Insurance.
Subcommittee Hearings Held.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line