Limitations on fees for cashing checks

(a)(1) Beginning January 1, 2011, no licensee under this chapter shall directly or indirectly charge any other fee, including late fees or other service fees, for accepting or cashing a payment instrument in excess of the greater of: (A) Two percent of the face amount of the payment instrument or $3, if the payment instrument is issued by the federal government or a state or local government; (B) Ten percent of the face amount of a payment instrument or $5, if the payment instrument is a personal check or money order; or (C) Four percent of the face amount of the payment instrument or $5, for any other type of payment instrument. (2) A licensee may charge a customer an additional one-time membership fee not to exceed $5. (b) The fees for cashing a check shall be evidenced by a receipt. Such receipt shall be presented to the purchaser upon completion of the transaction.