Maine Revised Statutes Title 32 Sec. 6138 – Limitations
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1. Endorsement. Before a registrant may deposit, with any financial institution, a payment instrument that is cashed by a registrant, the item must be endorsed with the actual name under which the registrant is doing business.
[PL 1997, c. 155, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 6138
- Administrator: means the Superintendent of Consumer Credit Protection. See Maine Revised Statutes Title 32 Sec. 6132
- Check: means any check, draft, money order or other instrument for the transmission or payment of money. See Maine Revised Statutes Title 32 Sec. 6132
- Check cashing business: means any person who engages in the business of cashing checks for a fee. See Maine Revised Statutes Title 32 Sec. 6132
- Foreign currency exchange business: means a person who engages in the business of exchanging foreign currency for a fee. See Maine Revised Statutes Title 32 Sec. 6132
- Identification: means , and is limited to, an unexpired and otherwise valid drivers license; a state identification card issued by any state of the United States or its territories or the District of Columbia showing a photograph and signature; a United States government resident alien identification card; a United States passport; or a United States military identification card. See Maine Revised Statutes Title 32 Sec. 6132
- Registrant: means a person registered under this subchapter. See Maine Revised Statutes Title 32 Sec. 6132
2. Compliance with state and federal law. Registrants must comply with all the laws of this State and any federal laws.
[PL 1997, c. 155, Pt. A, §2 (NEW).]
3. Display of certificate of registration. The administrator may require each check cashing business and foreign currency exchange business to display its registration certificate in its place of business.
[PL 1997, c. 155, Pt. A, §2 (NEW).]
4. Prohibited activities. A check cashing business may not:
A. Charge fees, except as otherwise provided by this subchapter, in excess of 5% of the face amount of the payment instrument, or 6% without the provision of identification, or $5, whichever is greater; [PL 1997, c. 155, Pt. A, §2 (NEW).]
B. Charge fees in excess of 3% of the face amount of the payment instrument, or 4% without the provision of identification, or $5, whichever is greater, if the payment instrument is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the payment instrument; [PL 1997, c. 155, Pt. A, §2 (NEW).]
C. Charge fees for personal checks or money orders in excess of 10% of the face amount of those payment instruments, or $5, whichever is greater; [PL 1997, c. 155, Pt. A, §2 (NEW).]
D. Cash or advance any money on a postdated check; [PL 1997, c. 155, Pt. A, §2 (NEW).]
E. Agree to hold a check or draft for later deposit; [PL 1997, c. 155, Pt. A, §2 (NEW).]
F. Issue any check or draft without concurrently receiving the full principal amount in cash or its equivalent; or [PL 1997, c. 155, Pt. A, §2 (NEW).]
G. Engage in any false or misleading advertising. [PL 1997, c. 155, Pt. A, §2 (NEW).]
[PL 1997, c. 155, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 155, §A2 (NEW).