2017 Maine Revised Statutes
TITLE 32: PROFESSIONS AND OCCUPATIONS
Chapter 80: MONEY TRANSMITTERS AND CHECK CASHERS
Subchapter 2: CHECK CASHING AND FOREIGN CURRENCY EXCHANGE
32 §6138. Limitations
§6138. Limitations
1. Endorsement. Before a registrant may deposit, with any financial institution, a payment instrument that is cashed by a registrant, the item must be endorsed with the actual name under which the registrant is doing business.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
2. Compliance with state and federal law. Registrants must comply with all the laws of this State and any federal laws.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
3. Display of certificate of registration. The administrator may require each check cashing business and foreign currency exchange business to display its registration certificate in its place of business.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
4. Prohibited activities. A check cashing business may not:
A. Charge fees, except as otherwise provided by this subchapter, in excess of 5% of the face amount of the payment instrument, or 6% without the provision of identification, or $5, whichever is greater; [1997, c. 155, Pt. A, §2 (NEW).]
B. Charge fees in excess of 3% of the face amount of the payment instrument, or 4% without the provision of identification, or $5, whichever is greater, if the payment instrument is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the payment instrument; [1997, c. 155, Pt. A, §2 (NEW).]
C. Charge fees for personal checks or money orders in excess of 10% of the face amount of those payment instruments, or $5, whichever is greater; [1997, c. 155, Pt. A, §2 (NEW).]
D. Cash or advance any money on a postdated check; [1997, c. 155, Pt. A, §2 (NEW).]
E. Agree to hold a check or draft for later deposit; [1997, c. 155, Pt. A, §2 (NEW).]
F. Issue any check or draft without concurrently receiving the full principal amount in cash or its equivalent; or [1997, c. 155, Pt. A, §2 (NEW).]
G. Engage in any false or misleading advertising. [1997, c. 155, Pt. A, §2 (NEW).]
[ 1997, c. 155, Pt. A, §2 (NEW) .]
SECTION HISTORY
1997, c. 155, §A2 (NEW).
