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Can you summarize MGL Chapter 167, Section 46?
SUPERVISION OF BANKS > Honoring and cashing of pensioners' and retirees' checks
Short Summary
This section of the Massachusetts General Law governs the honoring and cashing of checks presented by pensioners or retirees by banks in the commonwealth. It applies to all banks doing business in the commonwealth, except for internet banks, national banks, national banking associations, federal savings banks, federal savings and loan associations, and federal credit unions. The conditions for honoring and cashing the checks include the pensioner or retiree being a resident of the commonwealth, providing adequate identification information, and the check being issued as a social security, supplemental security income, or retirement benefit by the federal government or the commonwealth. The check amount should not exceed two thousand and five hundred dollars. The commissioner is responsible for establishing a registration procedure for pensioners or retirees to have their checks cashed. Banks are required to register pensioners or retirees, verify the provided information, and issue identification cards. The cashing of checks is restricted to the office or branch where the registration was done. Banks may charge a processing fee for registration and issuing identification cards. Failure to comply with the provisions or regulations may result in a fine of up to five hundred dollars per violation.
Whom does it apply to?
Banks doing business in the commonwealth, excluding internet banks, national banks, national banking associations, federal savings banks, federal savings and loan associations, and federal credit unions
What does it govern?
Honoring and cashing of pensioners' and retirees' checks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Fine of not more than five hundred dollars for each violation
Jurisdiction
Massachusetts