Ohio Department of Commerce Suspends Check Cashing Company After Noncompliance

COLUMBUS, Ohio - The Ohio Department of Commerce Division of Financial Institutions (DFI) has issued a one-year suspension of SAMCO Financial Services Corporation's check-cashing license. This follows a final ruling recently by the Cuyahoga County Court of Common Pleas that affirmed an administrative order on the matter. As a result of this suspension, SAMCO is prohibited from operating any check-cashing kiosks in Ohio during the suspension period, which concludes on April 2, 2027.

Investigators with the Division have found that SAMCO operated at least 58 check-cashing machines across the state without the required location-specific licenses. While SAMCO held a single license for its main office, the Division discovered they failed to obtain mandatory licenses for each kiosk location, as required by Ohio law.

The court affirmed the Division's findings that each kiosk functions as its own check-cashing business location and, therefore, must be individually licensed. SAMCO did not file an appeal within the 30-day period following the Court's decision, making the suspension final.

"In Ohio, every check-cashing location must be individually licensed so we can ensure consumers are protected, fees are posted clearly, and financial laws are followed," said DFI Interim Superintendent Ingrid White. "When a company chooses to operate outside those requirements, it puts both consumers and business owners at risk, and we will always take the necessary action to ensure Ohioans do business with safe, compliant, and licensed providers."

Important Information for Businesses Hosting SAMCO Kiosks

Businesses that host SAMCO-branded check-cashing kiosks should be aware of the following:

• The State of Ohio has not shut down your business or removed your ability to offer other services.
• The suspension applies only to SAMCO's check-cashing operations, and the company is responsible for compliance with the court's order.
• Any kiosk operated by SAMCO must be disconnected and remain inactive during SAMCO's suspension.
• If SAMCO representatives suggest that the state has taken action against your business directly, that information is inaccurate.

DFI understands that merchants may have been led to believe that SAMCO managed all compliance requirements on their behalf; however, the law requires each check-cashing location to be independently licensed, and SAMCO failed to obtain those licenses.

Important Information for Consumers

Consumers who regularly use SAMCO machines to cash checks will find that kiosks have been turned off or are unavailable. If consumers find that a SAMCO-operated machine remains in operation, they are urged not to use the kiosk and to immediately notify the Division immediately at 614-728-8400 or [email protected].

The Division reminds consumers that this action is the result of SAMCO's noncompliance with Ohio licensing requirements, it is not related to the individual businesses that have hosted the machines on their premises.

Ohioans who have questions or concerns should contact the Division at 614-728-8400 or [email protected].

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About the Ohio Division of Financial Institutions
The Division of Financial Institutions is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at www.com.ohio.gov.