This bill establishes regulations for check cashing businesses. Check cashing businesses must apply for registration with the Division of Finance. If an application is denied, the division must inform the applicant and publish the findings within 20 days. The applicant may appeal the decision to the appropriate circuit court within 30 days after publication. Registration must be renewed annually and is not transferable.
Violations are class A misdemeanors and considered unfair and deceptive trade practices.
Penalties are paid to a fund for consumer education programs. The division must also submit to the General Assembly and make available to the public an annual report on the status of check cashing businesses in the state. This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.