N.Y. Comp. Codes R. & Regs. tit. 3 § 400.11
Current through Register Vol. 46, No. 25, June 18, 2024
(a) Except with respect to the cashing of checks, drafts or money orders for payees of such checks, drafts or money orders that are other than natural persons, a licensee shall be permitted to charge or collect a fee for cashing a check, draft or money order not to exceed: (1) 1.5 per centum of the amount of the check issued by a Federal or State government agency for the payment to the bearer of Federal or State monetary assistance, Social Security, unemployment compensation, retirement, veteran's benefits, emergency relief or housing assistance, or a tax refund; or(2) $1 or 2.2 per centum of the amount of all other checks, drafts or money orders, whichever is greater.(b) Effective January 31, 2027, and every five years thereafter, licensees may request an increase in the maximum fees established by this section. Any such request must be supported in writing by annual information, for each of the preceding five years, showing each licensee's costs and expenditures (including rent, wages, information technology and compliance costs), profitability (including all sources of revenue, such as those from other lines of business, as well as other conditions impacting each licensee's financial condition, such as capital needs, cost of capital and payments to owners or senior managers) and any other information the Department may request. The Superintendent may review any fee request submitted by licensees and, in his or her discretion, approve, modify or deny a request for an adjustment to the maximum fee stated in Section 400.11(a).(c) No maximum fee shall apply to the charging of fees by licensees for the cashing of checks, drafts or money orders for payees of such checks, drafts or money orders that are other than natural persons.N.Y. Comp. Codes R. & Regs. Tit. 3 § 400.11
Amended New York State Register December 18, 2019/Volume XLI, Issue 51, eff. 12/18/2019Amended New York State Register January 18, 2023/Volume XLIV, Issue 03, eff. 1/18/2023