PRINTER'S NO. 508
No. 460 Session of 2001
INTRODUCED BY MOWERY, HOLL, ROBBINS, MUSTO, O'PAKE, M. WHITE,
CORMAN AND RHOADES, FEBRUARY 15, 2001
REFERRED TO BANKING AND INSURANCE, FEBRUARY 15, 2001
AN ACT
1 Amending the act of February 18, 1998 (P.L.146, No.22), entitled
2 "An act regulating the check-cashing industry; providing for
3 the licensing of check cashers, for additional duties of the
4 Department of Banking and for certain terms and conditions of
5 the business of check cashing; and providing penalties for
6 money-laundering activities and violations of the act,"
7 further providing for applicability.
8 The General Assembly of the Commonwealth of Pennsylvania
9 hereby enacts as follows:
10 Section 1. Section 1101 of the act of February 18, 1998
11 (P.L.146, No.22), known as the Check Casher Licensing Act, is
12 amended to read:
13 Section 1101. Applicability.
14 This act shall not apply to any insured depository
15 institution or affiliate or service corporation of any
16 depository institution supervised or regulated by the Department
17 of Banking, the National Credit Union Administration, the Office
18 of Thrift Supervision, the Federal Deposit Insurance
19 Corporation, the Comptroller of the Currency or the Board of
20 Governors of the Federal Reserve or the Federal Reserve Banks.
1 It also shall not apply to companies licensed by the Department
2 of Banking under the act of April 8, 1937 (P.L.262, No.66),
3 known as the Consumer Discount Company Act, the act of September
4 2, 1965 (P.L.490, No.249), referred to as the Money Transmission
5 Business Licensing Law, unless conducting activities regulated
6 by this act, the act of December 12, 1980 (P.L.1179, No.219),
7 known as the Secondary Mortgage Loan Act, and the act of
8 December 22, 1989 (P.L.687, No.90), known as the Mortgage
9 Bankers and Brokers Act, in the normal course of business with
10 specific relation to lending transactions and when engaged in
11 the activities regulated under these acts. It also shall not
12 apply to a licensed retail food store or a licensed eating and
13 drinking establishment that receives less than 1% of its annual
14 gross revenue from cashing checks, except that the provisions of
15 section 503 shall apply to such a business entity.
16 Section 2. This act shall take effect in 60 days.
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