§ 23-52-109 - Board action and issuance of permits.
23-52-109. Board action and issuance of permits.
(a) Upon the filing of an application in the form prescribed by the State Board of Collection Agencies accompanied by the fees and documents required in this chapter, the board shall investigate to ascertain whether the qualifications prescribed by 23-52-107 have been satisfied. If the board finds that the qualifications have been satisfied and approves the documents, the board shall issue to the applicant a permit to engage in the check-cashing business in Arkansas at the locations specified in the application as approved by the board.
(b) No person engaged in the check-cashing business shall conduct any other business within the same location without having obtained prior written approval from the board.
(c) The check-casher permit shall be kept conspicuously posted in the check-casher's place of business and shall not be assignable or transferable nor moved to another location without permission of the board.
(d) In addition to the initial permit fee required by 23-52-108(b)(1), there shall be an annual permit fee of four hundred dollars ($400) for each office, branch, or place of business of the check-casher, which shall be due on August 1 of each year. The annual permit fee shall be for a one-year period ending July 31 and shall be delinquent on September 1 of each year. There shall be a penalty of ten percent (10%) for each month or part thereof that the check-casher is delinquent in the payment of the annual permit fee. All permit fees collected by the board shall be used by the board in the supervision and examination of check-cashers and the issuance of permits under this chapter.
(e) A person operating a check-cashing business on April 7, 1999, shall have until the beginning of the next permit year after April 7, 1999, to apply for a permit under this chapter and to pay the required permit fee, and upon qualification and payment of the required fee shall be granted a permit under this chapter. Provided, that the check-casher shall comply with the other provisions of this chapter pending the application.
(f) A check-casher may voluntarily surrender its permit to the board. However, the check-casher shall not be entitled to receive a refund of any permit fees previously paid. Upon surrender, the check-casher shall immediately make available to the board all books, records, and papers required to be created and maintained under this chapter or regulations promulgated by the board under this chapter.