§ 640. Definitions. In this article, unless the context or subject matter otherwise requires: 1. “Person” means an individual, partnership, corporation, association, joint stock association, trust or other group, however organized. 2. “Licensee” means any person duly licensed by the superintendent pursuant to this article. 3. “Check” means any check, draft, travelers check, money order […]
§ 641. License. 1. No person shall engage in the business of selling or issuing checks, or engage in the business of receiving money for transmission or transmitting the same, without a license therefor obtained from the superintendent as provided in this article, nor shall any person engage in such business as an agent, except […]
§ 642. Action by superintendent. 1. Upon the filing of an application, and the payment of the fees for investigation and license, the superintendent shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant and, if the superintendent finds these qualities are such as to warrant the […]
§ 643. Bond or securities. 1. As a condition for the issuance and retention of the license, applicants for a license and other licensees shall, within thirty days after notice by the superintendent, or such longer or shorter period as he or she shall prescribe, file with the superintendent one or more corporate surety bond […]
§ 645. Assignment of claims to superintendent. At the written request of any claimant or creditor of the licensee whose claim is based on a transaction, in this state, for the sale or issuance of a check or the receipt of money for transmission or transmission of the same, under the provisions of this article, […]
§ 646. Investigations, hearings and reports. 1. The superintendent shall have the power to make such investigations and conduct such hearings as he shall deem necessary to determine whether any licensee or any other person has violated any of the provisions of this article, or whether any licensee has conducted himself in such manner as […]
§ 647. Judicial review. The refusal by the superintendent of an original license, in the case of an applicant which, prior to January first, nineteen hundred sixty-three, and upon the date of filing such application, has lawfully been engaged in this state in the business of selling or issuing checks or of receiving money for […]
§ 648. Agents. A licensee may conduct its business at one or more locations within this state, as follows: (a) The business may be conducted through or by means of agents as the licensee may from time to time designate or appoint and, in no event, shall the business of money transmission be conducted through […]
§ 649. Rules and regulations. The superintendent is hereby authorized and empowered to make such rules and regulations as may in his judgment be necessary or appropriate for the enforcement of this article.
§ 650. Violations and penalties. 1. Any person who violates or participates in the violation of any provisions of this article, or who knowingly makes any incorrect statement of a material fact in any application, report or statement made pursuant to this article, or who knowingly omits to state any material fact necessary to give […]
§ 651. Investments. Every licensee shall at all times maintain permissible investments having (i) a market value, computed in accordance with generally accepted accounting principles, at least equal to the aggregate of the amount of all its outstanding payment instruments and all its outstanding traveler’s checks or (ii) a net carrying value, computed in accordance […]
§ 651-a. Remittances. 1. Each agent of a licensee which sells any New York instruments or New York traveler’s checks issued by such licensee shall, and each licensee shall so require each of its agents which sells any New York instruments or New York traveler’s checks issued by such licensee to report such sale and […]
§ 651-b. Maintenance of books and records by agents. Each licensee shall require of each of its agents to make and keep such accounts, correspondence, memoranda, papers, books and other records as the superintendent by regulation or order requires. All records so required shall be preserved for the time specified by the regulation or order […]
§ 652. Severability. If any provision of this article, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this article, and the application of such provision to persons or circumstances other than those to which it is held invalid, shall not be affected thereby.
§ 652-a. Changes in control. 1. It shall be unlawful except with the prior approval of the superintendent for any action to be taken which results in a change of control of the business of a licensee. Prior to any change of control, the person desirous of acquiring control of the business of a licensee […]
§ 652-b. Tying arrangements. 1. It shall be unlawful for any transmitter of money or its officers, affiliates or subsidiaries to enter into an agreement with a check casher, licensed pursuant to the provisions of article nine-A of this chapter, whereby credit is extended to the check casher at the same time as, and on […]
