2012 New York Consolidated Laws
BNK - Banking
Article 9-A - (366 - 374) LICENSED CASHERS OF CHECKS
367 - License requirements; fees; capital requirements.

 
    § 367. License requirements; fees; capital requirements. 1. No person,
  partnership,  association or corporation shall engage in the business of
  cashing checks, drafts or money orders for a consideration without first
  obtaining a license from the superintendent.
    2. Application for such license shall be in writing, under  oath,  and
  in  the  form  prescribed  by  the superintendent, and shall contain the
  name, and the address both of the residence and place  of  business,  of
  the  applicant, and if the applicant is a co-partnership or association,
  of every member thereof, and if  a  corporation,  of  each  officer  and
  director thereof; also, if the business is to be conducted at a specific
  address,  the  address  at which the business is to be conducted, and if
  the business is to be conducted from a mobile unit, the New  York  state
  registration  number or other identification of such mobile unit and the
  area in which the applicant proposes to operate such  mobile  unit;  and
  also such further information as the superintendent may require.
    3.  Such applicant at the time of making such application shall pay to
  the superintendent a fee as prescribed pursuant to section eighteen-a of
  this chapter for investigating the application. Any licensee  requesting
  a  change  of  address, shall at the time of making such request, pay to
  the superintendent a fee as prescribed pursuant to section eighteen-a of
  this chapter for investigating the new address; provided, however,  that
  the   superintendent   may,   in  his  or  her  discretion,  waive  such
  investigation fee if warranted, and provided further, that no fee  shall
  be payable for the relocation of a limited station.
    4.   Every   applicant  shall  prove,  in  form  satisfactory  to  the
  superintendent that he or it has available for  the  operation  of  such
  business,  for  each  location and for each mobile unit specified in the
  application, liquid assets of at least ten thousand dollars,  and  every
  licensee  shall continuously maintain for the operation of such business
  for each location and for each mobile unit liquid assets of at least ten
  thousand dollars.  Notwithstanding  the  foregoing  provisions  of  this
  subdivision,  the  superintendent,  upon application by an applicant and
  for good cause shown, may permit a reduction from ten  thousand  dollars
  to not less than five thousand dollars of minimum liquid assets required
  for each location.