2014 -- S 2445

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LC004615

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

RELATING TO FINANCIAL INSTITUTIONS -- CHECK CASHING

     Introduced By: Senator William A.Walaska

     Date Introduced: February 27, 2014

     Referred To: Senate Commerce

     It is enacted by the General Assembly as follows:

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

Cashing" is hereby amended to read as follows:

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

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

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

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

security measures.

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

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

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

($10,000);

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

transactions for that day;

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

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

carbonized type money orders are used;

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

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

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

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

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

assets on hand at the licensed location; and

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

and federal money laundering statutes.

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

protection of customers and employees of licensed check cashing businesses.

     SECTION 2. This act shall take effect upon passage.

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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 amend the security provisions required for licensed check cashing

businesses to include appropriate security measures necessary to protect customers and

employees and would mandate that licensees of check cashing businesses provide the director

with an adequate written policy and affirmative program to comply with the security requirement.

     This act would take effect upon passage.

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