§ 367 — License requirements; fees; capital requirements

New York § 367

• Jurisdiction: New York
• Law BNK: Banking
• Art. 9-A: Licensed Cashers of Checks

Text

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