Check Cashing Act

The Check Cashing Act regulates the business of cashing checks for compensation, making it unlawful to operate without a license issued by the state's financial regulator and setting out the qualifications, application requirements, supervision fees, financial disclosures, and renewal and location approvals that licensees must satisfy. It gives the commissioner ongoing oversight authority — periodic examinations, mandatory records, and required reporting of events affecting the licensee — backed by enforcement tools including consent orders, license suspension or revocation after a hearing, and civil and criminal penalties. The act also imposes conduct standards and complaint procedures on licensees and authorizes licensing through a multi-state automated system, with a designated agent for channeling information and protections for the confidentiality of information shared through it.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.