State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-280

§53‑280.  Maximum fees for service; fees posted; endorsement of checkscashed.

(a)        Notwithstanding anyother provision of law, no check‑cashing business licensed under thisArticle shall directly or indirectly charge or collect fees or otherconsideration for check‑cashing services in excess of the following:

(1)        Three percent (3%)of the face amount of the check or five dollars ($5.00), whichever is greater,for checks issued by the federal government, State government, or any agency ofthe State or federal government, or any county or municipality of this State.

(2)        Ten percent (10%) ofthe face amount of the check or five dollars ($5.00), whichever is greater, forpersonal checks.

(3)        Five percent (5%) ofthe face amount of the check or five dollars ($5.00), whichever is greater, forall other checks, or for money orders.

(b)        A licensee may notadvance monies on the security of any check unless the account from which thecheck being presented is drawn is legitimate, open, and active. Except asprovided by G.S. 53‑281(a), any licensee who cashes a check for a feeshall deposit the check not later than three business days from the date thecheck is cashed.

(c)        A licensee shallensure that in every location conducting business under a license issued underthis Article, there is conspicuously posted and at all times displayed a noticestating the fees charged for cashing checks, drafts, and money orders. Alicensee shall further ensure that notice of the fees currently charged atevery location shall be filed with the Commissioner.

(d)        A licensee shallendorse every check, draft, or money order presented by the licensee forpayment in the name of the licensee. (1997‑391, s. 1.)