New Jersey Administrative Code
Title 3 - BANKING
Chapter 24 - CHECK CASHING
Subchapter 5 - CONDUCT OF BUSINESS
Section 3:24-5.6 - Dual business and deposit record requirements
Universal Citation: NJ Admin Code 3:24-5.6
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The checks, drafts, money orders or cash of any other business in which the licensee is engaged shall not be commingled with other funds in the licensee's bank account or with the cash or checks on hand.
1. A
licensee may apply to the Commissioner in writing for an exception to the
requirements set forth in (a) above which prohibits commingling of checks,
drafts, money orders or cash of any other business conducted by the licensee on
the same premises, with the cash or checks on hand. The Commissioner shall
grant an exception based on the following criteria and conditions:
i. The licensee shall continue to maintain a
separate bank account for the check cashing business as required by N.J.S.A.
17:15A-44f and
3:24-5.6(a);
ii. The licensee shall provide the Department
with complete access to all check cashing records, as well as the records of
all other businesses, funds of which are commingled with funds of the check
cashing business, conducted by the licensee at the licensed location(s) and/or
at the approved limited station branch(es);
iii. The licensee shall maintain and utilize
a separate payment bank account for transfers of funds and/or payment of funds
related to other businesses;
iv.
The licensee shall fill out Department Form No. 001-95 on a daily basis for
each licensed location and for each limited station branch. Form No. 001-95
shall provide financial accounting deemed sufficient to track the flow of funds
and to reconcile cash balances of all activities which result in use of the
check cashing drawer for funds. These forms shall be maintained on file for a
period of two years; and
v. The
check cashing register tape of all activity (including, but not limited to,
checks cashed and money order activity) shall be available with Form No.
001-95.
(b) Separate records shall be kept for a check cashing business conducted on the same premises where another business is also operated. In such cases the licensee shall apportion to the check cashing business its share of expense. Reasonable estimates may be used.
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