The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Michelle Ridge.
DIGEST
SB 114 Original 2020 Regular Session Fields
Present law provides relative to the La. Check-Cashing Law and the licensure of check-cashers.
Present law provides that no check-casher licensed or regulated under present law shall directly or
indirectly charge or collect fees for rendering currency exchange services in excess of the following:
(1) Two percent of the total amount of the check presented for cashing or five dollars, whichever
is greater, for checks issued by or drawn upon the account of a public welfare or public
assistance agency of the U.S., the state, or any political subdivision of the state.
(2) 10% of the total amount of the check presented for cashing or five dollars, which ever is
greater.
Proposed law reduces the fees as follows:
(1)One percent of the total amount of the check presented for cashing or one dollar, whichever
is greater, for checks issued by or drawn upon the account of a public welfare or public
assistance agency of the U.S., the state, or any political subdivision of the state.
(2) Two and one-half percent of the total amount of the check presented for cashing or two
dollars, which ever is greater.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 6:1009)