§ 19-14.4-5.1. Customer checks Deferred deposits.
(a) A check casher may defer the deposit of a personal check written by a customer for a term of no less than thirteen (13) days, pursuant to the provisions of this section. The face amount of the check shall not exceed five hundred dollars ($500).
(b) Each deferred deposit shall be made pursuant to a written agreement that has been signed by the customer and by the check casher or an authorized representative of the check casher. The written agreement shall contain a statement of the total amount of any fees charged for the deferred deposit, expressed both in United States currency and as an annual percentage rate (APR), as required by federal regulations. The written agreement shall authorize the check casher to defer deposit of the personal check until a specific date no less than thirteen (13) days from the date the written agreement was signed and executed. The written agreement shall not permit the check casher to accept collateral.
(c) A rollover is an extension or deferral of the payment due date of a deferred deposit transaction for the payment of only an additional fee.
(d) The maximum amount of a single customer's check is five hundred dollars ($500).
(e) The maximum aggregate amount of concurrently outstanding checks held by the licensee or its affiliate from the same customer is five hundred dollars ($500).
(f) The maximum number of concurrently outstanding checks held by the licensee or its affiliates from the same customer is three (3).
(g) The maximum number of rollovers permitted is one.
(h) The check casher shall give a duplicate original of the agreement to the customer at the time of the transaction.
(P.L. 2001, ch. 371, § 4; P.L. 2005, ch. 230, § 1; P.L. 2005, ch. 235, § 1.)