NJFSC NEWS & EVENTS

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  • Details on General Membership meetings
  • Past General Membership Meeting Programs
  • New Fee Charts and Industry Forms, plus Links to Important Websites
  • New FiSCA Check Casher Compliance Materials!

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MORE NJFSC NEWS & EVENTS

• New FiSCA Check Casher Compliance Materials
• Highlights of November 18, 2008 General Membership Meeting
• Department of Banking Announces New Fingerprinting Process
• New Department of Banking Process for Annual Reports and Assessments
• NJFSC Board Members Attend Washington, D.C. Blitz, June 6th and 7th, 2007

New FiSCA Check Casher Compliance Materials

Federal law requires that all check cashers have specialized compliance policies and procedures. FiSCA has developed new FiSCA Model Compliance materials that are free to all NJFSC members.

Join NJFSC for Updates and Access to the New FiSCA Check Casher Compliance Materials!

NJFSC Board Members Attend Washington, D.C. Blitz -- June 6th and 7th, 2007

NJFSC President Glenn Stevens and Vice Presidents Richard Klein (North Jersey) and Arthur Roth (South Jersey), recently appeared on behalf of NJFSC at FiSCA’s annual Washington, D.C. Blitz, and met with key congressional representatives.  Activities on behalf of NJFSC included conferences at the offices of Representative Steven Rothman, Representative Albio Sires, Representative Frank LoBiondo, and Senator Frank R. Lautenberg.

Major issues discussed included the need for legislation to solve the ongoing bank discontinuance problem, and the need for consumer/employee protections on payroll cards.

The Washington, D.C. Blitz is an important annual event that helps to promote our industry on both the State and Federal level.  We are grateful for the help and continued support of our President and Vice Presidents at these forums.

Topics Covered at the NJFSC General Membership Meeting, November 18, 2008

• Check Cashing Fee Increase on the Horizon
   

• Out of the Box:  Practical Ways to Make Your Business More Profitable - Workshop
   

• National and New Jersey “Small Dollar Loan” Initiatives
   

• Wal-Mart Interest In New Jersey Check Cashing Industry
   

• Bank Discontinuance Update

Become a Member and learn more about what was covered and attend the next meeting!

New Department of Banking Process for Annual Reports and Assessments

The New Jersey Legislature recently passed a “special assessments” law that changes the way the Department of Banking will be funded.  The new law will allow the Department to issue assessments to all financial institutions licensed in New Jersey to pay for the Department’s costs in regulating the industry.

All financial institutions, including banks, credit unions, money transmitters and pawnbrokers, will be subject to the assessments formula.  

Q.  What affect will the special assessments law have on licensed check cashers?
A.  Instead of paying a bi-annual licensing fee, plus fees for Departmental examinations, check cashers will pay only one annual assessment.  Assessments will be calculated by a Base Fee plus a formula based on the dollar volume of checks cashed per licensee as reported in your annual reports.

Q.  What if a Licensee Objects to the Amount of the Assessment?   
A.  The new law includes a right of appeal if the licensee disagrees with the way an assessment was calculated.  Your assessment must be paid pending a decision on your appeal.

Beware! You may be subject to$50 per day penalties if your assessment is paid late, or if the financial data you report to the Department is incorrect.  

Q. When will the special assessments law take effect? 
A.  No assessments will be issued to licensees until September 2007. 

Q. What is the filing deadline for annual reports?  
A.  All annual reports must be filed by April 1, 2007, for the preceding period of
January 1, 2006 to December 31, 2006. 

Q. What about electronic filing of reports?
A.  All check casher annual reports are expected to be filed electronically via Internet with the Department of Banking through the State’s secure website.  It is expected that annual report forms will be available online through the Department of Banking in December 2006.  Instructions about filing will be available at that time.  For more info check the Department’s website.

 Note!  If you do not have the ability to file electronically, you must file a “hard copy request form” postmarked no later than January 15, 2007.  Please check the Department’s website for more information on obtaining forms and filing hard copy annual reports.  Hard copy reports are due no later than March 1, 2007.

Department of Banking Announces New Fingerprinting Process

Information and forms for fingerprinting new licensees and employees is now available
on the Department of Banking and Insurance website ( www.state.nj.us/dobi )
Click for more information and links for the Live Scan: Electronic Fingerprinting Process.