BILL REQ. #:  H-1213.1 

Read first time 02/04/2005.   Referred to Committee on Financial Institutions & Insurance.

     AN ACT Relating to monitoring and reporting on check cashers and sellers; amending RCW 31.45.060; and adding a new section to chapter 31.45 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1   RCW 31.45.060 and 2003 c 86 s 6 are each amended to read as follows:
     (1) A schedule of the fees and the charges for the cashing and selling of checks, drafts, money orders, or other commercial paper serving the same purpose shall be conspicuously and continuously posted in every location licensed under this chapter. The licensee shall provide to its customer a receipt for each transaction. The receipt must include the name of the licensee, the type and amount of the transaction, and the fee or fees charged for the transaction.
     (2) Each licensee shall keep and maintain such business books, accounts, and records as the director may require to fulfill the purposes of this chapter, and shall provide the director with any data required by the department for monitoring the business of check cashing and selling in Washington state and reporting to the legislature. Every licensee shall preserve such books, accounts, and records as required in rule by the director for at least two years from the completion of the transaction. Records may be maintained on an electronic, magnetic, optical, or other storage media. However, the licensee must maintain the necessary technology to permit access to the records by the department for the period required under this chapter.
     (3) A check, draft, or money order sold by a licensee shall be drawn on an account of a licensee maintained in a federally insured financial institution authorized to do business in the state of Washington.

NEW SECTION.  Sec. 2   A new section is added to chapter 31.45 RCW to read as follows:
     The director shall annually provide a report to the legislature, detailing statistics and trends of licensees, and including data adequate to obtain an accurate understanding of the practices, demographics, legal compliance, and profitability of all check cashers and sellers licensed in Washington state. The report is due December 1st of each year, beginning in 2005.