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NJFSC NEWS & EVENTS
The June General Membership Meeting has been cancelled
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MORE NJFSC NEWS & EVENTS
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.
Report on the NJFSC General Membership
Meeting, April 4th East Brunswick, NJ
Counsel Report/Legislative Update:
NJFSC Counsel reported on new
projects and proposed changes to the Check Casher
laws and regulations that could affect the New Jersey industry.
Department of Banking and Insurance Updates: Representatives
from the N. J. Department of Banking and Insurance made
presentations on new annual reporting process and Departmental
procedures.
Banking Update: North Fork Bank representatives discussed the
current banking situation and opportunities with North Fork Bank.
Point of Banking: Joseph Coleman, a representative of FiSCA
and Financial Service Centers of New York, discussed new Point of
Banking opportunities for check cashers and depositories
NetSpend All Access Savings Plan: Representatives of NetSpend
gave a presentation on the the NetSpend All Access savings card,
which provides a savings platform for customers without bank
accounts.
Unlicensed Check Cashers and Automated Check Cashing
Machines: Operators of unlicensed establishments and
automated check cashing machines are having a negative impact on
the legitimate industry. Counsel reported on efforts to fight
illegal operations and how members can protect their business from
illegal competition.
To Learn More Become a Member 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.
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