53-275. Definitions. As used in this Article, unless the context clearly requires otherwise, the term: (1) "Cashing" means providing currency for payment instruments, but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments. (2) "Check-cashing service" means any person or entity engaged in the business of cashing […]
53-276. License required. No person or other entity may engage in the business of cashing checks, drafts, or money orders for consideration without first obtaining a license under this Article. No person or other entity providing a check-cashing service may avoid the requirements of this Article by providing a check or other currency equivalent instead […]
53-277. Exemptions. (a) This Article does not apply to any of the following: (1) A bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state. (2) Any person or entity principally engaged in the bona fide retail sale of goods or services that, either as […]
53-278. Application for license; investigation; application fee. (a) An application for licensure under this Article shall be in writing, under oath, and on a form prescribed by the Commissioner. The application shall set forth all of the following: (1) The name and address of the applicant. (2) If the applicant is a firm or partnership, […]
53-279. Liquid assets required; other qualifications; denial of license; hearing. (a) Every licensee and applicant shall have and maintain liquid assets of at least fifty thousand dollars ($50,000) per licensee. (b) Upon the filing and investigation of an application, and compliance by the applicant with G.S. 53-278, and this section, the Commissioner shall issue and […]
53-280. Maximum fees for service; fees posted; endorsement of checks cashed. (a) Notwithstanding any other provision of law, no check-cashing business licensed under this Article shall directly or indirectly charge or collect fees or other consideration for check-cashing services in excess of the following: (1) Three percent (3%) of the face amount of the check […]
53-281: Expired.
53-282. Record keeping; receipt requirements. (a) Every person required to be licensed under this Article shall maintain in its offices such books, accounts, and records as the Commissioner may reasonably require. The books, accounts, and records shall be maintained separate from any other business in which the person is engaged, and shall be retained for […]
53-283. Prohibited practices. No person required to be licensed under this Article shall do any of the following: (1) Charge fees in excess of those authorized under this Article. (2) Engage in the business of making loans of money, or extensions of credit, or discounting notes, bills of exchange, items, or other evidences of debt; […]
53-284. Suspension and revocation of license; grounds; procedure. (a) The Commissioner may suspend or revoke any license or licenses issued pursuant to this Article if, after notice and opportunity for hearing, the Commissioner issues written findings that the licensee has engaged in any of the following conduct: (1) Violated this Article or applicable State or […]
53-285. Cease and desist orders. If the Commissioner determines that a person required to be licensed under this Article has violated this Article or rules adopted pursuant to it, then the Commissioner may, upon notice and opportunity for hearing in accordance with Article 3A of Chapter 150B of the General Statutes, order the person to […]
53-286. Civil penalties and restitution. The Commissioner may order and impose civil penalties upon any person required to be licensed under this Article for violations of this Article or rules adopted thereunder. Civil penalties shall not exceed one thousand dollars ($1,000) per violation. All civil money penalties collected under this Article shall be paid to […]
53-287. Criminal penalties. A violation of G.S. 53-276 by a person required to obtain a license under this Article is a Class I felony. Each transaction involving the unlawful cashing of a check, draft, or money order constitutes a separate offense. (1997-391, s. 1.)
53-288. Commissioner to adopt rules. The Commissioner may adopt rules necessary to carry out the purposes of this Article, to provide for the protection of the public, and to assist licensees in interpreting and complying with this Article. (1997-391, s. 1.)
53-289. Commission may review rules, orders, or acts by Commissioner. The Commission may review any rule, regulation, order, or act of the Commissioner done pursuant to or with respect to the provisions of this Article. Any person aggrieved by any such rule, regulation, order, or act may appeal, pursuant to G.S. 53C-2-6, to the Commission […]
