New York Banking Law Article 13-B - TRANSMITTERS OF MONEY

• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 651-a - Remittances.
  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...
• 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...
• 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...
• 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...
• 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,...

Last modified: February 3, 2019