Check Casher
General Information
The Non-Depository Division of the Office of Financial
Institution regulates the licensing of certain check cashing entities operating
within the State of Louisiana. The law was originally scheduled to go into
effect January 1, 2000, but the Louisiana Retailers Association filed a
temporary restraining order (TRO) which postponed the effective date of the law
until June 6, 2000. "Check Casher" is defined as "an individual, partnership,
unincorporated association, or corporation that, engages in whole or in part, in
the business of cashing checks, drafts, money orders, or any other commercial
paper serving the same purpose."
"Check Casher" does not mean:
An entity that charges no fee to the presenter or
payor for the cashing of a check, draft, money order, or traveler's check,
or
An entity that cashes a check, draft, money order,
traveler's check, or other commercial paper if the fee charged is $2.00 or
less and the currency exchange is incidental to the entity's primary
business
A nonrefundable $350
licensing fee is required for the main location plus $50 for each additional
location up to a maximum of $3,000.
The aforementioned are the most important
aspects for licensure.
All further requirements are enumerated in the
license application.
The timeframe for licensure usually runs
between four to six weeks.
All agencies are subject to examination by our
Office.
Return to Check Cashers
Updated
September 19, 2017