[R.O. 2008 §15-142; Ord. No. 2111 §1, 2-26-2001]
No check-cashing establishment shall be open for business between
the hours of 8:00 P.M. on any day and 7:00 A.M. on the following day.
[R.O. 2008 §15-143; Ord. No. 2111 §1, 2-26-2001]
A.
Immediate Check-Cashing. When a check is immediately exchanged
for funds, the check-cashing establishment shall:
1.
Request two (2) types of official identification such as: driver's
license, Social Security card, military identification card or other
form of photo identification bearing an official number further identifying
the patron. The lender shall make a good and usable photocopy of both
photo identifications presented by the patron.
2.
Obtain the thumbprint of the patron on the check.
B.
Short-Term Or Pay-Day Loans.
2.
At the time of making any short-term loan, the lender shall execute
and deliver to the borrower a copy of the loan agreement, which shall
contain the information and be in the format required by Missouri
State Statute.
3.
The lender shall request two (2) types of official identification
such as: driver's license, Social Security card, military identification
or other official photo identification that bears an official number
further identifying the patron.
4.
The lender shall make a good and usable photocopy of both photo identifications
of the borrower or shall take an instant photograph of the borrower,
which photocopy or photograph shall be attached to the lender's copy
of the loan agreement.
C.
No
check-cashing establishment shall perform any check-cashing function
or enter into any loan agreement with any patron in an amount exceeding
five hundred dollars ($500.00), unless such establishment is licensed
by the State as a title lender under Section 367.100, RSMo., and only
then if such loan agreement is classified as a title loan. Title loans
shall not exceed five thousand dollars ($5,000.00) or such other amount
established by Section 367.527, RSMo.
D.
Unless
the loan transaction was secured by misrepresentation of the borrower's
identity (forgery), any transactions, especially loan agreements secured
by a valid post-dated check, shall be considered a civil agreement
between the borrower and the lender. In the case of default, such
loans shall not be considered subject to criminal investigation.
E.
No
check-cashing establishment may offer for sale or engage in any games
of chance or gambling (including lottery sales) or the sale or distribution
of any alcoholic beverages.
[R.O. 2008 §15-144; Ord. No. 2111 §1, 2-26-2001]
The Director may issue such rules and regulations as deemed
necessary to implement this Chapter and the policies contained herein.
