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North Carolina General Statutes Chapter 53. Regulation of Financial Services § 53-280. Maximum fees for service; fees posted; endorsement of checks cashed

Current as of January 01, 2023 | Updated by Findlaw Staff

(a) Notwithstanding any other provision of law, no check-cashing business licensed under this Article shall directly or indirectly charge or collect fees or other consideration for check-cashing services in excess of the following:

(1) Three percent (3%) of the face amount of the check or five dollars ($5.00), whichever is greater, for checks issued by the federal government, State government, or any agency of the State or federal government, or any county or municipality of this State.

(2) Ten percent (10%) of the face amount of the check or five dollars ($5.00), whichever is greater, for personal checks.

(3) Five percent (5%) of the face amount of the check or five dollars ($5.00), whichever is greater, for all other checks, or for money orders.

(b) A licensee may not advance monies on the security of any check unless the account from which the check being presented is drawn is legitimate, open, and active. Except as provided by G.S. 53-281(a), any licensee who cashes a check for a fee shall deposit the check not later than three business days from the date the check is cashed.

(c) A licensee shall ensure that in every location conducting business under a license issued under this Article, there is conspicuously posted and at all times displayed a notice stating the fees charged for cashing checks, drafts, and money orders. A licensee shall further ensure that notice of the fees currently charged at every location shall be filed with the Commissioner.

(d) A licensee shall endorse every check, draft, or money order presented by the licensee for payment in the name of the licensee.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 53. Regulation of Financial Services § 53-280. Maximum fees for service; fees posted; endorsement of checks cashed - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-53-regulation-of-financial-services/nc-gen-st-sect-53-280/

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