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2012 New York Consolidated Laws
BNK - Banking
Article 13-B - (640 - 652-B) TRANSMITTERS OF MONEY
651 - Investments.


NY Banking L § 651 (2012) What's This?
 
    § 651.  Investments.  Every  licensee  shall  at  all  times  maintain
  permissible  investments  having  (i)  a  market  value,   computed   in
  accordance with generally accepted accounting principles, at least equal
  to   the  aggregate  of  the  amount  of  all  its  outstanding  payment
  instruments and all its outstanding traveler's  checks  or  (ii)  a  net
  carrying   value,   computed   in  accordance  with  generally  accepted
  accounting principles, at least equal to the aggregate of the amount  of
  all   its  outstanding  payment  instruments  and  all  its  outstanding
  traveler's checks so long  as  the  market  value  of  such  permissible
  investments  is  at  least  eighty per centum of the net carrying value.
  Notwithstanding  the  foregoing  provisions   of   this   section,   the
  superintendent shall have the authority, for good cause shown, to exempt
  from the requirements of this section any licensee.

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