New Jersey Administrative Code
Title 3 - BANKING
Chapter 24 - CHECK CASHING
Subchapter 5 - CONDUCT OF BUSINESS
Section 3:24-5.2 - Recordkeeping

Universal Citation: NJ Admin Code 3:24-5.2

Current through Register Vol. 56, No. 18, September 16, 2024

(a) In addition to the requirements of 17:15A-44(l), a Summary of Business Record shall be maintained in which the number of checks, drafts, or money orders cashed, their total face amount, and the aggregate fees received, shall be shown for each business day and totaled for each calendar month. If this information is included in a horizontal form of daily cash reconcilement, that record will be acceptable in lieu of a separate summary of business. The summary record shall consist of six categories:

1. All 2.21 percent checks cashed;

2. All one percent checks cashed, including TANF checks;

3. All one and one-half percent checks cashed including SSI and Social Security Old Age and Survivors checks;

4. All no-fee checks cashed;

5. All check cashing customer receipts; and

6. Any other checks cashed which do not fit into categories (a)1 through 5 above.

(b) A viewable photographic record of checks, drafts and money orders cashed, that sets forth all the information pertaining to said checks, drafts and money orders required by N.J.S.A. 17:15A-44d and l and (a) above, will be acceptable in lieu of the records required by this section.

1. In such event, the photographic film shall be processed promptly after each roll of film has been exposed, and the viewable records maintained by the licensee for at least three years after the date of the last photograph on the roll.

2. The licensee shall maintain a log indicating the beginning and ending business days covered by each individual roll of processed photographic records.

(c) Each licensee shall reconcile its bank statement at least monthly.

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