Financial Institutions

CHAPTER 19-14.4
Check Cashing

SECTION 19-14.4-3

§ 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.

(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 that 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, that 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, that 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 ensure compliance with state and federal money laundering statutes.

History of Section.
(P.L. 1995, ch. 82, § 56.)