2012 -- H 7258

=======

LC00813

=======

STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

____________

A N A C T

RELATING TO FINANCIAL INSTITUTIONS -- CHECK CASHING

     Introduced By: Representatives Hull, Bennett, Chippendale, Morgan, and Gordon

     Date Introduced: January 26, 2012

     Referred To: House Corporations

It is enacted by the General Assembly as follows:

1-1

     SECTION 1. Section 19-14.4-3 of the General Laws in Chapter 19-14.4 entitled "Check

1-2

Cashing" is hereby amended to read as follows:

1-3

     19-14.4-3. Rules and regulations. -- (a) The director or the director's designee is

1-4

authorized, directed and empowered to promulgate regulations that provide for the safety and

1-5

security of customers of the licensee, and/or its employees, from robbery or other criminal

1-6

activities to include, but not be limited to, bulletproof glass and steel partitions appropriate

1-7

security measures.

1-8

      (b) The rules and regulations, in addition to any other provisions as the director or the

1-9

director's designee may require, must provide that licensees maintain:

1-10

      (1) Continuously, for each licensed premises, liquid assets of at least ten thousand dollars

1-11

($10,000);

1-12

      (2) A cash sheet which must be prepared daily for each day's business reflecting all

1-13

transactions for that day;

1-14

      (3) A money order register recording the date issued, money order number, amount and

1-15

date paid. In lieu of the money order register, a copy of the money order may be kept when

1-16

carbonized type money orders are used;

1-17

      (4) Insurance issued by an insurance company or indemnity company, authorized to do

1-18

business under the laws of this state, which shall insure the applicant against loss by theft,

1-19

burglary, robbery or forgery in principal sum, as determined by the director or the director's

1-20

designee, which shall in no event be less than ten thousand dollars ($10,000) nor more than one

2-1

hundred thousand dollars ($100,000). The required amounts shall bear a relationship to the liquid

2-2

assets on hand at the licensed location; and

2-3

      (5) An adequate written policy and affirmative program to insure compliance with state

2-4

and federal money laundering statutes.

2-5

     (6) An adequate written policy and affirmative program to provide for the safety and

2-6

protection of customers and employees.

2-7

     SECTION 2. This act shall take effect upon passage.

=======

LC00813

========

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO FINANCIAL INSTITUTIONS -- CHECK CASHING

***

3-1

     This act would authorize the director of the department of business regulation in his or

3-2

her discretion to require appropriate security measures for the safety of customers and employees

3-3

at licensed check cashing facilities.

3-4

     This act would take effect upon passage.

=======

LC00813

=======