Indiana Code 28-8-5-16. Check cashing requirements
(1) Conspicuously display at each place of business a notice to the public stating the maximum charges for cashing checks.
Terms Used In Indiana Code 28-8-5-16
- check cashing transaction: means a transaction under this chapter in which there is no written or implied agreement to hold the check for more than three (3) business days. See Indiana Code 28-8-5-2.5
- checks: includes a check, draft, or money order. See Indiana Code 28-8-5-2
- licensee: means a licensed casher of checks. See Indiana Code 28-8-5-7
- person: means any individual, sole proprietorship, partnership, trust, joint venture, limited liability company, corporation, unincorporated organization, or other form of entity, however organized. See Indiana Code 28-8-5-9
(3) Endorse the name in which the licensee is licensed on all checks before depositing them in a financial institution.
(4) Cash a check made payable only to a natural person as payee unless the licensee has previously obtained appropriate documentation from a payee clearly indicating the authority of the natural person or persons cashing the check on behalf of the payee.
(b) If a licensee engages in a check cashing transaction in which the amount on the check is at least three thousand dollars ($3,000) or in which the sum of the amounts on two (2) or more checks from the same customer on the same day total at least three thousand dollars ($3,000), the licensee must obtain:
(1) the thumbprint of the customer or a photograph of both the customer and the check;
(2) the full name of the customer;
(3) the residence address of the customer; and
(4) the identification of the customer by:
(A) Social Security number;
(B) driver’s license number;
(C) passport number; or
(D) other traceable record.
As added by P.L.42-1993, SEC.86. Amended by P.L.11-2023, SEC.91.