Vote Smart's Synopsis:

Vote to pass a bill that outlines regulations concerning delayed deposit check transactions.

Highlights:

• Establishes that any check casher transaction made by a person without a valid license as a check casher will be null and void (Sec. 3).

• Authorizes that a licensee may delay the deposit of a personal check cashed for a customer for up to 21 days if it is less than $200 (Sec. 11).

• Requires that a licensee will delay the deposit of a personal check cashed for a customer for 28-30 days as selected by the customer for amounts of $200-$500 (Sec.11).

• Specifies that any delay in deposit check cashed is limited to an amount of $500 (Sec. 11).

• Specifies that a licensee cannot charge more than $21.95 per $100 advanced for cashing a delayed deposit check of $200-$500 (Sec. 11).

• Requires that before entering any of the above transactions, the licensee must provide the customer with a pamphlet detailing general information about the transaction, in addition to the customer's rights and responsibilities, with a required signature (Sec. 11).

• This act is effective January 1, 2012 (Sec. 22).

Full Bill Text