N.Y. Banking Law § 372: Fees and charges; posting schedule; records and reports

§ 372. Fees and charges; posting schedule; records and reports. 1. The

superintendent shall, by regulation, establish the maximum fees which

may be charged by licensees for cashing a check, draft, or money order.

No licensee shall charge or collect any sum for cashing a check, draft,

or money order in excess of that established by the superintendent's

regulations; provided, however, that 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.

2. The schedule of fees and charges permitted under this section shall

be conspicuously and continuously posted in every location and mobil

unit licensed under this article.

3. No change in fees shall become effective earlier than thirty days

after the superintendent shall notify the majority leader of the senate,

the speaker of the assembly, and the chairmen of both the senate and

assembly committees on banks of his intention to change fees.

4. The fees in effect immediately prior to the effective date of this

subdivision shall continue to be the maximum allowable fees until

revised by the superintendent's regulations.

5. Each licensee shall keep and use in its business such books,

accounts, and records as the superintendent may require to carry into

effect the provisions of this article and the rules and regulations made

by the superintendent hereunder. Every licensee shall preserve such

books, accounts and records for at least two years.

6. Before a licensee shall deposit with any banking organization, or

with any organization engaged in the business of banking, a check, draft

or money order cashed by such licensee, the same must be endorsed with

the actual name under which such licensee is doing business and must

have the words "licensed casher of checks" legibly written or stamped

immediately after or below such name.

7. Every licensee shall submit to the superintendent, or such person

as the superintendent may designate, such suspicious activity reports or

currency transaction reports as are required to be submitted to federal

authorities pursuant to provisions of the Bank Secrecy Act (subchapter

11, chapter 53, title 31, United States code) and regulations and

administrative orders related thereto, as amended, within the periods of

time as required by such act and regulations. A licensee may submit a

copy of any such report to the superintendent, or such person as the

superintendent may designate, that is filed with such federal

authorities. The superintendent may adopt such regulations or require

such additional reports as he or she deems necessary to insure the

effective enforcement of this subdivision.