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![handle is hein.nyattgen/nysag0121 and id is 1 raw text is: OPINIONS
OF THE NEW YORK STATE
ATTORNEY GENERAL
Opn. No. F 2006-1
BANKING LAW §§43(8), 367(1)(4), 369(1), 370, 372, 373, 374(l),(2),(3),
ART. 9-A; 3 N.Y.C.R.R. §400.12; L. 2004, CH. 432; L. 2003, CH. 635; L.
2002, CH. 29; L. 2001, CH. 591; L. 2000, CH. 582; L. 1994, CH. 546; L.
1944, CH. 593.
The exemption in Banking Law §374(3)applicable to banks that
were in the business of electronic check-cashing machines on the
subdivision's effective date should be interpreted as exempting only
electronic check-cashing facilities operated by such banks.
You have asked for an interpretation of the grandfather-
ing clause contained in Banking Law §374(3). This subsec-
tion, enacted in 2001, prohibits national banks and entities
doing business under provisions of the Banking Law, other
than licensed check cashers, from operating a check-cashing
facility at a separate location within three-tenths (3/10) of a
mile of an existing check-cashing licensee. A grandfathering
clause exempts from this 3/10 of a mile restriction any
separate location which was in operation prior to the effective
date of [Section 374(3)]. Banking Law §374(3). The provision
also exempts any national bank... or any person, partner-
ship, association, corporation or other organization doing
business under or pursuant to the provisions of this chapter
which was engaged in the business of electronic check cash-
ing machines in this state prior to the effective date of this
subdivision. Id.
1 AG 8-31-06](ViewImageLocal?handle=hein.nyattgen/nysag0121&div=1&collection=&method=preview&ext=.png&size=3)