1301:8-8-06 Advertising.

(A) The following advertising requirements shall be observed by all check-cashing businesses:

(1) Every advertisement shall state and clearly indicate the identity of the check-cashing business and shall do so in a manner that prevents confusion with the name of any other unrelated check-cashing business.

(2) No check-cashing business shall advertise or transact business pursuant to sections 1315.21 to 1315.30 of the Revised Code under any other name than the name set forth on its license. All advertising must include the license number assigned by the division of financial institutions to the check-cashing business.

(3) A check-cashing business shall not advertise by the use of unqualified superlatives, including but not limited to, “lowest fees,” “lowest charges” or words of similar import.

(4) No check-cashing business shall advertise or represent that the check-cashing business engages in the business of making loans unless properly licensed pursuant to sections 1315.35 to 1315.44 of the Revised Code.

(B) Every check-cashing business shall maintain in a location approved by the superintendent of financial institutions, a file of all newspaper, magazine, direct mailing, roadside advertising, and scripts of radio and television commercials, for a period of one year from the dates these advertisements were disseminated. Upon reasonable notice, the file shall be readily available for inspection by the division of financial institutions during regular business hours.

(C) The words “advertise,” “advertisement” and “advertising” as used in this rule shall mean the publication or announcement in any material printed, published, displayed, distributed, or broadcast for the purpose of soliciting check-cashing business.

(D) The phrase “engages in the business of making loans” as used in this rule, includes, but is not limited to, the following activities:

(1) Entering into any express or implied agreement which creates a debt between a customer, as debtor, and a check-cashing business, as lender; or

(2) Any arrangement between a check-cashing business and its customer, whereby the check-cashing business agrees to withhold depositing a check with a financial institution for any duration of time in exchange for money or other valuable consideration.

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

Promulgated Under: 119.03

Statutory Authority: 1315.27

Rule Amplifies: 1315.27

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