1315.21 Check-cashing businesses definitions. - Ohio Statutes

1315.21 Check-cashing businesses definitions.

As used in sections 1315.21 to 1315.30 of the Revised Code:

(A) “Check” means any check, draft, money order, or other instrument for the transmission or payment of money. “Check” does not include a travelers check.

(B) “Check-cashing business” means any person that engages in the business of cashing checks for a fee. “Check-cashing business” does not include any of the following:

(1) A licensee as defined in section 1321.01 of the Revised Code;

(2) A registrant as defined in section 1321.51 of the Revised Code;

(3) A financial institution;

(4) A person that is primarily engaged in the business of selling tangible personal property or services at retail and does not derive more than five per cent of the person’s gross income from the cashing of checks;

(5) A person licensed under sections 1315.01 to 1315.18 of the Revised Code, or any agent of that person, to the extent that the person or the agent is engaged in cashing checks or travelers checks issued by the licensed person.

(C) “Financial institution” means any bank, trust company, savings bank, savings and loan association, or credit union, that is incorporated or organized under the laws of the United States or of any state thereof, or of Canada or any province thereof, and subject to regulation or supervision by such country, state, or province.

(D) “Superintendent of financial institutions” includes the deputy superintendent for consumer finance as provided in section 1181.21 of the Revised Code.

Effective Date: 01-01-1997; 04-06-2007