[480F-1] Definitions. As used in this chapter, unless the context requires otherwise:

"Check" means any check, draft, money order, or other instrument for the transmission or payment of money. "Check" does not include a traveler's check or foreign denomination or foreign drawn payment instrument.

"Check casher" means a person or entity that engages in the business of cashing checks for a fee.

"Deferred deposit" means a transaction in which a check casher refrains from depositing a personal check written by a customer until a date after the transaction date, pursuant to a written agreement.

"Fee" includes any payment of cash or other consideration paid or given by a customer to a check casher in exchange for the cashing of a check, including an exchange of value for the purchase of catalog items, which is in excess of regular retail value, or for coupons, which may be redeemed for goods or services. [L 1999, c 146, pt of 1; am L 2001, c 20, 1]

 

 

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