27.04.021 ALTERNATIVE FINANCIAL SERVICE.

"Alternative financial service" means a use, other than a State or Federally chartered bank, credit union, mortgage lender, savings and loan association, or industrial loan company, that offers deferred deposit transaction services or check cashing services and loans for payment of a percentage fee. The term "alternative financial service" includes, but is not limited to, deferred deposit transaction (payday loan) businesses that make loans upon assignment of wages received, check cashing businesses that charge a percentage fee for cashing a check or negotiable instrument, and motor vehicle title lenders who offer a short-term loan secured by the title to a motor vehicle. Non-profit financial institutions are not encompassed by the term "alternative financial service." The term "alternative financial service" does not include retail sellers engaged primarily in the business of selling consumer goods to retail buyers and that cash checks for a minimum fee, not exceeding five percent, as a service to its customers that is incidental to its main purpose or business.