2012 New York Consolidated Laws
BNK - Banking
Article 9-A - (366 - 374) LICENSED CASHERS OF CHECKS
372 - Fees and charges; posting schedule; records and reports.

 
    § 372. Fees and charges; posting schedule; records and reports. 1. The
  superintendent  shall,  by  regulation, establish the maximum fees which
  may be charged by licensees for cashing a check, draft, or money  order.
  No  licensee shall charge or collect any sum for cashing a check, draft,
  or money order in excess of that  established  by  the  superintendent's
  regulations;  provided,  however, that no maximum fee shall apply to the
  charging of fees by licensees for the cashing of checks, drafts or money
  orders for payees of such checks, drafts or money orders that are  other
  than natural persons.
    2. The schedule of fees and charges permitted under this section shall
  be  conspicuously  and  continuously  posted in every location and mobil
  unit licensed under this article.
    3. No change in fees shall become effective earlier than  thirty  days
  after the superintendent shall notify the majority leader of the senate,
  the  speaker  of  the  assembly, and the chairmen of both the senate and
  assembly committees on banks of his intention to change fees.
    4. The fees in effect immediately prior to the effective date of  this
  subdivision  shall  continue  to  be  the  maximum  allowable fees until
  revised by the superintendent's regulations.
    5. Each licensee shall keep  and  use  in  its  business  such  books,
  accounts,  and  records  as the superintendent may require to carry into
  effect the provisions of this article and the rules and regulations made
  by the superintendent hereunder.  Every  licensee  shall  preserve  such
  books, accounts and records for at least two years.
    6.  Before  a licensee shall deposit with any banking organization, or
  with any organization engaged in the business of banking, a check, draft
  or money order cashed by such licensee, the same must be  endorsed  with
  the  actual  name  under  which such licensee is doing business and must
  have the words "licensed casher of checks" legibly  written  or  stamped
  immediately after or below such name.
    7.  Every  licensee shall submit to the superintendent, or such person
  as the superintendent may designate, such suspicious activity reports or
  currency transaction reports as are required to be submitted to  federal
  authorities  pursuant  to provisions of the Bank Secrecy Act (subchapter
  11, chapter 53, title  31,  United  States  code)  and  regulations  and
  administrative orders related thereto, as amended, within the periods of
  time  as  required  by such act and regulations. A licensee may submit a
  copy of any such report to the superintendent, or  such  person  as  the
  superintendent   may   designate,   that  is  filed  with  such  federal
  authorities. The superintendent may adopt such  regulations  or  require
  such  additional  reports  as  he  or  she deems necessary to insure the
  effective enforcement of this subdivision.