418 – Short Title.
§ 418. Short title. This article shall be known and may be cited as the “coin processor licensing act”.
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 […]
420 – Doing Business Without License Prohibited.
§ 420. Doing business without license prohibited. No coin processor shall operate in the state except as authorized by this article and without first being licensed by the department. All coin processors operating in the state after the effective date of this article shall become licensed within one year of such date.
421 – Application for Licenses.
§ 421. Application for licenses. 1. Application for a license required under this article shall be in writing, under oath, and in the form prescribed by the secretary, and shall contain the following: a. The exact name and the address of the applicant and its date of incorporation; b. The name and the business and […]
422 – Conditions Precedent to Licensing.
§ 422. Conditions precedent to licensing. Upon filing of an application for a license, if the secretary shall be satisfied of the good character, competency and integrity of the applicant, and of the principals and officers thereof are such as to comply with the provisions of this article, he or she shall thereupon issue a […]
423 – Licensing.
§ 423. Licensing. 1. Each license issued under this article shall state the address or addresses at which the business is to be conducted and shall state fully the name of the licensee, and the date and place of its incorporation and the expiration date of the license. A copy of such license shall be […]
424 – Grounds for Denial, Suspension or Revocation of License; Procedure.
§ 424. Grounds for denial, suspension or revocation of license; procedure. 1. The secretary shall have the power to suspend or revoke a license or, in lieu thereof, to impose a fine not exceeding one thousand dollars payable to the department, or reprimand any licensee or deny an application for a license or renewal thereof […]
425 – Insurance.
§ 425. Insurance. 1. Every coin processor shall obtain a minimum of ten million dollars all risk insurance coverage and such additional amounts as are sufficient to cover the value of coins consigned to such coin processor for counting. In addition, each such coin processor shall obtain comprehensive general liability insurance coverage for death, personal […]
426 – Violations and Penalties.
§ 426. Violations and penalties. 1. Any person, partnership, association or corporation and the several members, principals, officers, directors, agents and employees thereof, who knowingly and willfully makes material misstatements in the application for a renewal of a license in this article shall be guilty of a misdemeanor, which upon conviction shall be punishable by […]
427 – Preemption.
§ 427. Preemption. 1. The provisions of this article shall exclusively govern all coin processors notwithstanding the provisions of any other law to the contrary and further, no local law shall be enacted which shall require any fee or license for the licensure or registration of coin processors. 2. The provisions of this article shall […]
428 – Regulations.
§ 428. Regulations. The secretary is hereby authorized and empowered to make such rules and regulations necessary for the proper conduct of the business authorized under this article, and not inconsistent herewith.
429 – Separability.
§ 429. Separability. In the event it is determined by a court of competent jurisdiction that any phrase, clause, part, subdivision, paragraph or section, or any of the provisions of this article is unconstitutional or otherwise invalid or inoperative, such determination shall not affect the validity or effect of the remaining provisions of this article.