(A)
No
A licensed
check-cashing business shall not issue any money
order without concurrently receiving the face amount thereof in cash, or by
check, less any fees permitted by law for the issuance of the money
order.
(B)
Each
A
licensed check-cashing business shall pay the entire amount of a check,
in cash, or by money order or check if requested, to the customer tendering the
check to be cashed, less any charges permitted by law. All checks shall be paid
on the same date the check is presented. In no event shall
the
a licensed
check-cashing business make a partial payment of any check.
(C)
No
A licensed
check-cashing business shall
not directly or
through its agents:
(1) Cash any check, nor
act as intermediary, agent, or in any way assist in the negotiation of any
check, at any place other than the licensed business locations;
(2) Cash any check if the check-cashing
business or any of its agents have reason to believe or know that the maker,
the payee or any of the endorsers of such check, or the persons presenting it
for cashing, are known by any name other than that appearing on the checks,
without recording on its books and records the true name or names, as well as
the assumed name or names of such person or persons, together with the true
addresses. The use of common nicknames or names resulting from legal changes
made through the courts or by marriage shall not be deemed a violation of this
rule;
(3) Alter or change the date
of any check presented for cashing;
(4) Fail to deposit with a financial
institution a check presented by a customer for cash within two banking days
from the day the customer presented such check to the check-cashing
business;
.
(5) Charge or collect any fee to
cash a check issued by the check-cashing business or an affiliate of the
check-cashing business in connection with a loan to that
customer;
(6) Assist another person in
collecting additional interest or fees for any loan made to a customer,
including by sharing revenue, profit, or check cashing fees, paying above
market rent, or otherwise contracting with that person or their affiliates as
part of an effort to evade the interest or fees restrictions applicable to the
loan.
(D)
Each
A licensed check-cashing business shall provide a
receipt to each customer for whom a check is cashed. The receipt shall show the
face amount of the check which has been cashed and the fee charged for cashing
the check. The receipt shall be dated and have the name,
the address,
and the license number of the check-cashing
business on it. A check-cashing business may provide one receipt to customers
for multiple transactions as long as check-cashing fees are clearly
disclosed.
(E)
No
A licensed
check-cashing business shall
not defer depositing
or advertise or represent that
it can or will
defer depositing a customer's check in exchange for money or other valuable
consideration
the check-cashing business
engages in the business of making loans including entering into any express or
implied agreement which creates a debt between a customer, as debtor, and a
check-cashing business, as lender unless
properly
the check-cashing
business is doing so pursuant to a license
licensed
to engage in the
business of lending money, credit, or choses in action in accordance with
sections 1321.01 to
1321.19 of the Revised Code or
pursuant to a certificate of registration to make loans in accordance with
sections 1321.51 to
1321.60 of the Revised
Code
and authorized to engage in such
activity.
(F) No check-cashing business shall
enter into any arrangement with a customer, whereby the check-cashing business
agrees to withhold depositing a check with a financial institution for any
duration of time in exchange for money or other valuable
consideration.
Notes
Ohio Admin. Code
1301:8-8-04
Five Year Review (FYR) Dates:
1/26/2022 and
01/26/2027
Promulgated
Under: 119.03
Statutory
Authority: 1315.27
Rule
Amplifies: 1315.27
Prior
Effective Dates: 01/22/1995, 11/13/1997, 05/01/2010,
09/19/2016
Five Year Review (FYR) Dates:
1/26/2022 and
01/26/2027
Promulgated
Under: 119.03
Statutory Authority: 1315.27
Rule
Amplifies: 1315.27
Prior Effective Dates: 01/22/1995, 11/13/1997,
05/01/2010, 09/19/2016
