Check Cashing Consumer Protection Act of 1994

Check Cashing Consumer Protection Act of 1994 - Expresses the sense of the Congress that States should: (1) establish uniform laws for licensing and regulating businesses which are not depository institutions and which provide check cashing services, transmit money, or issue or redeem money orders, travelers' checks, and similar instruments; and (2) provide sufficient resources to the appropriate State agency to enforce such laws and regulations. Asks the States to develop a model statute which includes, with respect to such businesses: (1) licensing requirements and standards; (2) procedures to ensure compliance with Federal cash transaction reporting requirements; and (3) criminal penalties for operation of such a business without a license.

Directs the Secretary of the Treasury to study and report to the Congress on the States' progress in developing and enacting a model statute meeting appropriate requirements and recommendations for appropriate legislative and administrative action, including possible incentives or sanctions for States failing to enact an appropriate model statute or failing to enforce such statute.