2013 -- H 5521

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LC01232

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO FINANCIAL INSTITUTIONS -- CHECK CASHING

     Introduced By: Representatives Diaz, and Almeida

     Date Introduced: February 14, 2013

     Referred To: House Corporations

It is enacted by the General Assembly as follows:

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     SECTION 1. Section 19-14.4-2 of the General Laws in Chapter 19-14.4 entitled "Check

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Cashing" is hereby amended to read as follows:

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     19-14.4-2. Public notice of application. -- (a) Upon the filing of any application in due

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form, accompanied by the required fee and documents, notice thereof shall be published in a

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newspaper of general circulation in this state. Each notice shall contain:

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      (1) The name of the applicant;

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      (2) The location of the proposed site; and

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      (3) A statement that any comment or objection by anyone in relation to the application

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should be submitted in writing to the director or the director's designee for consideration within

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ten (10) business days of the date of publication.

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      (b) The general assembly finds and declares that check cashing businesses provide

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important and vital services to Rhode Island citizens, that the number of check cashing businesses

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should be limited in accordance with the needs of the communities they are to serve, and that it is

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in the public interest to promote and foster check cashing businesses and to insure their financial

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stability.

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      (c) The director or the director's designee shall cause an investigation of the needs of the

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community for the establishment of a check cashing business at the location specified in the

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application and the effect that granting the license will have on the financial stability of other

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check cashing businesses that may be serving the community in which the business of the

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applicant is proposed to be conducted, and for purposes of any check cashing business located in

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the city of Providence, in no event shall the location be within a two (2) mile geographic radius of

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an existing check cashing business, excluding existing establishments seeking renewal. If the

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issuance of a license to engage in the check cashing business at the location specified will not

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promote the needs and the convenience and advantage of the community in which the check

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cashing business of the applicant is proposed to be conducted, then the application may be

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denied.

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      (d) The director or the director's designee shall investigate to ascertain whether the

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qualifications and requirements have been met. Within ninety (90) days after the publication of

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the notice, if the director or the director's designee finds that the qualifications have been met, he

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or she shall issue to the applicant a license to engage in the business of cashing checks in this

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state.

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     SECTION 2. This act shall take effect upon passage.

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LC01232

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO FINANCIAL INSTITUTIONS -- CHECK CASHING

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     This act would establish a two (2) mile protection radius for existing check cashing

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businesses in the city of Providence.

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     This act would take effect upon passage.

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LC01232

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