Maine § 6138. - Limitations

§ 6138.. Limitations

1.  Endorsement.  Before a registrant may deposit, with any financial institution, a payment instrument that is cashed by a registrant, the item must be endorsed with the actual name under which the registrant is doing business.

2.  Compliance with state and federal law.  Registrants must comply with all the laws of this State and any federal laws.

3.  Display of certificate of registration.  The administrator may require each check cashing business and foreign currency exchange business to display its registration certificate in its place of business.

4.  Prohibited activities.  A check cashing business may not:

A. Charge fees, except as otherwise provided by this subchapter, in excess of 5% of the face amount of the payment instrument, or 6% without the provision of identification, or $5, whichever is greater;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

B. Charge fees in excess of 3% of the face amount of the payment instrument, or 4% without the provision of identification, or $5, whichever is greater, if the payment instrument is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the payment instrument;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

C. Charge fees for personal checks or money orders in excess of 10% of the face amount of those payment instruments, or $5, whichever is greater;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

D. Cash or advance any money on a postdated check;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

E. Agree to hold a check or draft for later deposit;   [PL 1997, c. 155, Pt. A, §2 (NEW).]

F. Issue any check or draft without concurrently receiving the full principal amount in cash or its equivalent; or   [PL 1997, c. 155, Pt. A, §2 (NEW).]

G. Engage in any false or misleading advertising.   [PL 1997, c. 155, Pt. A, §2 (NEW).]