2013 New York Consolidated Laws
GBS - General Business
Article 27-A - (418 - 429) LICENSING OF COIN PROCESSORS
419 - Definitions.

 
    § 419. Definitions. When used in this article:
    1. The  term  "applicant"  means  a  coin  processor  who has filed an
  application with the department for a license.
    2. The  term  "coin  processor"  means  any  individual,  partnership,
  association  or  corporation  engaged  in the business of providing coin
  processing services.
    3. The term "coin processing services" means the  taking  in,  holding
  and  counting  of coins received by other businesses and exchanging such
  coins for an equivalent amount of money, currency, coins  or  negotiable
  instruments for a negotiated service fee. This term does not include any
  corporations,  unincorporated associations, partnerships and individuals
  subject to the provisions of the banking law nor  does  it  include  any
  "food  processing  establishment"  as  defined  in  subdivision three of
  section two hundred fifty-one-z-two of the agriculture and  markets  law
  which  owns  a coin counting machine and makes this service available to
  its customers nor does it include any "armored car  carrier".  The  term
  "armored  car  carrier"  shall  have  the  same  meaning as such term is
  defined in section eighty-nine-bbb of this chapter.
    4. The term "department" means the department of state.
    5.  The  term  "division"  means  the  division  of  criminal  justice
  services.
    6. The  term  "licensee" means a coin processor that has been issued a
  license in accordance with the provisions of this article.
    7. The term "secretary" means the secretary of state.
    8. The term "principal owner" means any person controlling an interest
  greater than  ten  percent  in  a  business  providing  coin  processing
  services,  or  any  person with a controlling interest in a company that
  has a controlling interest  in  a  business  providing  coin  processing
  services.