The New York State Banking Department Issued an Order of Suspension to Super Quick, LLC, a Licensed Casher of Checks, Pursuant to Article IX-A of the New York Banking Law
STATE OF NEW YORK BANKING DEPARTMENT
NEW YORK, NEW YORK
In the Matter of
Super Quick, LLC
A Casher of Checks licensed pursuant to Article IX-A of the New York Banking Law
PURSUANT TO SECTION 373(2) OF THE NEW YORK BANKING LAW
Whereas, SUPER QUICK, LLC("Super Quick") was granted a license on September 11, 2003 to engage in business as a licensed casher of checks pursuant to Article IX-A of the New York Banking Law (the "Banking Law") and currently operates from corporate headquarters located at 17 Battery Place, Suite 1330, New York, New York 10004. Licensee was granted licenses by the Banking Department ("Department") to operate the following locations:
1109 Cypress Avenue (License # 100669)
Ridgewood, New York 11385
534 Wilson Avenue (License # 100668)
Brooklyn, New York 11207
Whereas, Part 400.1 (6) (v) of the Superintendent's Regulations requires licensees to obtain a credit facility approved by the superintendent demonstrating an existing right of access to a line of credit in an amount of $100,000 or more for each licensed location. This line of credit must be available continuously and a licensee must immediately give written notice to the Superintendent if it is not at any time in compliance with this requirement;
Whereas, Part 400.5 (a) (1) of the Superintendent's Regulations requires that all checks, drafts and money orders must be deposited in the licensee's bank account in the banking institution in this State not later than the first business day following the day on which they were cashed;
Whereas, according to counsel for Super Quick, Super Quick does not presently have a bank account, and the Banking Department has been advised that the credit lines that Super Quick formerly had, have been terminated;
Whereas, on or about December 17, 2004, Super Quick filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code;
Whereas, pursuant to Banking Law Section 373(2), pending an investigation or a hearing for the suspension or revocation of any license or licenses issued pursuant to Article IX-A of the Banking Law, the Superintendent of Banks (the "Superintendent") may temporarily suspend such license or licenses for a period not to exceed ninety days, provided the Superintendent shall find that such a temporary suspension is in the public interest;
Whereas, the foregoing facts demonstrate that Super Quick is not in compliance with the regulations cited, and that its financial condition is highly uncertain;
Whereas, the Superintendent finds that, based on the foregoing, it is in the public interest to temporarily suspend Super Quick's check casher licenses in the State of New York for a period of ninety days from the date of this Suspension Order, pending an investigation or hearing for the suspension or revocation of said licenses.
NOW, THEREFORE, IT IS HEREBY ORDERED that, pursuant to the authority granted under the provisions of the New York Banking Law Section 373(2), the Superintendent suspends for a period of ninety days from the date of this Suspension Order the licenses of SUPER QUICK, LLC as a casher of checks in the State of New York.
Witness, my hand and official seal of the Banking Department at the City of New York, this 16th day of May in the Year Two Thousand Five.
Regina A. Stone
Deputy Superintendent of Banks