2020 Indiana Code
Title 28. Financial Institutions
Article 8. Financial Services
Chapter 5. Cashing Checks
28-8-5-16. Check Cashing Requirements

Sec. 16. (a) A licensee must do the following:

(1) Conspicuously display at each place of business a notice to the public stating the maximum charges for cashing checks.

(2) Make payment to a customer for whom a check is being cashed upon presentment of the check.

(3) Endorse the name in which the licensee is licensed on all checks before depositing them in a financial institution.

(4) Cash a check made payable only to a natural person as payee unless the licensee has previously obtained appropriate documentation from a payee clearly indicating the authority of the natural person or persons cashing the check on behalf of the payee.

(b) If a licensee engages in a check cashing transaction in which the amount on the check is at least three thousand dollars ($3,000) or in which the sum of the amounts on two (2) or more checks from the same customer on the same day total at least three thousand dollars ($3,000), the licensee must obtain:

(1) the thumbprint of the customer or a photograph of both the customer and the check;

(2) the full name of the customer;

(3) the residence address of the customer; and

(4) the identification of the customer by:

(i) Social Security number;

(ii) driver's license number;

(iii) passport number; or

(iv) other traceable record.

As added by P.L.42-1993, SEC.86.