Indiana Code 28-8-5-18.5. Checks drawn on valid accounts and deposited with intent to draw funds
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Terms Used In Indiana Code 28-8-5-18.5
- 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
- licensee: means a licensed casher of checks. See Indiana Code 28-8-5-7
Sec. 18.5. The check in a check cashing transaction, to the best of the licensee‘s knowledge, must be drawn on a valid, open, and active account and must be deposited by the licensee into a financial institution with the intent to draw the funds of that check.
As added by P.L.80-1998, SEC.24.