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​SECRETARY'S LETTERS - CHECK CASHERS

Secretary’s Letters are not intended as and do not constitute legal advice.  Please keep in mind that these letters contain generalizations regarding the applicable law discussed herein and are therefore not inclusive of all of the law’s provisions, conditions, exceptions, and details.  It is critically important for you to read the applicable law and seek guidance from your legal counsel regarding the effects of the law on your business operations. NOTE: most links on this page are to PDF documents.


10/27/2016 
Secretary's Letter on Cybersecurity
The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.

07/08/2016
Related to Act 45 of 2016 (PDF)
A letter from Acting Deputy Secretary for Non-Depository Institutions to all licensed check cashers regarding amendments to the Check Casher Licensing Act following the passage of Senate Bill 489, signed into law on June 17, 2016, as Act 45 of 2016.

09/08/2015
Cybersecurity Efforts and Resources (PDF)
A letter from the Secretary of Banking and Securities to all state-chartered and licensed entities announcing the formation of a Cybersecurity Task Force, describing Commonwealth cybersecurity efforts, and encouraging the development of cybersecurity attack prevention and mitigation plans using available and recommended resources. 


07/11/08 
Mortgage Reform Laws  (PDF)
Provides detailed explanation of three bills signed into law by Governor Edward G. Rendell on July 8, 2008: Act 56 of 2008, House Bill 2179 (P.N. 4020), the new consolidated mortgage licensing bill (the “Mortgage Act”), Act 57 of 2008, Senate Bill 483 (P.N. 2163), which amends the Loan Interest and Protection Law (the “LIPL”), and Act 58 of 2008, Senate Bill 484 (P.N. 2251), which amends the Department of Banking Code (the “DOB Code”). 


06/11/03
Policy of Cashing All Government-issued Checks (PDF)
Secretary’s Letter that requests licensees and registrants under the Check Casher Licensing Act to voluntarily adopt a policy of cashing all government-issued checks at the rate authorized for government assistance checks in Section 503(a)(1) of the Check Casher Licensing Act.

 

05/02/03
Retail Food Stores Registered with the Department of Banking Must Comply with the Statement of Policy Issued May of 1998 (PDF)
Secretary's Letter stating that check cashers licensed by the Department of Banking must comply with the statement of policy issued May of 1998 concerning the Check Casher Licensing Act.  The statement of policy provides that check cashers should post a notice of exact fees and charges, which shall be within the maximum prescribed in the act.  The notice should be in plain view and in a location readily apparent to the consumer transacting business at each check casher location.

 
05/02/03
Check Cashers Licensed by the Department of Banking Must Comply with the Statement of Policy Issued May of 1998 (PDF)
Secretary's Letter stating that retail food stores registered with the Department of Banking must comply with the statement of policy issued May of 1998 concerning the Check Casher Licensing Act.  The statement of policy provides that check cashers should post a notice of exact fees and charges, which shall be within the maximum prescribed in the act.  The notice should be in plain view and in a location readily apparent to the consumer transacting business at each check casher location.


10/19/01
Blocking Property and Prohibiting Transactions (PDF)
Secretary's Letter regarding President Bush's Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism.