§ 19-14.4-5.1 - Customer checks – Deferred deposits.
SECTION 19-14.4-5.1
§ 19-14.4-5.1 Customer checks –Deferred deposits. – (a) A check casher may defer the deposit of a personal check written by acustomer for a term of no less than thirteen (13) days, pursuant to theprovisions of this section. The face amount of the check shall not exceed fivehundred dollars ($500).
(b) Each deferred deposit shall be made pursuant to a writtenagreement that has been signed by the customer and by the check casher or anauthorized representative of the check casher. The written agreement shallcontain a statement of the total amount of any fees charged for the deferreddeposit, expressed both in United States currency and as an annual percentagerate (APR), as required by federal regulations. The written agreement shallauthorize the check casher to defer deposit of the personal check until aspecific date no less than thirteen (13) days from the date the writtenagreement was signed and executed. The written agreement shall not permit thecheck casher to accept collateral.
(c) A roll-over is an extension or deferral of the paymentdue date of a deferred deposit transaction for the payment of only anadditional fee.
(d) The maximum amount of a single customer's check is fivehundred dollars ($500).
(e) The maximum aggregate amount of concurrently outstandingchecks held by the licensee or its affiliate from the same customer is fivehundred dollars ($500).
(f) The maximum number of concurrently outstanding checksheld by the licensee or its affiliates from the same customer is three (3).
(g) The maximum number of rollovers permitted is one.
(h) The check casher shall give a duplicate original of theagreement to the customer at the time of the transaction.