Title 5 Banking
2700 Cashing of Checks Drafts or Money Orders
2702 Licensed Casher of Checks, Drafts, or Money Orders Posting of the Fee Schedule and Minimum Requirements for Content of Books and Records
5 Del.C. §2743
Formerly Regulation No.: 5.2743.0002
Effective Date: November 12, 1998
1.0 The fee schedule set forth in §2742 of Title 5 of the Delaware Code shall be conspicuously displayed in a place easily visible to consumers at the licensed location, whether such location be a mobile unit or otherwise.
2.0 Each licensed office shall establish and maintain the following books and records, on a current basis, at the licensed office. Written approval may be granted for variations which accommodate individual accounting systems, including automated and electronic record processing systems, provided the objectives of this regulation are fulfilled. Requests for such approvals must be in writing and shall provide adequate information about the system as to ensure that the minimum record requirements are satisfied and provide the required data on a current and readily available basis to examiners, when requested:
2.1 Transactions Journal - All transactions involving the cashing of checks, drafts, or money orders shall be entered into this journal. All entries in this journal shall contain the following details:
2.1.1 Date of transaction;
2.1.2 Customer’s name;
2.1.3 Customer’s address:
2.1.4 Type of identification;
2.1.5 Check, Draft, or Money Order and Item Number;
2.1.6 Amount of item;
2.1.7 Fee paid;
2.1.8 Employee’s initials.
2.2 Written approval may be granted for the recording of items 2.1.2, 2.1.3, and 2.1.4 in a card file which assigns an identification number to each customer. The identification number may then be recorded in the Transactions Journal in lieu of the customer’s name, address, and form of identification.
2.3 Record of Deposits - A copy of each day’s deposit made of the checks, drafts, and money orders cashed shall be maintained.
2.4 Summary of Business - A record of daily and monthly totals shall be maintained, to include:
2.4.1 The number of checks, drafts, and money orders cashed;
2.4.2 The aggregate fees received.
2.5 Any licensee operating two or more locations may maintain a consolidated or combined set of books and records, provided such books and records reflect separate figures for each location.
2 DE Reg. 781 (11/1/98)
