New York Consolidated Laws

N.Y. Banking Law § 641 (2026)

License

✓ current as of May 2026

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§ 641. License. 1. No person shall engage in the business of selling
or issuing checks, or engage in the business of receiving money for
transmission or transmitting the same, without a license therefor
obtained from the superintendent as provided in this article, nor shall
any person engage in such business as an agent, except as an agent of a
licensee or as agent of a payee; provided, however, that nothing in this
article shall apply to a bank, trust company, private banker, foreign
banking corporation licensed pursuant to article two of this chapter or
foreign banking company authorized to operate pursuant to the
International Banking Act of 1978 (12 USC 3101 et seq.), as amended,
savings bank, savings and loan association, an investment company, a
national banking association, federal reserve bank, corporation
organized under the provisions of section twenty-five-a of an act of
congress entitled the "Federal Reserve Act", federal savings bank,
federal savings and loan association or state or federal credit union.
  2. Application for a license required under this article shall be in
writing, under oath, and in the form prescribed by the superintendent,
and shall contain the following:
  (a) The exact name of the applicant and, if incorporated, the date of
incorporation and the state where incorporated.
  (b) The complete address of the principal office from which the
business is to be conducted, and where the books and records of the
applicant are maintained and to be maintained, showing the street and
number, if any, and the municipality and county;
  (c) If the applicant has one or more branches, subsidiaries or
affiliates engaging in this state in the business of selling or issuing
checks, or of receiving money for transmission or transmitting the same,
the complete name and address of each;
  (d) The name and residence address of the applicant, if an individual
or, if a partnership, of its partners or, if a corporation or
association, of the directors, trustees and principal officers thereof,
and of any stockholder owning twenty per centum or more of any class of
its stock; and
  (e) Such other pertinent information as the superintendent may
require.
  3. Application for a license shall be accompanied by an investigation
fee as prescribed pursuant to section eighteen-a of this chapter, which
shall not be refunded.

Notes of Decisions

Cited in 6 cases, 1999–2014 · leading case: United States v. Mazza-Alaluf, 607 F. Supp. 2d 484 (S.D.N.Y. 2009).

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United States v. Mazza-Alaluf, 607 F. Supp. 2d 484 (S.D.N.Y. 2009). “N.Y. Banking Law § 641 (1) (McKinney 2008).”

Tupi Cambios S.A. v. Morgenthau, 48 A.D.3d 278 (N.Y. App. Div. 2008). “d Aníbal Contreras, the principal of Beacon Hill, under CPLR article 13-A, seeking the forfeiture of funds in their possession or control on the ground that the funds were instrumentalities of criminal activity, to wit, Beacon Hill’s and Contreras’ violation of certain…”

Tupi Cambios, S.A. v. Morgenthau, 44 Misc. 3d 800 (N.Y. Sup. Ct. 2014). “Defendant, in his official capacity and by his subordinates, prosecuted BHSC and Contreras for transmission of money in New York without the appropriate license in violation of Banking Law §§ 641 and 650. Ultimately, the indictment initiating the prosecution was dismissed…”

Slemish Corp. v. Morgenthau, 63 A.D.3d 418 (N.Y. App. Div. 2009). “Beacon Hill subsequently pleaded guilty to violations of Banking Law §§ 641 and 650 (2) (b) (1) and entered into a stipulation providing, among other things, for forfeiture, pursuant to CPLR article 13A, of most of the funds in its own and its clients’ Chase accounts, including…”

United States v. Velastegui, 56 F. Supp. 2d 313 (S.D.N.Y. 1999). “” N.Y. Banking Law § 641 . The law permits a licensee to conduct its business “through or by means of such agents and subagents as the licensee may from time to time designate or appoint.”

United States v. Ali, 561 F. Supp. 2d 269 (E.D.N.Y 2008). “” N.Y. Banking Law § 641 (McKinney 1999). The indictment charged each defendant with one count of operating or aiding and abetting another in the operation of an unlicensed money transmitting business and another of conspiracy to operate such a business.”

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