§ 28-8-5-16 — Check cashing requirements

Indiana § 28-8-5-16

• Jurisdiction: Indiana
• Art. 8: FINANCIAL SERVICES
• Ch. 5: Cashing Checks

Text

(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:
(A) Social Security number;
(B) driver's license number;
(C) passport number; or
(D) other traceable record.

Legislative History

As added by P.L.42-1993, SEC.86. Amended by P.L.11-2023, SEC.91.