Ohio Admin. Code 1301:8-8-04

Current through all regulations passed and filed through October 28, 2024

Section 1301:8-8-04 - Business practices

(A) 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) 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 a licensed check-cashing business make a partial payment of any check.

(C) 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;.

(D) 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, address, and 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) 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 unless the check-cashing business is doing so pursuant to a license 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 .

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