§ 369 — Conditions precedent to issuing license; issuance and filing of license; posting license

New York § 369

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

Text

§ 369. Conditions precedent to issuing license; issuance and filing of\nlicense; posting license. 1. If the superintendent shall find that the\nfinancial responsibility, experience, character, and general fitness of\nthe applicant, and of the members thereof if the applicant be a\nco-partnership or association, and of the officers and directors thereof\nif the applicant be a corporation, are such as to command the confidence\nof the community and to warrant belief that the business will be\noperated honestly, fairly, and efficiently within the purposes of this\narticle, and if the superintendent shall find that the granting of such\napplication will promote the convenience and advantage of the area in\nwhich such business is to be conducted, and if the superintendent shall\nfind that the applicant has available for the operation of such business\nfor each location and for each mobile unit specified in the application\nliquid assets of at least ten thousand dollars, the superintendent shall\nthereupon execute a license in duplicate to permit the cashing of\nchecks, drafts and money orders in accordance with the provisions of\nthis article at the location or in the area specified in such\napplication. In finding whether the application will promote the\nconvenience and advantage to the public, the superintendent shall\ndetermine whether there is a community need for a new licensee in the\nproposed area to be served. No license shall be issued to an applicant\nfor a license, at a location to be licensed which is closer than one\nthousand five hundred eighty-four feet (three-tenths of a mile) from an\nexisting licensee, except with the written consent of such existing\nlicensee or pursuant to subdivision three of section three hundred\nseventy of this article, subject to any restriction or condition as the\nsuperintendent may promulgate by regulation; provided, however, the\nsuperintendent may permit a location to be licensed that is closer than\nthree-tenths of a mile from an existing licensee provided such applicant\nengages in the cashing of checks, drafts or money orders only for payees\nof such checks, drafts or money orders that are other than natural\npersons at the location to be licensed and such applicant was engaged in\nthe cashing of such checks, drafts or money orders for payees that are\nother than natural persons at such location on or before the fourteenth\nday of July, two thousand four, and provided further that upon licensing\nany such location by the superintendent, such license as it pertains\nsolely to such location shall not be affected thereafter by any change\nof control of such license pursuant to section three hundred seventy-a\nof this article, provided that the licensee continues thereafter to\nengage at that location in the cashing of checks, drafts or money orders\nonly for payees that are other than natural persons and provided further\nthat such license shall bear a legend stating that such location is\nrestricted to the cashing of checks, drafts or money orders only for\npayees that are other than natural persons. The three-tenths of a mile\ndistance requirement as set forth in this section shall not apply in\ncases where the existing licensee is a restricted location as authorized\nin the preceding sentence, or is any other licensed location that\nengages solely in the cashing of checks, drafts or money orders only for\npayees that are other than natural persons. For purposes of this\nsection, such distance shall be measured on a straight line along the\nstreet between the nearest point of the store fronts of the check\ncashing facilities. The primary business of the licensee, at the\nlocation to be licensed, shall be financial services. The superintendent\nshall transmit one copy of such license to the applicant and file\nanother in the office of the department. Notwithstanding the foregoing\nprovisions of this subdivision, the superintendent, upon application by\nan applicant and for good cause shown, may permit a reduction from ten\nthousand dollars to not less than five thousand dollars of minimum\nliquid assets required for each location.\n 2. Such license shall state the name of the licensee; and if the\nlicensee is a co-partnership or association, the names of the members\nthereof; and if the licensee is a corporation, the date of its\nincorporation; and if the business is to be conducted at a specific\naddress, the address at which such business is to be conducted; and if\nthe business is to be conducted through the use of a mobile unit, the\nNew York state registration number or other identification of such\nmobile unit and the area in which such mobile unit is authorized to do\nbusiness.\n 3. Such license shall be kept conspicuously posted in the place of\nbusiness of the licensee or, in the case of a mobile unit, upon such\nmobile unit. Such license shall not be transferable or assignable.\n 4. Such license shall remain in full force and effect until it is\nsurrendered by the licensee or revoked or suspended as provided in this\narticle.\n 5. If the superintendent shall find that the applicant fails to meet\nany of the conditions set forth in subdivision one of this section, he\nshall not issue such license, and he shall notify the applicant of the\ndenial. If an application is denied or withdrawn, the superintendent\nshall retain the investigation fee to cover the costs of investigating\nthe application and return the license fee to the applicant.\n 6. The superintendent may, consistent with article twenty-three-A of\nthe correction law, refuse to issue a license pursuant to this article\nif he shall find that the applicant, or any person who is a director,\nofficer, partner, agent, employee or substantial stockholder of the\napplicant, (a) has been convicted of a crime in any jurisdiction or (b)\nis associating or consorting with any person who has, or persons who\nhave, been convicted of a crime or crimes in any jurisdiction or\njurisdictions. For the purposes of this article, a person shall be\ndeemed to have been convicted of a crime if such person shall have\npleaded guilty to a charge thereof before a court or magistrate, or\nshall have been found guilty thereof by the decision or judgment of a\ncourt or magistrate or by the verdict of a jury, irrespective of the\npronouncement of sentence or the suspension thereof. The term\n"substantial stockholder," as used in this subdivision, shall be deemed\nto refer to a person owning or controlling ten per centum or more of the\ntotal outstanding stock of the corporation in which such person is a\nstockholder. In making a determination pursuant to this subdivision, the\nsuperintendent shall require fingerprinting of the applicant. Such\nfingerprints shall be submitted to the division of criminal justice\nservices for a state criminal history record check, as defined in\nsubdivision one of section three thousand thirty-five of the education\nlaw, and may be submitted to the federal bureau of investigation for a\nnational criminal history record check.\n 7. No license pursuant to this article shall be issued to any\napplicant to do business at the place specified in the application as\nthe place where the business is to be conducted if, within the twelve\nmonths preceding such application, a license to engage in business\npursuant to this article at such place shall have been revoked.\n