§ 45-18-101. Short Title
This chapter shall be known and may be cited as the “Check Cashing Act of 1997.”
§ 45-18-102. Chapter Definitions
As used in this chapter, unless the context requires otherwise: “Applicant” means a person filing an application for a license under this chapter; “Check” means any payment instrument; “Check casher” means a person who, for compensation, provides currency in exchange for payment instrument received; “Commissioner” means the commissioner of financial institutions; “Consideration” means and includes […]
§ 45-18-103. Application
This chapter does not apply to: Any bank, trust company, credit union, building and loan association, savings bank or mutual bank organized under the laws of any state or the United States; Persons who offer a check cashing service without receiving, directly or indirectly, any consideration or fee; and Persons engaged in the cashing of […]
§ 45-18-104. License Requirement
No person shall engage in, or in any manner advertise engagement in, the business of cashing payment instruments without first obtaining a license under this chapter. A separate license shall be required for each location from which the business is conducted. Any licensed money transmitter or registered industrial loan and thrift company engaged in the […]
§ 45-18-105. Qualifications of Licensee
Each applicant for a license shall demonstrate, and each licensee shall maintain, a minimum net worth of at least twenty-five thousand dollars ($25,000) for each location. Every corporate applicant, at the time of filing an application for a license under this part and at all times after a license is issued, shall be in good […]
§ 45-18-106. Application for License
Each application for a license under this chapter shall be made in writing under oath, and in a form prescribed by the commissioner.
§ 45-18-107. Supervision Fee — Financial Statements
Each application for a license shall be accompanied by: A nonrefundable supervision fee, as provided in § 45-1-118(i). The supervision fee shall be applicable to each location; and Financial statements for the immediately preceding fiscal year end prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm.
§ 45-18-108. Issuance of License
Upon the filing of a properly completed application, accompanied by the nonrefundable supervision fee, as provided in § 45-1-118(i), and other required documents, the department shall investigate to ascertain whether the qualifications and requirements prescribed by this chapter have been met. If the department finds the applicant meets the qualifications and requirements, the department shall […]
§ 45-18-109. License Renewal
Licenses issued pursuant to this chapter expire on December 31. A license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the qualifications for a license, filing of the completed renewal form, and payment of the nonrefundable supervision fee, as provided in § 45-1-118(i). A licensee […]
§ 45-18-110. Licensee’s Change of Address, Name And/or Ownership — Revocation of License
No licensee shall change its address unless it has given fourteen (14) days prior notice to the commissioner. No licensee shall change its name unless it has given fourteen (14) days prior notice to the commissioner. A change in control of a licensee shall require prior written notice to the commissioner. In the case of […]
§ 45-18-111. Location of Check Cashing Business
A licensee may operate the businesses regulated under this chapter at a location where any other business is operated or in association or conjunction with any other business as long as the licensee gives prior written notification to the commissioner and the other business is consistent with the following requirements: The books, accounts and records […]
§ 45-18-112. Filing of Written Report With Commissioner — Events Impacting Activities of Licensee
Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in the state: The filing for bankruptcy or reorganization by the licensee; The institution […]
§ 45-18-113. Examination of Licensee by Commissioner
The commissioner may conduct periodic examinations of a licensee to determine compliance with this chapter. In conducting the examination, the commissioner or the commissioner’s staff shall have full and free access to all the books, papers and records of the licensee and may summon and qualify as witnesses, under oath, and examine the directors, officers, […]
§ 45-18-114. Required Records
Each licensee shall make, keep and preserve the books, accounts, records, and documents as the commissioner may determine by rule. All records of the check cashing business shall be maintained separately by the licensee from any other business in which the licensee may engage.
§ 45-18-115. Suspension or Revocation of License
After notice and an opportunity for a hearing, the commissioner may suspend or revoke a license if the commissioner finds that: Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application; The licensee violates any provision of […]
§ 45-18-116. Hearing
The Uniform Administrative Procedures Act, compiled in title 4, chapter 5, applies to any hearing afforded pursuant to this chapter.
§ 45-18-117. Civil Penalties
If, after notice and an opportunity for a hearing, the commissioner finds that a person has violated this chapter or a rule adopted under this chapter, the commissioner may, in addition to all other powers conferred in this chapter: Order the person to cease and desist violating the chapter or its rules and require the […]
§ 45-18-118. Consent Orders
The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained therein. A consent order need not constitute […]
§ 45-18-119. Criminal Penalties
Any person who knowingly and willfully violates any provision of this chapter or any order or rule pursuant thereto for which a penalty is not specifically provided commits a Class C misdemeanor. Each day the violation occurs is a separate offense. Any person who knowingly and willfully makes a material, false statement in any document […]
§ 45-18-120. Licensee’s Conduct — Written Complaints
Any person aggrieved by the conduct of a licensee under this chapter in connection with the regulated activities, may file a written complaint with the commissioner who may investigate the complaint. In the course of the investigation of the complaint, the commissioner may: Subpoena witnesses; Administer oaths; Examine any individual under oath; and Compel the […]