§ 367. License requirements; fees; capital requirements. 1. 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.

2. Application for such license shall be in writing, under oath, and
in the form prescribed by the superintendent, and shall contain the
name, and the address both of the residence and place of business, of
the applicant, and if the applicant is a co-partnership or association,
of every member thereof, and if a corporation, of each officer and
director thereof; also, if the business is to be conducted at a specific
address, the address at which the business is to be conducted, and if
the business is to be conducted from a mobile unit, the New York state
registration number or other identification of such mobile unit and the
area in which the applicant proposes to operate such mobile unit; and
also such further information as the superintendent may require.

3. Such applicant at the time of making such application shall pay to
the superintendent a fee as prescribed pursuant to section eighteen-a of
this chapter for investigating the application. Any licensee requesting
a change of address, shall at the time of making such request, pay to
the superintendent a fee as prescribed pursuant to section eighteen-a of
this chapter for investigating the new address; provided, however, that
the superintendent may, in his or her discretion, waive such
investigation fee if warranted, and provided further, that no fee shall
be payable for the relocation of a limited station.

4. Every applicant shall prove, in form satisfactory to the
superintendent that he or it has available for the operation of such
business, for each location and for each mobile unit specified in the
application, liquid assets of at least ten thousand dollars, and every
licensee shall continuously maintain for the operation of such business
for each location and for each mobile unit liquid assets of at least ten
thousand dollars. Notwithstanding the foregoing provisions of this
subdivision, the superintendent, upon application by an applicant and
for good cause shown, may permit a reduction from ten thousand dollars
to not less than five thousand dollars of minimum liquid assets required
for each location.