HB5747 - Check Cashing Act Amendment

• Permits merchants to engage in check cashing as an incidental business activity (less than 20% of gross sales) with fees capped at the greater of $0.50 or 1% of check face value, plus up to $25 for insufficient funds.

• Requires check cashers to post fee schedules in 14-point font in English and dominant languages spoken at each location, and prohibits misleading advertising about state approval of rates.

• Mandates check cashers maintain transaction records for 5 years, submit suspicious activity and currency transaction reports to the Department of Financial and Professional Regulation as required by federal Bank Secrecy Act, and endorse deposited checks with their business name.

• Establishes prohibited conduct including charging unauthorized fees, deceptive practices, extending credit, using checks as collateral, and making loans; violations constitute Consumer Fraud and Deceptive Business Practices Act violations subject to Secretary enforcement.

• Grants Department authority to conduct examinations, issue cease and desist orders, assess fines up to $10,000 per violation, and hold administrative hearings; excludes banks, credit unions, and licensed currency exchanges from regulation.