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#2196536 - 10/26/18 12:18 PM NYS Check Casher licensing requirements?
totallyconfused Offline
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Joined: Jul 2016
Posts: 104
What are the requirements for a check casher to be license in NY?

We originally thought that they had to cash checks over $1,000 with a fee of $1.00 or more. So if they cashed checks under both of those requirements then the customer would not have to get a license through the state.

But now I can't find where that is stated on the DFS website any more. Did this change?

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#2196559 - 10/26/18 02:58 PM Re: NYS Check Casher licensing requirements? totallyconfused
edAudit Offline
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edAudit
Joined: Jul 2008
Posts: 4,761
You are here
https://www.lawserver.com/law/state/new-york/ny-laws/ny_banking_law_367

No person, partnership, association or corporation shall engage in the business of cashing checks, drafts or money orders for a consideration without first obtaining a license from the superintendent.


Pretty much if you charge a fee you need a license
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#2196560 - 10/26/18 02:58 PM Re: NYS Check Casher licensing requirements? totallyconfused
praBSA Offline
Gold Star
Joined: Aug 2018
Posts: 326
Hope this helps:

Announcements:

On October 1st, 2018, the New York State Department of Financial Services (DFS) transitioned Check Cashers to the Nationwide Multistate Licensing System and Registry (NMLS) to manage license applications and ongoing regulation. NMLS was created by the Conference of State Bank Supervisors (CSBS) and began operations in January 2008.

https://www.dfs.ny.gov/banking/checkcasher.htm

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