New York State Department of Financial Services · NY
CashPoint Legal Notice
August 30, 2006
Summary
The New York State Department of Financial Services has issued a formal notice regarding the license suspension of CashPoint Network Services, Inc. due to failed money transmission obligations. Affected consumers and billers may file claims for reimbursement through the New York State Transmitter of Money Insurance Fund by the October 31, 2006 deadline.
Industry Letters
August 30, 2006
LEGAL NOTICE
NOTICE OF DEFAULT BY CASHPOINT NETWORK SERVICES, INC., IN MAKING PAYMENTS BY MONEY TRANSMITTER
Pursuant to New York State Banking Law Section 656, the State of New York Superintendent of Banks gives notice that on April 21, 2004, the license of CASHPOINT NETWORK SERVICES, INC. (“CashPoint”) to operate a money transmission business in New York State has been suspended because it failed to make payments on its money transmission obligations. CashPoint’s license to conduct a money transmission business in New York State remains suspended.
Any person or entity (1) that gave funds to CashPoint to transmit, either directly at its office formerly located at 143 West 72nd Street in New York City or through its agent(s) located in New York State, and said funds were not transmitted to the intended biller/beneficiary, or (2) that was the intended biller/beneficiary of said funds transmission as a “holder” under New York State Banking Law Section 653, that has not yet collected the funds from CashPoint, may be entitled to some reimbursement from the New York State Transmitter of Money Insurance Fund.
Such persons or entities seeking to submit a claim under the New York State Transmitter of Money Insurance Fund should download a claim form from the State of New York Banking Department Web site (www.banking.state.ny.us). Claim forms may also be obtained by contacting the Banking Department at (212) 709-7676, during the business hours of 9:00 am to 4:00 pm, Monday through Friday.
All claim forms must be postmarked by October 31, 2006, in order to be considered for any reimbursement under the State Transmitter of Money Insurance Fund.
Source: https://www.dfs.ny.gov/industry_guidance/industry_letters/il20060830_legal_notice_cashpoint_default
Common questions
- What does "CashPoint Legal Notice" cover?
- The New York State Department of Financial Services has issued a formal notice regarding the license suspension of CashPoint Network Services, Inc. due to…
- Which agency issued this update?
- This update was issued by New York State Department of Financial Services.
- When was it published?
- It was published on August 30, 2006.
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