Sec. 1. (a) This chapter does not apply to a financial institution organized under IC 28 or federal law.
(b) This chapter does not apply to a person principally engaged in the bona fide retail sale of goods or services if:
(1) the person, either incidental to or independent of a retail sale of goods or services, from time to time cashes checks; and
(2) the consideration (as defined in section 3 of this chapter) charged for cashing checks does not exceed five dollars ($5).