SB737 Summary

• Requires check cashers to register annually with the Department of Commerce and Consumer Affairs, including submission of principal office address, service of process agent, and registration fees.

• Mandates check cashers maintain a $10,000 surety bond, letter of credit, or similar security device to ensure compliance with regulations and protect customers.

• Establishes regulatory oversight through director-authorized on-site examinations (at least annually), with examination fees set at $60 per hour plus additional travel and expense costs borne by the check casher.

• Prohibits check cashers from entering deferred deposit agreements within 24 hours after a customer's previous agreement ends, and requires written customer verification that no other deferred deposit agreement has been terminated within the previous 24 hours.

• Increases penalties for willful violations to include fines up to $1,000, revocation of registration, and up to 30 days imprisonment; effective July 1, 2030.