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Issue I                                                                                                                       April, 2011   
In This Issue
Check Casher Licensee Renewal Procedures
Reminder to Follow All Check Casher Licensee Laws
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THE MD OFFICE OF THE COMMISSIONER OF FINANCIAL REGULATION IS LAUNCHING THIS UPDATE TO IMPROVE C0MMUNICATION WITH OUR LICENSEES.

 

THIS ISSUE: CHECK CASHER LICENSEE RENEWAL PROCEDURES; REMINDER TO FOLLOW ALL CHECK CASHER LICENSEE LAWS     

CHECK CASHER LICENSEE RENEWAL PROCEDURES

 

 

 

 

 

 

 

 

Check casher licenses are renewed on a bi-annual basis.  Below are the basic steps of the renewal process:

  1. Check casher license renewal packages are mailed approximately 60 days before the license expiration.  Included in the renewal package are the check casher license renewal application, renewal invoice, and fee return envelope.
          
  2. Complete and mail the renewal application and any supporting documentation to:  

                          Office of the Commissioner of Financial Regulation
                          Attn: Licensing Unit

           500 North Calvert Street

                          Suite 402

                          Baltimore, Maryland 21202  

    

NOTE: DO NOT mail the application in the fee return envelope.  That envelope is addressed to the Agency's lock box.  If you mail the application in the fee return envelope, the  check will be deposited, but the application will be destroyed by the bank.  The renewal application will NOT be processed by the Commissioner's office and the renewal of your application will be significantly delayed. 

 

3.  Mail the invoice and renewal fee check separately from the application to the address on the fee return envelope.  

NOTE: Mailing the renewal fee check to the Commissioner's office will delay the renewal process because the check must be forwarded to the bank.  Mailing the check in the fee return envelope will ensure direct delivery to the bank.  


4.  If you do not receive a license renewal application within 45 days of the licensee's expiration date, contact the Licensing Unit of the Commissioner's office immediately at 410-230-6155.  Please ask a licensing unit representative to send you a check casher  license renewal application package.

 

Alternatively, you may download and complete the Check Casher Renewal Application on the Commissioner's website.   If downloaded from the website, you will not have an invoice and fee return envelope.  Therefore, you must mail the complete application, renewal fee and any applicable supporting documentation to the Commissioner's office.


5.  Once the Commissioner receives a complete renewal application, invoice, licensing fee, and all necessary documentation, the processing time for new license issuance is approximately 30 days.


Thank you for your attention to the check casher license renewal process.  Please feel free to contact the Director of Licensing, Keisha Whitehall Wolfe via telephone at 410-230-6352 or via email at kwhitehallwolfe@dllr.state.md.us  with any questions you may have.   

REMINDER TO FOLLOW ALL CHECK CASHER LICENSEE LAWS

 

The Commissioner thanks all check casher licensees for following Maryland check casher licensee laws (Md. Code Annotated, Financial Institutions ("FI")  12-101 et seq.).  Listed below are some common violations noted on recent compliance exams by the Commissioner's office.  Please note the common violations below and take steps to ensure your business is compliant.   

  

Recent Common Violations of Check Casher Compliance Reviews:

  

FI 12-118 - Posting of Fees: Requires a licensee to 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.

 

FI 12-114 (d) - Chronological Register and Bank statements: Requires a licensee to retain a chronological register of all payment instruments cashed by the licensee showing:  The name of the customer; the transaction date; the type and amount of payment instrument; the amount of fee charged; and a complete description of the identification presented by the customer; the licensee's bank statements and canceled checks. 

 

FI 12-117- Compliance with federal and State laws: Requires a licensee to comply with all federal and State laws concerning money laundering.

 

FI 12-120(a)- Maximum fees:  Except provided in 15-802(b) of the Commercial Law Article and FI 12-120(b), a licensee may not charge any other fee, including late fees or other service fees, for accepting or cashing a payment instrument in excess of the greater of:
  •  2% of the face amount of the payment instrument or $3, if the payment instrument is issued by the federal government or a state or local government;  
  • 10% of the face amount of a payment instrument or $5, if the payment instrument is a personal check; or  
  • 4% of the face amount of the payment instrument or $5, for any other payment instrument.

FI 12-120(b) - Membership fee: A licensee may charge a customer a one-time membership fee not to exceed $5. 

     

If you have further questions regarding any of these laws, please contact Sabrina S. Brown, Financial Examiner Supervisor (Compliance Unit) at 410-230-6091 or by email at sbrown@dllr.state.md.us.

Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation, 500 N. Calvert Street, Suite 402 - Baltimore, Maryland 21202-3651 - (410) 230-6155
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