2701 Operating Regulation

Published: 2015

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2700 Cashing of Checks Drafts or Money Orders


2701 Operating Regulation

5 Del.C. §2741


5 Del.C. §2741

Effective Date: December 11, 2014


1.0 Compliance with Applicable Laws

1.1 All licensees shall comply with 5 Del.C. Ch. 27, all regulations issued thereunder, and all other applicable State and federal statutes and regulations.

1.2 The manager and appropriate staff of each licensed office, including all mobile units, shall familiarize themselves with all such statutes and regulations.

1.3 Each licensed office, including all mobile units, shall maintain, either by paper copy or through electronic access, 5 Del.C. Ch. 27 and the following regulations:

1.3.1 Regulation 101, Retention of Financial Institution Records;

1.3.2 Regulation 2701, Operating Regulation; and

1.3.3 Regulation 2702, Minimum Records.


2.0 Display of License and Fee Schedule

Each licensed office, including all mobile units, shall prominently display in clear view of all customers:

2.1 its license issued under 5 Del.C. Ch. 27, and

2.2 the fee schedule set forth in 5 Del.C. §2742.


3.0 Expired Identification

Licensees shall not accept from a customer any form of identification that has expired.


4.0 Advertising

4.1 A licensee shall not advertise in any way that is false, misleading or deceptive.

4.2 When a licensee advertises with respect to its services under 5 Del.C. Ch. 27, the advertisement may state that the licensee is licensed to engage in business in this State under that chapter and may specify the license number and expiration date of its license.

18 DE Reg. 472 (12/01/14)


5.0 Examination Fees and Supervisory Assessments

5.1 The Commissioner may examine licensees pursuant to 5 Del.C. §122. The costs of such examinations are assessed in accordance with 5 Del.C. §127(a). A licensee shall remit payment not later than 30 days after the date of the examination invoice.

5.2 The Commissioner shall assess each licensee a supervisory assessment that is due and payable on August 1 each year, in accordance with 5 Del.C. §127(b).

5.3 Failure to remit timely payment of any examination fee or supervisory assessment will result in a penalty of 0.05 percent of the amount unpaid for each day that such fee or assessment remains unpaid after the due date, in accordance with 5 Del.C. §§127(a) and 127(b).


6.0 Examination Responses

A licensee shall send the Commissioner a written response to every violation specified in a report of examination no later than 30 days after the date of the report.

16 DE Reg. 1286 (06/01/13)