Virginia Code 6.2-2105: Fees posted; endorsement of items cashed
A. A registrant shall conspicuously post and at all times display, in every location at which it conducts the business of a check casher, a notice stating the fees charged for cashing items. A registrant shall further file with the Commissioner a statement of the fees currently charged at every such location.
Terms Used In Virginia Code 6.2-2105
- Check casher: means a person engaged in the business of cashing checks, drafts, or money orders for compensation. See Virginia Code 6.2-2100
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Item: means a check, draft, or money order. See Virginia Code 6.2-2100
- Registrant: means a person registered under this chapter. See Virginia Code 6.2-2100
B. Items cashed by registrants shall be deposited or presented for payment by the second business day from the date the item is cashed for the customer. A registrant shall endorse every item presented by the registrant for payment in the actual name under which the registrant is doing business.
C. A registrant shall post in every location at which it conducts the business of a check casher the Commission‘s toll-free telephone number and information on how to file a complaint pursuant to regulations adopted by the Commission.
D. A registrant shall provide each customer cashing an item with a receipt showing the name or trade name of the registrant, the transaction date, the amount of the check, the fee charged, and the cash given.