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S.B. 450 VETOES
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(V) A COMPLETE DESCRIPTION OF THE IDENTIFICATION
PRESENTED BY THE CUSTOMER; AND
(2) THE LICENSEE'S BANK STATEMENTS AND CANCELED CHECKS.
(E) A LICENSEE SHALL RETAIN THE RECORDS REQUIRED UNDER THIS
SECTION IN ONE OF THE FOLLOWING WAYS:
(1) ORIGINAL FORM;
(2) AN ELECTRONIC EQUIVALENT APPROVED BY THE COMMISSIONER;
OR
(3) A MICROPHOTOGRAPHIC COPY APPROVED BY THE COMMISSIONER
12-115.
(A) AT ANY TIME AND AS OFTEN AS THE COMMISSIONER CONSIDERS
APPROPRIATE, THE COMMISSIONER MAY INVESTIGATE THE RECORDS AND BUSINESS
OPERATIONS OF A LICENSEE OR A PERSON WHO ACTS ON BEHALF OF A LICENSEE.
(B) FOR THE PURPOSES OF THIS SECTION, THE COMMISSIONER:
(1) SHALL BE GIVEN ACCESS TO ANY BOOKS, PAPERS, RECORDS, SAFES,
OR VAULTS OF THE PERSON UNDER INVESTIGATION; AND
(2) MAY EXAMINE UNDER OATH A PERSON WHOSE TESTIMONY THE
COMMISSIONER REQUIRES.
12-116.
BEFORE A LICENSEE DEPOSITS A PAYMENT INSTRUMENT IN OR PRESENTS A
PAYMENT INSTRUMENT TO A FINANCIAL INSTITUTION, THE LICENSEE SHALL
ENDORSE THE PAYMENT INSTRUMENT WITH THE NAME UNDER WHICH THE
LICENSEE IS LICENSED TO PROVIDE CHECK CASHING SERVICES.
12-117.
A LICENSEE SHALL COMPLY WITH:
(1) ALL FEDERAL AND STATE LAWS CONCERNING MONEY LAUNDERING;
AND
(2) THE TRUTH IN LENDING ACT (15 U. S. C. 1601 ET SEQ.).
12-118.
A LICENSEE SHALL CONSPICUOUSLY POST, IN 48 POINT OR LARGER TYPE, AT
EACH PLACE OF BUSINESS AT WHICH, OR MOBILE UNIT FROM WHICH, THE LICENSEE
PROVIDES CHECK CASHING SERVICES, A NOTICE OF THE FEES FOR CHECK CASHING
SERVICES.
12-119.
(A) A LICENSEE SHALL PAY A CUSTOMER, IN UNITED STATES CURRENCY, THE
FACE AMOUNT OF THE PAYMENT INSTRUMENT RECEIVED LESS THE FEE CHARGED.
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- 3878 -
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