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The New York State Banking Department
Issued an Order of Suspension to IPP, LLC, a Transmitter of Money
Licensed Pursuant to Article XIII-B of the New York Banking Law

State of New York
Banking Department


In the Matter of

A Transmitter of Money Licensed Pursuant
To Article XIII-B of the New York Banking Law



WHEREAS, IPP, LLC ("Licensee"), located at 22 Riverview Drive, Wayne, New Jersey 07470, is licensed to engage in the business of money transmission in New York under Article XIII-B of the Banking Law; and

WHEREAS, Section 643(1) of the Banking Law requires all licensed money transmitters to maintain a surety bond in an amount of at least $500,000; and

WHEREAS, it has come to the Banking Department’s ("Department") attention that Licensee’s surety bond has been terminated by its insurance company as of May 12, 2002; and

WHEREAS, the Licensee did not notify the Department that its surety bond had terminated; and

WHEREAS, this failure to notify the Department indicates that the Licensee may not possess the requisite character and fitness to engage in money transmission activities; and

WHEREAS, Licensee has indicated to the Department that, because of its financial condition, it lacks the ability to secure another surety bond or to pledge eligible securities or cash in lieu of such bond in accordance with Section 643(3) of the Banking Law; and

WHEREAS, the Licensee’s financial condition has apparently deteriorated to the point where its balance sheet is of great concern to the Department; and

WHEREAS, the Superintendent of Banks has determined that the failure of the Licensee to comply with the provisions of Section 643 of the Banking Law and the state of its financial condition have led to a situation in which there is a substantial risk of public harm; and

WHEREAS, there is sufficient authority pursuant to the provisions of Section 642(6) of the Banking Law for the Superintendent to suspend the money transmission license of the Licensee for a period of thirty days, pending investigation.

NOW THEREFORE, it is hereby ORDERED that the money transmission license of the Licensee be suspended for a period of thirty days from the date of this Order, pending investigation.

Witness, my hand and official seal of the Banking Department at the City of New York,
this 3rd day of June in the Year two thousand two.


First Deputy Superintendent of Banks

Department of Financial Services


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