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Check Cashers

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Information and Resources for Check Cashers

As stated in Section 367(1) of the New York Banking Law, “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.” For licensing requirements see, e.g., BL Article 9-A and Superintendent’s Regulations Parts 400, 416, 417 and 300.

Application and License Management

The New York State Department of Financial Services now manages license applications and ongoing regulation of Check Cashers via the Nationwide Multistate Licensing System and Registry (NMLS).

Additional State Requirements

Annual Maximum Fee

Effective March 4, 2019, the maximum fee that licensed Check Cashers may charge will increase to 2.11 percent of the face amount of the check, 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.

Common Forms