N.Y. General Business Law § 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 the taking in, holding

and counting of coins received by other businesses and exchanging such

coins for an equivalent amount of money, currency, coins or negotiable

instruments for a negotiated service fee. This term does not include any

corporations, unincorporated associations, partnerships and individuals

subject to the provisions of the banking law nor does it include any

"food processing establishment" as defined in subdivision three of

section two hundred fifty-one-z-two of the agriculture and markets law

which owns a coin counting machine and makes this service available to

its customers nor does it include any "armored car carrier". The term

"armored car carrier" shall have the same meaning as such term is

defined in section eighty-nine-bbb of this chapter.

4. The term "department" means the department of state.

5. The term "division" means the division of criminal justice

services.

6. The term "licensee" means a coin processor that has been issued a

license in accordance with the provisions of this article.

7. The term "secretary" means the secretary of state.

8. The term "principal owner" means any person controlling an interest

greater than ten percent in a business providing coin processing

services, or any person with a controlling interest in a company that

has a controlling interest in a business providing coin processing

services.