2013 -- S 0383

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LC01377

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO FINANCIAL INSTITUTIONS -- CHECK CASHING

     Introduced By: Senator William A. Walaska

     Date Introduced: February 26, 2013

     Referred To: Senate Corporations

It is enacted by the General Assembly as follows:

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     SECTION 1. Section 19-14.4-3 of the General Laws in Chapter 19-14.4 entitled "Check

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Cashing" is hereby amended to read as follows:

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     19-14.4-3. Rules and regulations. -- (a) The director or the director's designee is

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authorized, directed and empowered to promulgate regulations that provide for the safety and

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security of customers of the licensee, and/or its employees, from robbery or other criminal

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activities to include, but not be limited to, bulletproof glass and steel partitions appropriate

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security measures.

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      (b) The rules and regulations, in addition to any other provisions as the director or the

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director's designee may require, must provide that licensees maintain:

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      (1) Continuously, for each licensed premises, liquid assets of at least ten thousand dollars

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($10,000);

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      (2) A cash sheet which must be prepared daily for each day's business reflecting all

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transactions for that day;

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      (3) A money order register recording the date issued, money order number, amount and

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date paid. In lieu of the money order register, a copy of the money order may be kept when

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carbonized type money orders are used;

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      (4) Insurance issued by an insurance company or indemnity company, authorized to do

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business under the laws of this state, which shall insure the applicant against loss by theft,

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burglary, robbery or forgery in principal sum, as determined by the director or the director's

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designee, which shall in no event be less than ten thousand dollars ($10,000) nor more than one

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hundred thousand dollars ($100,000). The required amounts shall bear a relationship to the liquid

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assets on hand at the licensed location; and

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      (5) An adequate written policy and affirmative program to insure compliance with state

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and federal money laundering statutes.

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     (6) An adequate written policy and affirmative program to provide for the safety and

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protection of customers and employees of licensed check cashing businesses.

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     SECTION 2. This act shall take effect upon passage.

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LC01377

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO FINANCIAL INSTITUTIONS -- CHECK CASHING

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     This act would remove the requirement for the installation of bulletproof glass and steel

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partitions at check cashing businesses. This act would further authorize the director of the

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department of business regulation, in his or her discretion, to require appropriate security

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measures, including the maintenance of an adequate written policy and affirmative program to

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provide for the safety and protection of customers and employees at licensed check cashing

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facilities.

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     This act would take effect upon passage.

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LC01377

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