Indiana

In Indiana, the law states that “a person shall not engage in the business of cashing checks without obtaining a license.” The Indiana Department of Financial Institutions determines whether or not a business is qualified to be licensed under certain guidelines. In order to be qualified certain information must be provided to the Indiana Department of Financial Institutions such as:

• An audited or reviewed financial statement showing at least $100,000 net worth.
• A criminal record report from the State police.
• Credit report.
• 3 reference letters.
• Certificate of Authority to do business in Indiana from the Secretary of State
• List of states where operating.
• Business resume for managers etc.

In Indiana, if a check cashing fails to renew their license they can get their license revoked. The Indian Department of Financing can bring civil action on anyone who knowingly operates a check cashing business without applying for a license. In the event someone is found guilty, the court can assess a penalty up to $5000 per violation.

Under Indiana law a check-cashing establishment cannot charge fees in excess of $5 or ten percent of the face amount of a check. Indiana law also requires that lenders keep all transactions on record for at least three years.