This chapter shall not apply to:

1. 1. Any person who:

   1. a. Does not hold itself out to be a check cashing service;
   2. b. Is principally engaged in the bona fide retail sale of goods or services;
   3. c. Either as an incident to or independently of such a retail sale from time to time cashes items; and
   4. d. Charges a fee or other consideration for the service that does not exceed the greater of $2 or two percent of the amount of the item; or
2. 2. Any person authorized to engage in business as a bank, savings institution, or credit union under the laws of the United States or any state.

1995, c. 221, § 6.1-434; 2010, c. 794.