1301:8-8-02 Licenses.

(A) In accordance with sections 1315.21 to 1315.30 of the Revised Code each check-cashing business shall obtain a license for its main office. An application shall also be submitted to the division of financial institutions for authorization for each additional business location where check-cashing activity is conducted. Each application for a main office or a business location shall be accompanied by investigation fees and license fees as prescribed by the superintendent of financial institutions. Upon approval of a license for a main office or authorization for an additional business location, the division shall issue a certificate authorizing such location under the license of the check-cashing business. The certificate shall disclose the address of, and be conspicuously displayed at, each approved business location. No such license shall be transferable or assignable. No check cashing business shall transact business pursuant to sections 1315.21 to 1315.30 of the Revised Code at any address not approved by the division of financial institutions.

(B) As provided in section 1315.23 of the Revised Code, a person licensed as a check-cashing business under sections 1315.21 to 1321.30 of the Revised Code shall maintain a net worth of at least twenty-five thousand dollars throughout the period of licensure. A check-cashing business shall notify the superintendent, in writing, within ten business days if the net worth of the check-cashing business becomes less than twenty-five thousand dollars.

(C) Every check-cashing business shall notify the division of financial institutions in writing thirty days prior to the effective date of a change in the address shown on its license. If a check-cashing business intends to move its place of business, a new license must be obtained prior to conducting business at the new location. The division of financial institutions will issue a new license to the main office or business location which is relocated for a fee of ten dollars.

(D) Check-cashing businesses which obtain licenses after July first, but before December thirty-first of any calendar year shall pay pro-rated license fees equal to one-half of the yearly check-casher license fee currently in effect.

R.C. 119.032 review dates: 01/03/2005 and 11/15/2009

Promulgated Under: 119.03

Statutory Authority: 1315.27

Rule Amplifies: 1315.22, 1315.23

Prior Effective Dates: 1-22-95, 11-13-97