Regulatory Alerts2013-04-01
Added · Updated
Proposed Amendments to Regulations 2301, 2303, 2701, and 2702 Governing Sale and Cashing of Checks, Drafts, and Money Orders
The State Bank Commissioner proposes to amend Regulation 2301 and adopt new Regulation 2303 to require licensees under Chapter 23, Title 5 of the Delaware Code to submit reports on the volume of Delaware sales of checks, drafts, and money orders twice annually, with deadlines of July 31 and January 31. The proposal also amends Regulations 2701 and 2702 to update operating requirements for licensed cashers of checks, drafts, or money orders, including mandates to display licenses and fee schedules, prohibit expired identification, and maintain specific transaction journals and deposit records. Public comments on these proposed regulations must be received by May 1, 2013, after which the Commissioner will determine whether to adopt, reject, or modify the rules.
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