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Can you summarize 230 RICR 40-20-2.6?
Check Cashers (230-RICR-40-20-2) > Check Casher Requirements
Short Summary
This document outlines the requirements for check cashers in Rhode Island. It covers various aspects related to security measures, liquid assets, cash sheets, log sheets, dishonored checks, currency and foreign transactions reporting, inventory and reconciliation, altered checks, money laundering, charges, and financial statements. Check cashers are required to comply with security measures such as installing alarm systems, camera surveillance systems, and bulletproof glass. They must also maintain liquid assets of at least $10,000, prepare daily cash sheets, maintain written logs of transactions, and keep registers of dishonored checks. Compliance with currency and foreign transactions reporting regulations is mandatory. Check cashers must also maintain inventory and reconciliation records, registers of altered checks, and have policies to ensure compliance with money laundering statutes. Charges for cashing checks must be conspicuously posted, and financial statements demonstrating compliance with net worth requirements must be prepared regularly. The document does not specify penalties for non-compliance or violations.
Whom does it apply to?
Licensees who operate as check cashers
What does it govern?
Requirements for check cashers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Rhode Island