No person or other entity may engage in the business of either Level I or Level II check-cashing service without first obtaining a license pursuant to Check Cashing Services Title 34 Chapter 41. No person or other entity providing a Level I or Level II check-cashing service may avoid the requirements of this chapter by providing a check or other currency equivalent instead of currency when cashing payment instruments.
Level I
Level I check-cashing service means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge or other consideration.
Level II
Level II check-cashing service means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration; however, a Level II licensee may not be licensed to engage in the business of deferred presentment.
This chapter shall not apply to:
- A bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state; and
- Any person or entity principally engaged in the bona fide retail sale of goods or services, who either as an incident to or independently of a retail sale or service and not holding itself out to be a Level I or Level II check-cashing service, from time to time cashes checks, drafts, or money orders without a fee or other consideration.
Complete a record in Nationwide Multi-State Licensing System (NMLS) and submit it to the Consumer Finance Division for approval. Any company wishing to apply for a license must do so through NMLS. Check Cashing Level I and Level II licenses are issued and regulated pursuant to Title 34 Chapter 41.