The Non-Depository Division of the Office of Financial Institution regulates the licensing of certain check-cashing entities operating within the State of
. The law was originally scheduled to go into effect Louisiana 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-cashers" 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.
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Updated November 26, 2013