Massachusetts payments and fintech bills

What it would do: Prohibits virtual currency kiosk operators from operating cryptocurrency ATMs in Massachusetts and makes violations subject to Chapter 93A consumer protection laws, allowing courts to order forfeiture of collected charges, kiosks, and investigation costs.

What it would do: Defines payroll card accounts as prepaid accounts established by employers for wage transfers with Electronic Fund Transfer Act protections. Requires employers to allow at least one free withdrawal per pay period and provide free balance inquiries, while disclosing non-employer fees in advance.

What it would do: Establishes regulations for virtual currency kiosks in Massachusetts, requiring operators to be licensed money transmitters, use blockchain analytics software, maintain anti-fraud policies, employ compliance officers, provide customer disclosures and receipts, limit daily transactions to $1,000, cap fees at $5 or 3%, and offer refunds to defrauded new customers within 90 days.

What it would do: Prohibits card issuers from preventing sellers from offering cash discounts. Requires sellers to post notices of discounts and limits credit card surcharges to actual processing costs, with clear disclosure before transaction completion.

What it would do: Establishes maximum fees that check cashers can charge for cashing checks, including 2.5% plus $1 for government checks under $1,500, 2.25% plus $1 for payroll checks, 5% or $5 for personal checks, and 3% plus $1 for other payment instruments under $1,500, with a $5 maximum account setup fee. Increases a penalty from $500 to $1,000.

What it would do: Prohibits issuers, payment card networks, acquirer banks, and processors from charging interchange fees on tax or gratuity amounts in electronic payment transactions if the merchant provides that data during authorization or settlement, or within 180 days after the transaction.

What it would do: Requires sellers who impose surcharges for credit card use to disclose the surcharge amount and its relationship to the seller's cost of accepting credit cards on a conspicuous sign and on every receipt.

What it would do: Requires sellers who impose surcharges on credit card purchases to disclose the surcharge amount and its relationship to the seller's cost of accepting credit cards on a conspicuous sign and on every receipt.

What it would do: Allows sellers to impose a surcharge of one half of the processing fee on cardholders using credit or debit cards instead of cash or check, provided the surcharge is clearly stated on the bill or invoice before payment.

What it would do: Amends credit card surcharge law to permit sellers to offer discounts for cash or debit payments if properly posted, while prohibiting sellers from imposing surcharges on any payment method including credit cards.

What it would do: Adds definitions and criminal penalties for gift card fraud, including larceny for acquiring gift card redemption information without consent, forgery for altering gift cards, and larceny for fraudulently using stolen gift cards, with felony charges if value exceeds $1,200 in six months.

What it would do: Establishes regulatory requirements for virtual currency kiosk operators in Massachusetts, including licensing, customer disclosures, fraud prevention, compliance officer designation, and quarterly location reporting to the Division of Banks.

What it would do: Creates Chapter 140F establishing a licensing system for earned wage access services providers under the Commissioner of Banks. Requires providers to obtain licenses, comply with consumer protection requirements including fee disclosures and no-cost options, and prohibits late fees, credit reporting, and aggressive collection practices.

What it would do: Prohibits payment card networks and large credit card issuers from fixing interchange fees, requiring bundled card acceptance, or penalizing merchants for pricing. Requires disclosure of interchange fees on statements and prohibits charging interchange fees on tax and gratuity amounts.

What it would do: Limits credit card surcharges to the seller's actual processing cost and requires sellers to disclose surcharge amounts before charging customers through signage, electronic notice, or verbal notice depending on transaction type.

What it would do: Requires sellers who impose surcharges for credit card use to disclose the surcharge amount and its relationship to the seller's cost of accepting credit cards on a conspicuous sign and on every receipt.

What it would do: Requires financial institutions to reimburse consumers or pay third parties for fines, penalties, or late charges incurred when the institution fails to process a preauthorized electronic transfer, within 5 days of discovering or being notified of the error, and allows treble damages for willful violations.

What it would do: Increases the maximum transaction amount for check-cashing licensees from $500 to $1,000 and establishes maximum allowable fees for cashing checks, including percentage-based fees plus service charges varying by check type, and caps initial account setup fees at $5.00.