HB 1617 -- Check Cashing Businesses

Co-Sponsors:  Curls, Troupe, Mays (50), Thompson (72), Gunn,
Wilson (42), Carter, Boykins

This bill contains provisions regarding the registration and
regulation of check cashing businesses.  The bill:

(1)  Defines terms;

(2)  Requires all check cashing businesses to register with the
Division of Finance;

(3)  Grants the Director of Finance the authority to accept
applications at his discretion;

(4)  Imposes background checks on partners, directors, officers,
and supervisory employees of check cashing businesses before
issuing a certificate of registration;

(5)  Requires applications for registration to be accepted or
denied within 60 days of filing.  Parameters are established for
registration denial.  All certificates of registration are valid
for one year.  A check cashing registration is not transferable
or assignable;

(6)  Establishes a fee structure for check cashing businesses.
The fees charged cannot exceed 1% of the face value or $5 of a
government or payroll check and 2% of the face value or $5 on
all other checks;

(7)  Requires check cashing businesses to conspicuously post
signs, which include schedule of fees, state registration, and
complaint information.  They are also required to provide
receipts, file annual reports with the Division of Finance, and
maintain transaction records;

(8)  Gives authority to the Director of Finance to conduct
investigations and examinations and suspend or revoke
certificates;

(9)  Requires the Director of Finance to provide an annual
report to the Speaker of the House and President Pro Tem of the
Senate detailing the operations of check cashing businesses in
Missouri; and

(10)  Makes any violation of the bill a class A misdemeanor.