51-17.1 Currency Exchange Businesses - North Dakota Statutes

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CHAPTER 51-17.1CURRENCY EXCHANGE BUSINESSES51-17.1-01. Currency exchange - Penalty.1.A nonbanking institution may engage in the business of a currency exchange if:a.The institution does not contract with another person to manage the currency
exchange business; however, this does not prohibit the business from
employing individuals to operate a currency exchange business;b.The institution displays in a prominent manner on the premises of the business
the fees charged to exchange currency;c.The maximum fees charged to exchange currency are limited to any direct cost
of verification fees and:(1)The greater of five percent of the face amount or five dollars, for cashing
a draft, personal check, payroll check, traveler's check, or money order;
and(2)The greater of three percent of the face amount or five dollars, for
cashing a state public assistance check or a federal social security
check;d.The institution does not accept money or currency for deposit or act as bailee
or agent of persons to hold money or currency in escrow for others for any
purpose; ande.The institution does not exchange currency on the premises of a charitable
gaming site.2.For purposes of this section, "currency exchange" means cashing a check, draft,
money order, or traveler's check or issuing a money order or traveler's check as an
agent for another, for a fee. The term does not include providing these services
incidental to a primary business if there is not a charge for cashing a check or draft.3.This section does not authorize a business to make any type of loan, including a
deferred presentment service transaction, payday loan, cash advance, payday cash
advance, or motor vehicle title loan.4.A nonbanking institution may not accept a postdated check in a currency exchange
transaction.5.A person violating this section is guilty of a class B misdemeanor.Page No. 1Document Outlinechapter 51-17.1 currency exchange businesses