CHECK CASHERS AND

CHECK CASHER LENDERS

Forms

Check Cashers

The Division of Financial Institutions regulates check cashers in Ohio pursuant to Sections 1315.21 to 1315.30 and 1315.99 of the Ohio Revised Code.

LICENSING

A person wishing to become a check casher must submit an application, a fingerprint card, a license fee, and a nonrefundable investigation fee. The division must investigate the financial condition, responsibility, character and general fitness of the applicant, including requesting a criminal background check. The applicant must have a net worth of at least twenty-five thousand dollars.

Licenses must be renewed annually by filing a renewal application and annual licensing fee. Each check cashing office location must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.


COMPLIANCE

Licensees must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule. For example, all check cashing business locations must be licensed, the check cashing licenses must be conspicuously displayed, fee schedules must be displayed, fees for cashing government checks cannot exceed specified amounts, customers must receive receipts with the amounts of the checks and the fees noted, and certain records must be maintained for two years.

The Division can investigate licensees, including issuing subpoenas to ensure compliance with the law. The Division may revoke or suspend a license, or fine a licensee, subject to the Administrative Procedures Act. The State is the sole regulator of check cashing businesses.



Check Casher Lenders


The Division regulates check-casher lenders pursuant to Sections 1315.35 to 1315.44 and 1315.99 of the Ohio Revised Code.


LICENSING

A person wishing to become a check casher lender must already be licensed as a check casher and must submit an application, a fingerprint card, a license fee and a nonrefundable investigation fee. The Division must investigate the financial condition, responsibility, character and general fitness of the applicant, including a criminal background check. The applicant must have a net worth of at least one hundred thousand dollars.

Licenses may be renewed annually by filing a renewal application and paying an annual licensing fee. Each check cashing loan business must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.


COMPLIANCE

Licensees must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule. For example, all check cashing loan business locations must be licensed, the check cashing loan license must be conspicuously displayed, the loan origination fees and interest charges may not exceed specified amounts, customers must receive written loan agreements, loans may not be renewed, no person may have more than one outstanding loan with a particular check cashing loan business at any one time and certain records must be maintained for two years.

The Division can investigate licensees, including issuing subpoenas, to ensure compliance with the law. The Division may revoke or suspend a license subject to the Administrative Procedures Act.