On and after January 1, 1993, no check-cashing business shall deposit, in a financial institution, any check cashed by the check-cashing business unless both of the following conditions are met:

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(A) The check is indorsed with the name of the check-cashing business that appears on its license.

(B) The words “licensed check-cashing business” are written legibly or stamped immediately after or below the name of the indorser.