Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:15A-33. Application for licensure; requirements 4. Any person wishing to be licensed to cash checks for a fee shall: a. Submit to the commissioner a completed written application on forms prescribed by the commissioner which shall contain notice that false statements made ther…

17:15A-34. Approval of application 5. The commissioner shall approve an application for a license if: a. The applicant has complied with the requirements of section 4 of this act; b. The commissioner finds that the financial responsibility, experience, character, and general fitn…

17:15A-35 Contents of application. 6. The application for a license shall include, but not be limited to, the following: a. The name, age, business address, residence and present and previous occupations of each applicant or licensee and of each officer, owner, director, partner,…

17:15A-36. Fingerprinting, background checks for licensees 7. Each director, substantial stockholder, officer, owner, partner, manager, and employee in the check cashing business of a licensee shall submit to being fingerprinted on forms supplied by the commissioner and shall pro…

17:15A-37 Required capital, net worth, liquid assets. 8. An applicant shall prove, in a manner and form satisfactory to the commissioner, that the applicant has available for the operation of its check cashing business at each office, mobile office or automated check cashing mach…

17:15A-38. Licensee to engage services of public accountant 9. a. Each applicant shall engage and each licensee shall maintain the services of a public accountant, which accountant shall assist the licensee to maintain the records of the check cashing business in an orderly and a…

17:15A-39. License required for operation, conditions 10. No applicant for a license shall commence operations until a license has been issued. The commissioner shall not issue a license unless the following conditions have been met: a. The application for the license has been ap…

17:15A-40 Valid license, civil actions. 11. a. A license shall be valid until surrendered by the licensee, or unless revoked or suspended pursuant to this act. b. The license shall be for a term of not less than two years as set by the commissioner by regulation. c. A licensee ma…

17:15A-41. Maintenance of offices by licensee; requirements 12. a. Except as provided in subsections b., c. and d. of this section, a licensee shall have and maintain a single office at one address in the State for the transaction of business. No licensee shall change the address…

17:15A-42. Approval required for sale, transfer of business 13. Any sale or transfer of a controlling interest in a licensee's or applicant's check cashing business shall be approved by the commissioner prior to the transfer or sale, after the licensee or applicant has provided w…

17:15A-43 Fees permitted. 14. No licensee shall charge a fee or receive any other consideration, directly or indirectly, which is greater than the amount permitted pursuant to this section, as follows: a. For cashing a check drawn on a depository institution or other financial en…

17:15A-44 Responsibilities of licensee. 15. A licensee shall: a. Conspicuously display at each office, limited branch office or mobile office it operates the original license, certificate or branch authorization, as appropriate, issued by the commissioner. b. Conspicuously displa…

17:15A-45 Annual report by check cashing business; violations, penalties. 16. Each licensee shall annually file a report with the commissioner giving the information the commissioner may require concerning its check cashing business and operations during the preceding calendar ye…

17:15A-46. Right to examine books, records 17. The department shall have the right to examine the books and records, and the place or places of business of any licensee. The reasonable cost of the examination shall be borne by the licensee. The department may order that the books…

17:15A-47 Prohibitions for licensees. 18. No licensee, or any person acting on behalf of a licensee, shall: a. Cash a check which is made payable to a payee which is other than a natural person unless the licensee has on file a corporate resolution or other appropriate documentat…

17:15A-48 Revocation, suspension of license. 19. a. Except as provided in subsection c. of this section, the commissioner may revoke or suspend a license if, after notice and hearing, the commissioner determines that the licensee: (1) Has violated any provision of this act or any…

17:15A-49 Violations, penalties. 20. a. Any person who knowingly cashes a check for consideration without having first obtained a license as required by section 3 of P.L.1993, c.383 (C.17:15A-32) shall be guilty of an offense. If the face value of the check is in an amount less t…

17:15A-50 Compliance of existing licensees; nonapplicability of act. 21. a. Any person holding a license in good standing issued pursuant to "The Check Cashing Law," P.L.1951, c.187 (C.17:15A-1 et seq.), and who wishes to continue to engage in the business of cashing checks, shal…

17:15A-51. Waivers unenforceable, void 22. Any agreement to waive any requirement contained in this act shall be unenforceable and void. L.1993,c.383,s.22.

17:15A-52 Rules, regulations. 23. a. The commissioner shall promulgate rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the purposes of this act. b. If the commissioner finds that reasonable ground…