Title 5 Banking
2700 Cashing of Checks Drafts or Money Orders
2701 Licensed Casher of Checks, Drafts, or Money Orders Operating Regulations
5 Del.C. §2741
Formerly Regulation No.: 5.2741.0001
Effective Date: November 12, 1998
1.0 Maintenance of Operating Regulations for Licensed Casher of Checks, Drafts or Money Orders
1.1 All licensees shall conduct business in compliance with Chapter 27, Title 5, Delaware Code, and any regulations issued thereunder. Each office licensed under Chapter 27, Title 5, Delaware Code, shall possess copies of all applicable regulations. These regulations include:
1.1.1 Regulation 2701 (formerly 5.2741.0001) - Licensed Casher of Checks, Drafts, or Money Orders Operating Regulations
1.1.2 Regulation 2702 (formerly 5.2743.0002) - Licensed Casher of Checks, Drafts, or Money Orders Posting of the Fee Schedule and Minimum Requirements for Content of Books and Records
1.1.3 Regulation 101 (formerly 5.141.0001.NC) - Retention of Financial Institution Records
1.2 The manager and staff of each office shall familiarize themselves with said regulations. Loss or misplacement of regulation shall be made known to the Office of the State Bank Commissioner and replacements will be furnished. Failure to maintain the aforementioned regulations shall constitute a violation of both 5 Del.C. §2743 and this regulation.
2.0 Examination and Supervisory Assessment Fees
2.1 Cashing of Checks, Drafts, and Money Order licensees shall be subject to examination pursuant to §122 of Title 5 of the Delaware Code. The cost of such examinations shall be assessed to the licensee in accordance with §127(a) of Title 5 of the Delaware Code. A licensee shall remit payment not later than 30 days after the date of the invoice for the fees for examination. In addition, the Commissioner shall assess annually each licensee a supervisory assessment, due and payable on August 1 of each year, as provided in §127(b) of Title 5 of the Delaware Code. Failure of a licensee to remit timely payment of the examination fee or supervisory assessment will result in a penalty of 0.05 percent for each day that the examination fee or supervisory assessment shall remain unpaid after the due date, as provided in §127(a) and §127(b) of Title 5 of the Delaware Code.
2 DE Reg. 781 (11/01/98)
