17:15A-32.1 - Sale of check cashing business - New Jersey Statutes

17:15A-32.1  Sale of check cashing business.

1.  a.  A person who is conducting  business as a check casher pursuant to P.L.1993, c.383 (C.17:15A-30 et seq.), whose license was continued pursuant to section 21 of P.L.1993, c.383 (C.17:15A-50), and who is not the subject of any action by the commissioner pursuant to section 19 or 20 of P.L.1993, c.383 (C.17:15A-48 or 17:15A-49),  shall be permitted to sell the assets of the  business of cashing checks.

b.A person purchasing the assets of the business of cashing checks from a person permitted to sell those assets  pursuant to subsection a. of this section shall be required to:

(1)qualify for a license pursuant to the provisions of P.L.1993, c.383 (C.17:15A-30 et seq.), except that the person shall not be required to comply with the provisions of subsection e. of section 12 and subsection f. of section 18 of P.L.1993, c.383 (C.17:15A-41 and 17:15A-47) ; and

(2)conduct the business of cashing checks from the location the address of which  is listed on the license of the person from whom the assets of the business of cashing checks are being purchased.

c.A business of cashing checks which is sold and purchased pursuant to subsections a. and b. of this section may be sold and purchased subsequently as long as each time the business is sold the seller is not the subject of any action by the commissioner pursuant to section 19 or 20 of P.L.1993, c.383 (C.17:15A-48 or 17:15A-49) and the person purchasing the business of check cashing :

(1)qualifies for a license pursuant to the provisions of P.L.1993, c. 383 (C.17:15A-30 et seq.), except that the purchaser shall not be required to comply with the provisions of subsection e. of section 12 and subsection f. of section 18 of P.L.1993, c.383 (C.17:15A-41 and 17:15A-42); and

(2)conducts the business of cashing checks from the location the address of which  is listed on the license of the person from whom the business of cashing checks is purchased.

L.1998,c.104,s.1.