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Industry Letter: Financial Standards for Check Cashers

Industry letter to provide guidance and clarification of the Division’s policy as it relates to the evaluation of licensees’ financial responsibility as part of the Massachusetts annual license renewal process.

Table of Contents

March 25, 2022 Industry Letter

March 25, 2022

To the Chief Executive of the Check Casher Addressed: 

The Massachusetts Division of Banks (Division) has issued this Industry Letter to provide guidance and clarification of the Division’s policy as it relates to the evaluation of licensees’ financial responsibility as part of the Massachusetts annual license renewal process.

Check cashers are required to demonstrate an adjusted net worth of at least $25,000 at the time of license renewal, pursuant to 209 CMR 45.03(2)(a)2.  Licensees are reminded that this is a regulatory requirement, and that the Division will reject renewal applications from check cashers who fail to demonstrate the minimum net worth. 

Moreover, check cashers are reminded that, pursuant to 209 CMR 45.03(2)(b)3, an applicant for a license renewal shall submit financial statements audited by an independent certified public accountant within 90 days of the close of its most recent fiscal year.  If audited financial statements were not prepared, an applicant for renewal shall submit financial statements reviewed by an independent certified public accountant within 90 days of the close of its most recent fiscal year.  Please refer to the regulation here for further information regarding the required scope and contents of the submitted financial statements.  

A licensee’s failure to provide financial statements that meet the specific criteria set forth in 209 CMR 45.03(2)(b) may result in the nonrenewal of the license, or the restriction of a licensee’s ability to apply for a license renewal through the Nationwide Multistate Licensing System and Registry (NMLS). 

Should you have any questions related to this Industry Letter, please contact Deputy Commissioner Andrea L. Cipolla at (617) 956-1532, or andrea.cipolla@mass.gov.

Sincerely, 

Christopher R. Pope

Senior Deputy Commissioner

Non-depository Institution Supervision

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