SB 3752 Summary

• Amends the Check Cashing Act to regulate merchants offering check cashing services, requiring fees not to exceed the greater of $0.50 or 1% of check face value, with additional $25 fee allowed for insufficient funds checks.

• Permits merchants to engage in check cashing business only if incidental to retail sales (less than 20% of gross sales) and prohibits licensing requirements for these services.

• Requires check cashers to post fee schedules in 14-point font in English and dominant local languages, endorse checks with business name before deposit, and maintain transaction records for 5 years.

• Establishes Department of Financial and Professional Regulation enforcement authority including cease and desist orders, fines up to $10,000 per violation, and mandatory reporting of suspicious activities to federal authorities per Bank Secrecy Act requirements.

• Prohibits check cashers from charging excess fees, extending credit, making loans, engaging in fraudulent practices, threatening consumers, or using checks as collateral; violations constitute Consumer Fraud and Deceptive Business Practices Act violations.