New Jersey Statutes 17:15A-32.1. Sale of check cashing business
Terms Used In New Jersey Statutes 17:15A-32.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
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.