N.Y. General Business Law 419 – Definitions
§ 419. Definitions. When used in this article:
Terms Used In N.Y. General Business Law 419
- coin processing services: means the taking in, holding and counting of coins received by other businesses and exchanging such coins for an equivalent amount of money, currency, coins or negotiable instruments for a negotiated service fee. See N.Y. General Business Law 419
- coin processor: means any individual, partnership, association or corporation engaged in the business of providing coin processing services. See N.Y. General Business Law 419
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- department: means the department of state. See N.Y. General Business Law 419
- division: means the division of criminal justice services. See N.Y. General Business Law 419
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- secretary: means the secretary of state. See N.Y. General Business Law 419
1. The term "applicant" means a coin processor who has filed an application with the department for a license.
2. The term "coin processor" means any individual, partnership, association or corporation engaged in the business of providing coin processing services.
3. The term "coin processing services" means the taking in, holding and counting of coins received by other businesses and exchanging such coins for an equivalent amount of money, currency, coins or negotiable instruments for a negotiated service fee. This term does not include any corporations, unincorporated associations, partnerships and individuals subject to the provisions of the banking law nor does it include any "food processing establishment" as defined in subdivision three of § 251 of the agriculture and markets law which owns a coin counting machine and makes this service available to its customers nor does it include any "armored car carrier". The term "armored car carrier" shall have the same meaning as such term is defined in section eighty-nine-bbb of this chapter.
4. The term "department" means the department of state.
5. The term "division" means the division of criminal justice services.
6. The term "licensee" means a coin processor that has been issued a license in accordance with the provisions of this article.
7. The term "secretary" means the secretary of state.
8. The term "principal owner" means any person controlling an interest greater than ten percent in a business providing coin processing services, or any person with a controlling interest in a company that has a controlling interest in a business providing coin processing services.