Section 103.1 – Exemptions.

7-23-103.1. Exemptions.
The following are not subject to the requirements of this chapter:

• (1) a depository institution;

• (2) a depository institution holding company;

• (3) an institution directly or indirectly owned or controlled by one or more:
  • (a) depository institutions; or
  • (b) depository institution holding companies; or

• (4) a person that cashes a check in a transaction:
  • (a) that is incidental to a retail sale of goods or services; and
  • (b) for consideration that does not exceed the greater of:
    • (i) 1% of the amount of the check; or
    • (ii) $1.

Renumbered and Amended by Chapter 96, 2008 General Session