In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Check Cashing Act of 1993''.

SEC. 2. LICENSING AND REGULATION OF CHECK CASHING SERVICES.

(a) License Requirement.--A person, other than a depository
institution, shall not engage in business in issuing, redeeming, or
cashing checks, travellers' checks, money orders, or similar
instruments, or of transmitting money, unless the person is licensed to
engage in that activity by the Commission.
(b) Licensing.--
(1) In general.--The Commission may issue a license for
engaging in an activity referred to in subsection (a) to any
person that meets the requirements established under this
section for such a license.
(2) Review and approval of licenses.--Before issuing a
license under this subsection, the Commission shall review and
approve--
(A) the business record and the capital adequacy of
the applicant; and
(B) the competence, experience, integrity, and
financial ability of each individual who--
(i) is the applicant;
(ii) is a director, officer, or supervisory
employee of the applicant; or
(iii) owns or controls the applicant.
(3) Limitations on licensing.--The Commission may deny a
license under this section to any applicant based on any--
(A) conviction of the applicant for any criminal
activity;
(B) fraud or other act of personal dishonesty by
the applicant;
(C) act, omission, or practice by the applicant
which constitutes a breach of fiduciary duty; or
(D) suspension or removal of the applicant, by any
agency or department of the United States or any State,
from participation in the conduct of any federally or
State license or regulated business.
(4) Revocation of license.--A license under this section
may be revoked by the Commission if the holder of the license--
(A) engages in any activity for which issuance of
the license may be denied under paragraph (3);
(B) imposes, charges, or collects a fee in excess
of the amount permissible under section 3; or
(C) violates any regulation issued under this
section by the Commission.
(c) Penalty.--Any person who violates subsection (a) shall be
liable for a civil penalty of not more than $500,000, to be assessed by
the Commission.
(d) Regulations.--Not later than 9 months after the date of the
enactment of this Act, the Commission shall issue regulations which
implement this section, including regulations which--
(1) establish requirements for applying for a license under
this section; and
(2) establish such other requirements relating to
activities for which a license is required under this section
as the Commission considers appropriate.
(e) Effective Date.--This section (except subsection (d)) shall
take effect on the date which is 9 months after the date of the
enactment of this Act.

SEC. 3. LIMITATION ON FEE CHARGED FOR CHECK CASHING.

(a) Limitation.--A person that regularly engages in the business of
cashing checks, travelers' checks, money orders, or similar
instruments, shall not charge any fee for cashing such an instrument
that exceeds the greater of $0.50 or 0.85 percent of the amount of the
instrument.
(b) Civil Penalty.--A person that violates subsection (a) shall be
liable for a civil penalty of not more than $500,000, to be assessed by
the Federal Trade Commission.

SEC. 4. PROHIBITION ON REFUSAL BY DEPOSITORY INSTITUTION TO CASH
GOVERNMENT CHECKS.

(a) Prohibition.--A depository institution shall not refuse to cash
a government check if--
(1) the check is presented for cashing by an individual who
is the payee of the check; and
(2) the individual who presents the check for cashing
provides sufficient identification.
(b) Civil Penalty.--A person that violates subsection (a) shall be
liable for a civil penalty of not more than $500,000.
(c) Enforcement.--The requirements of this section shall be
enforced under--
(1) section 8 of the Federal Deposit Insurance Act, in the
case of--
(A) national banks, and Federal branches and
Federal agencies of foreign banks, by the Office of the
Comptroller of the Currency;
(B) member banks of the Federal Reserve System
(other than national banks), branches and agencies of
foreign banks (other than Federal branches, Federal
agencies, and insured State branches of foreign banks),
commercial lending companies owned or controlled by
foreign banks, and organizations operating under
section 25 or 25(a) of the Federal Reserve Act, by the
Board of the Federal Reserve; and
(C) banks insured by the Federal Deposit Insurance
Corporation (other than members of the Federal Reserve
System) and insured State branches of foreign banks, by
the Board of Directors of the Federal Deposit Insurance
Corporation;
(2) section 8 of the Federal Deposit Insurance Act, by the
Director of the Office of Thrift Supervision, in the case of a
savings association the deposits of which are insured by the
Federal Deposit Insurance Corporation;
(3) the Federal Credit Union Act, by the Administrator of
the National Credit Union Administration with respect to any
Federal credit union; and
(4) the Farm Credit Act of 1971, by the Farm Credit
Administration with respect to any Federal land bank, Federal
land bank association, Federal intermediate credit bank, or
production credit association.

SEC. 5. REQUIREMENT THAT CHECKS DRAWN BY FEDERAL AGENCIES BE MAILED
ONLY TO CERTAIN ADDRESSES.

(a) In General.--A government check that is issued by the United
States or an agency of the United States and that is mailed by such an
agency to the payee of the check may be mailed only to--
(1) the residence of the payee;
(2) the principal place of business of the payee;
(3) a post office box of the payee at a United States
Postal Service facility; or
(4) an account of the payee at an insured depository
institution.
(b) Application.--Subsection (a) shall apply to checks mailed after
the date which is 9 months after the date of the enactment of this Act.
(c) Regulations.--Not later than 2 months after the date of the
enactment of this Act, the Secretary of the Treasury shall issue
regulations implementing this section.

SEC. 6. STUDY OF DEBIT CARD SYSTEM OF BENEFIT PAYMENTS AND BENEFIT
CHECK DELIVERY.

Not later than 9 months after the date of the enactment of this
Act, the Comptroller General of the United States shall conduct a study
and submit a report to the Congress on--
(1) the effects of requiring the use of a debit card system
for making all benefit payments by the Federal Government; and
(2) other innovative ways to enhance and upgrade the
current methods by which the Federal Government delivers
benefit payment checks.

SEC. 7. DEFINITIONS.

(a) In General.--As used in this Act--
(1) the term ''Commission'' means the Federal Trade
Commission;
(2) the term ''depository institution'' has the meaning
given that term in section 3 of the Federal Deposit Insurance
Act (12 U.S.C. 1813(c));
(3) the term ''government check'' means any check which was
issued by--
(A) the United States, any State, or any agency of
the United States; or
(B) any agency of the State in which the check is
presented for cashing purposes, any unit of local
government of such State, or any agency of any such
unit of local government;
(4) the term ''insured depository institution'' has the
meaning given that term in section 3(c) of the Federal Deposit
Insurance Act (12 U.S.C. 1813(c)); and
(5) the term ''sufficient identification'' means--
(A) a driver's license;
(B) an identification card issued by a State or
Federal agency; or
(C) a United States passport.
(b) Terms Relating to Enforcement of Section 3.--A term used in
section 3(c)(1) that is not defined in this Act shall have the meaning
given that term by--
(1) section 3(s) of the Federal Deposit Insurance Act (12
U.S.C. 1813(s)); or
(2) in the case of a term not defined in the Act referred
to in paragraph (1), section 1(b) of the International Banking
Act of 1978 (12 U.S.C. 3101).
A:
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.