N.Y. Banking Law § 651: Investments

§ 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 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 so long as the market value of such permissible

investments is at least eighty per centum of the net carrying value.

Notwithstanding the foregoing provisions of this section, the

superintendent shall have the authority, for good cause shown, to exempt

from the requirements of this section any licensee.