Ohio Code 1315.27 – Rules
The superintendent of financial institutions shall adopt rules, in accordance with Chapter 119 of the Revised Code, for the administration and enforcement of sections 1315.21 to 1315.30 of the Revised Code. The rules shall include, but shall not be limited to, both of the following:
Terms Used In Ohio Code 1315.27
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
(A) Record-keeping requirements that require check-cashing businesses to do all of the following:
(1) Maintain a daily cash reconcilement that:
(a) Summarizes daily activity;
(b) Reconciles cash-on-hand at the opening of business to cash-on-hand at the close of business;
(c) Separately reflects cash received from the sale of checks, cash disbursed in cashing of checks, redemption of returned items, bank cash deposits, and bank cash withdrawals.
(2) Maintain a general ledger that:
(a) Contains records of all assets, liabilities, capital, income, and expenses;
(b) Is posted monthly from the original entry records;
(c) Facilitates the preparation of an accurate trial balance of accounts in accordance with generally accepted accounting practices;
(d) May consolidate activity at two or more locations, provided that books of original entries are maintained separately for each location.
(3) Provide a receipt to each customer indicating the amount of the check and the fee charged;
(4) Maintain business records for at least two years.
(B) Reasonable business practices of persons licensed under sections 1315.21 to 1315.28 of the Revised Code.