Sec. 16. (a) A licensee must do the following: (1) Conspicuously display at each place of business a notice to the public stating the maximum charges for cashing checks. (2) Make payment to a customer for whom a check is being cashed upon presentment of the check. (3) Endorse the name in which the licensee is licensed on all checks before depositing them in a financial institution. (4) Cash a check made payable only to a natural person as payee unless the licensee has previously obtained appropriate documentation from a payee clearly indicating the authority of the natural person or persons cashing the check on behalf of the payee. (b) If a licensee engages in a check cashing transaction in which the amount on the check is at least three thousand dollars ($3,000) or in which the sum of the amounts on two (2) or more checks from the same customer on the same day total at least three thousand dollars ($3,000), the licensee must obtain: (1) the thumbprint of the customer or a photograph of both the customer and the check; (2) the full name of the customer; (3) the residence address of the customer; and (4) the identification of the customer by: (A) Social Security number; (B) driver's license number; (C) passport number; or (D) other traceable record.
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