§6138. Limitations

1.  Endorsement.  Before a registrant may deposit, with any financial institution, a payment instrument that is cashed by a registrant, the item must be endorsed with the actual name under which the registrant is doing business.

[PL 1997, c. 155, Pt. A, §2 (NEW).]

2.  Compliance with state and federal law.  Registrants must comply with all the laws of this State and any federal laws.

[PL 1997, c. 155, Pt. A, §2 (NEW).]

3.  Display of certificate of registration.  The administrator may require each check cashing business and foreign currency exchange business to display its registration certificate in its place of business.

[PL 1997, c. 155, Pt. A, §2 (NEW).]

4.  Prohibited activities.  A check cashing business may not:

A. Charge fees, except as otherwise provided by this subchapter, in excess of 5% of the face amount of the payment instrument, or 6% without the provision of identification, or $5, whichever is greater;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

B. Charge fees in excess of 3% of the face amount of the payment instrument, or 4% without the provision of identification, or $5, whichever is greater, if the payment instrument is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the payment instrument;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

C. Charge fees for personal checks or money orders in excess of 10% of the face amount of those payment instruments, or $5, whichever is greater;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

D. Cash or advance any money on a postdated check;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

E. Agree to hold a check or draft for later deposit;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

F. Issue any check or draft without concurrently receiving the full principal amount in cash or its equivalent; or   [PL 1997, c. 155, Pt. A, §2 (NEW).]

G. Engage in any false or misleading advertising.   [PL 1997, c. 155, Pt. A, §2 (NEW).]

[PL 1997, c. 155, Pt. A, §2 (NEW).]

SECTION HISTORY

PL 1997, c. 155, §A2 (NEW).