N.Y. Laws » CHAPTER Banking / ARTICLE Transmitters of Money
New York Consolidated Laws

N.Y. Banking Law § 651 (2026)

Investments

✓ text as retrieved May 2026 (this copy records no edition or section history)
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§ 651. Investments. Every licensee shall at all times maintain
permissible investments having (i) a market value, computed in
accordance with generally accepted accounting principles, at least equal
to the aggregate of the amount of all its outstanding payment
instruments and all its outstanding traveler's checks or (ii) a net
carrying value, computed in accordance with generally accepted
accounting principles, at least equal to the aggregate of the amount of
all its outstanding payment instruments and all its outstanding
traveler's checks so long as the market value of such permissible
investments is at least eighty per centum of the net carrying value.
Notwithstanding the foregoing provisions of this section, the
superintendent shall have the authority, for good cause shown, to exempt
from the requirements of this section any licensee.
Notes of Decisions
Cited in 2 cases, 1996–1999 · leading case: United States v. All Funds on Deposit & to be Deposited, 935 F. Supp. 208 (E.D.N.Y. 1996).
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United States v. All Funds on Deposit & to be Deposited, 935 F. Supp. 208 (E.D.N.Y. 1996). “N.Y. Banking Law § 651 -a (McKinney Supp.”
United States v. Velastegui, 56 F. Supp. 2d 313 (S.D.N.Y. 1999). · cites it 2× “See N.Y. Banking Law § 651 -a. The failure to remit as required is punishable as a misdemeanor.”
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