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Adopted Regulations
Adoption of Amendments to Superintendent's Regulation 400.12

Amend section 400.12 of Part 400, 3 NYCRR, as follows:

§ 400.12         Fees 

The licensee shall be permitted to charge or collect [in fees] a fee for cashing a check, draft or money order [a sum or sums] not to exceed a (a) [1.4] 1.5 percentum of the amount of the check, draft or money order, or (b) [60 cents] $1, whichever is greater. Effective January 1, 2005, and annually thereafter, the maximum percentum fee specified in clause (a) of this section, shall be increased by a percentum amount, based upon an increase in the annual consumer price index for the New York—Northern N.J.—Long Island, NY—NJ—CT—PA area for all urban consumers (annual CPI-U), as reported by the Bureau of Labor Statistics of the U.S. Department of Labor for the calendar year preceding the year in which such increase is made compared to such annual CPI-U for the year prior to such preceding year.  The maximum percentum fee that may be charged or collected for cashing a check, draft or money order pursuant to this section in effect at such time shall be multiplied by such computed percentum amount and the result added to such maximum percentum fee.  The resulting sum shall be the revised maximum percentum fee, which shall be posted upon the internet site of the Banking Department ( by the superintendent not later than thirty days following the public release of such annual index by the U.S. Department of Labor. Such revised maximum percentum fee shall be calculated and posted to the nearest one-hundredth of a percentum. Such revised maximum percentum fee shall be effective the first day of the month next succeeding the computation and posting of such percentum change and revised maximum percentum fee and shall continue in effect until revised and increased in the next succeeding year based upon an increase in such annual index.  If such annual CPI-U does not increase in any one year, the maximum percentum fee in effect during the year in which the index does not increase shall remain unchanged in the next succeeding year.  Nothing herein shall be deemed to prohibit the superintendent from setting, by regulation, a different maximum percentum fee at any time where the superintendent shall find that such a fee is necessary and appropriate to protect the public interest and to promote the stability of the check cashing industry for the purpose of meeting the needs of the communities that are served by check cashers. 

Department of Financial Services


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