The ASG Office of Financial Institutions has served notice to the business community that all businesses offering financial services now need to be registered with OFI.
According to a November 22 letter from OFI Commissioner Robert Ho Chee letter of November 22 businesses offering financial services would include any business that offers check cashing…meaning cashing of paychecks with or without a fee including partial purchases.
The list also includes consumer lenders, debt settlement service providers, financial brokers, holding companies, trust companies, Retirement Fund, mortgage loan originators, deferred presentment service providers and money service bureaus.
According to some business owners, they have been told that if they cash employee checks, they are required to pay a registration fee of $500.
“We do this as a service to our workers and also other shoppers who use their paychecks to buy food and necessities for their families. We don’t make any money out of it,” said a store owner who didn’t want to be named.
She added that it was her understanding the bill which levies charges only applies to loan services and money transfer businesses.
KHJ News tried to obtain comment from OFI Commissioner Robert Ho Chee but he has not retuned phone calls.
At any rate Ho Chee will front up to a meeting of the Chamber of Commerce Thursday at 10 am at the Chamber office at the Fagatogo Marketplace to explain the registration and answer questions from members.
The OFI has moved from the EOB to the Georgina Building in Fagaima and their phone number is 699-1189 or email ofi@tr.as.gov
