Sec. 1. (a) This chapter does not apply to a financial institution organized under IC 28 or federal law. (b) This chapter does not apply to a person principally engaged in the bona fide retail sale of goods or services if: (1) the person, either incidental to or independent of a retail sale of goods […]
Sec. 10. The department may make regulations and establish policies and guidelines by resolution for the administration of this chapter. As added by P.L.42-1993, SEC.86.
Sec. 11. (a) A person shall not engage in the business of cashing checks for consideration without first obtaining a license. (b) Each application for a license shall be in writing in such form as the director may prescribe and shall include all of the following: (1) The following information pertaining to the applicant: (A) […]
Sec. 12. (a) The department shall determine the financial responsibility, business experience, character, and general fitness of the applicant before issuing the license. (b) The department may refuse to issue a license for any of the following reasons: (1) Any of the following has been convicted of a felony under the laws of Indiana or […]
Sec. 13. Except in a transaction approved under section 13.1 of this chapter, a license is not transferable or assignable. As added by P.L.42-1993, SEC.86. Amended by P.L.89-2011, SEC.63.
Sec. 13.1. (a) As used in this section, “control” means possession of the power directly or indirectly to: (1) direct or cause the direction of the management or policies of a licensee, whether through the beneficial ownership of voting securities, by contract, or otherwise; or (2) vote at least twenty-five percent (25%) of the voting […]
Sec. 14. A license issued pursuant to this chapter expires on January 1 of the year following the date of issuance unless earlier suspended, relinquished, or revoked. As added by P.L.42-1993, SEC.86. Amended by P.L.27-2012, SEC.103; P.L.137-2014, SEC.35; P.L.69-2018, SEC.66.
Sec. 15. (a) To remain in force, a license must be renewed not later than December 31 of each year, beginning with the year following the date of issuance, as set forth in section 14 of this chapter. A licensee may renew a license issued under this chapter by filing a renewal application as prescribed […]
Sec. 16. (a) A licensee must do the following: (1) Conspicuously display at each place of business a notice to the public stating the maximum charges for cashing checks. (2) Make payment to a customer for whom a check is being cashed upon presentment of the check. (3) Endorse the name in which the licensee […]
Sec. 17. (a) Except as otherwise provided in this chapter, a licensee may not charge check cashing fees in excess of: (1) the greater of ten dollars ($10) or ten percent (10%) of the face amount of a check, in the case of a personal check; or (2) the greater of five dollars ($5) or […]
Sec. 18. (a) A licensee shall keep its books, accounts, and records satisfactory to the department for each transaction for at least three (3) years from the transaction date. (b) A licensee shall keep its books, accounts, and records separate from those of any other type of business and in a manner that reflects the […]
Sec. 18.2. A licensee may carry on other business at a location where the licensee conducts the business of cashing checks unless the licensee carries on other business for the purpose of evasion or violation of this chapter. As added by P.L.159-2017, SEC.50.
As added by P.L.10-2006, SEC.64 and P.L.57-2006, SEC.64. Repealed by P.L.159-2017, SEC.51.
Sec. 18.4. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, the licensee, or any individual described in section 11(b)(2) of this chapter, has been convicted of or pleaded guilty to a felony under the laws of Indiana or any other jurisdiction. (b) If this […]
Sec. 18.5. The check in a check cashing transaction, to the best of the licensee’s knowledge, must be drawn on a valid, open, and active account and must be deposited by the licensee into a financial institution with the intent to draw the funds of that check. As added by P.L.80-1998, SEC.24.
Sec. 19. (a) The department may examine the books, accounts, and records of a licensee and may make investigations to determine compliance. (b) If the department examines the books, accounts, and records of a licensee, the licensee shall pay all reasonably incurred costs of the examination in accordance with the fee schedule adopted under IC […]
Sec. 2. As used in this chapter, “check” or “checks” includes a check, draft, or money order. As added by P.L.42-1993, SEC.86. Amended by P.L.54-2021, SEC.4.
Sec. 2.5. As used in this chapter, “check cashing transaction” means a transaction under this chapter in which there is no written or implied agreement to hold the check for more than three (3) business days. As added by P.L.80-1998, SEC.21.
Sec. 20. In making investigations concerning the compliance of a licensee the department may: (1) administer oaths; (2) subpoena witnesses; and (3) require the production of: (A) books, documents, or other tangible items; and (B) information pertaining to the identity of and location of persons having knowledge of facts concerning compliance with this chapter. As […]
Sec. 21. If the licensee’s records are located outside Indiana, the licensee shall either make them available to the department at a convenient location within Indiana or pay the reasonable and necessary expenses for the department or its representative to examine them at the place where they are maintained. As added by P.L.42-1993, SEC.86.
