§ 23-52-104 - Permissible check-casher fees.
23-52-104. Permissible check-casher fees.
(a) A check-casher may charge a reasonable fee to defray operational costs incurred in the check-cashing business, including, without limitation:
(1) Investigating the checking account and copying required documents;
(2) Photographing the person signing the check;
(3) Securing check and customer records in a safe, fireproof place;
(4) Maintaining records as required by this chapter;
(5) Maintaining required capital and liquidity; and
(6) Processing, documenting, and closing the check-cashing or deferred-deposit transactions.
(b) Unless otherwise authorized by this chapter, the fees authorized by this section shall not exceed the following:
(1) For the service of selling currency or check in exchange for checks, without regard to whether a deferred presentment option is involved:
(A) A fee not to exceed five percent (5%) of the face amount of the check if the check is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the check or the check is otherwise a check issued by a federal or state governmental entity;
(B) A fee not in excess of ten percent (10%) of the face amount of any personal check or money order; or
(C) A fee not in excess of six percent (6%) of the face amount of the check in the case of all other checks. Such a fee may be collected separately or by paying the customer an amount of money equal to the face amount of the check less the appropriate fee under this chapter;
(2) For a deferred presentment option which involves a personal check, an additional fee not to exceed ten dollars ($10.00) may be charged by a check-casher; and
(3) In addition to the foregoing fees, a check-casher may charge a fee of no more than five dollars ($5.00) to set up an initial customer account and issue an optional identification card for providing check-cashing services. A replacement optional identification card may be issued at a cost not to exceed five dollars ($5.00).