§ 53-277. Exemptions.
§ 53‑277. Exemptions.
(a) This Article shallnot apply to:
(1) A bank, savingsinstitution, credit union, or farm credit system organized under the laws ofthe United States or any state; and
(2) Any person or entityprincipally engaged in the bona fide retail sale of goods or services, whoeither as an incident to or independently of a retail sale or service and notholding itself out to be a check‑cashing service, from time to timecashes checks, drafts, or money orders for a fee or other consideration, wherenot more than two dollars ($2.00) is charged for the service.
(b) A person licensedunder Article 16A of this Chapter (Money Transmitters Act) is exempt from G.S.53‑276, 53‑278, 53‑279, and 53‑284, but is deemed alicensee for purposes of the remaining provisions of this Article. Thisexemption does not apply to an authorized agent of a person licensed underArticle 16A of this Chapter. (1997‑391, s. 1; 2001‑443, s. 4.)