§ 19-14.3-1 - Exemption from licensing.
SECTION 19-14.3-1
§ 19-14.3-1 Exemption from licensing.– No license to sell checks or engage in the business of electronic moneytransfers shall be required of any:
(1) Regulated institution, bank or credit union organizedunder the laws of the United States, or subject to written notice with adesignated Rhode Island agent for service of process in the form prescribed bythe director or the director's designee, of any other state within the UnitedStates if the laws of the other state in which such bank or credit union isorganized authorizes under conditions not substantially more restrictive thanthose imposed by the laws of this state, as determined by the director or thedirector's designee, a financial institution or credit union to engage in thebusiness of selling checks or electronic money transfers in the other state; nobank or credit union duly organized under the laws of any other state withinthe United States may receive deposits, pay checks or lend money from anylocation within this state unless such bank or credit union has receivedapproval from the director or the director's designee for the establishment ofan interstate branch office pursuant to chapter 7 of title 19 of the generallaws;
(2) Natural person employee who is employed by a licenseewhen acting on the licensee's behalf; or
(3) Agents any licensee shall designate or appoint. No saleof check or electronic money transfer licensee shall be required to obtain abranch office license pursuant to § 19-14-12 or shall be subject to theprovisions of § 19-14-24 or shall be required to obtain a license pursuantto chapter 14.4 of this title for check cashing services incidental to the saleof checks and electronic money transfers and the person charges not more thanfifty cents ($.50) per check cashed.