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 February 26, 2021, the maximum fee that licensed check cashers may charge will increase to 2.27 percent of the face amount of a check, draft, or money order, 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.
The following forms are in PDF format.
- Authority to Release Information
- Compliance Affidavit
- Employee Introduction Letter
- Financial Statement
- Licensee Contact Update
- Litigation Affidavit - Individual
- Litigation Affidavit—Licensee/Applicant
- Lost License Affidavit
- Money Transmission Agent Application
- Personal Questionnaire
- Statement of Ownership (PDF)