N.Y. Banking Law § 651

§ 651. Investments. Every licensee shall at all times maintain\npermissible investments having (i) a market value, computed in\naccordance with generally accepted accounting principles, at least equal\nto the aggregate of the amount of all its outstanding payment\ninstruments and all its outstanding traveler's checks or (ii) a net\ncarrying value, computed in accordance with generally accepted\naccounting principles, at least equal to the aggregate of the amount of\nall its outstanding payment instruments and all its outstanding\ntraveler's checks so long as the market value of such permissible\ninvestments is at least eighty per centum of the net carrying value.\nNotwithstanding the foregoing provisions of this section, the\nsuperintendent shall have the authority, for good cause shown, to exempt\nfrom the requirements of this section any licensee.\n