The following are not subject to the requirements of this chapter:

1. (1) a depository institution;
2. (2) a depository institution holding company;

3. (3) an institution directly or indirectly owned or controlled by one or more:

   1. (a) depository institutions; or
   2. (b) depository institution holding companies; or

4. (4) a person that cashes a check in a transaction:

   1. (a) that is incidental to a retail sale of goods or services; and

   2. (b) for consideration that does not exceed the greater of:

      1. (i) 1% of the amount of the check; or
      2. (ii) $1.

Renumbered and Amended by Chapter 96, 2008 General Session