§ 419 — Definitions

New York § 419

• Jurisdiction: New York
• Law GBS: General Business
• Art. 27-A: Licensing of Coin Processors

Text

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