(1) Except as hereinafter stated all checks, drafts and money orders must be deposited in the licensee's bank account in a branch or principal office of a bank, savings bank, savings and loan association, trust company, national bank, Federal savings bank, or Federal savings and loan association or any other duly chartered depository institution that is insured by the Federal Deposit Insurance Corporation, regardless of whether the branch and/or principal office of the foregoing banking institution is located within or without this State (collectively, "banking institution"), not later than the first business day following the day on which they were cashed. Such items must be deposited during the regular business hours of such banking institution so as to enable it to credit the deposits to the licensee's account on that business day.

(2) Any account maintained by a licensee for the deposit of checks, drafts or money orders in a banking institution shall be subject to a written account agreement between the licensee and the banking institution that expressly provides for the personal and in rem jurisdiction over the parties and the account, respectively, of State and Federal courts located in the State of New York and the agreement shall be governed by the laws of the State of New York, except that this requirement shall not apply:

Every licensee or applicant for a license shall provide to the superintendent a copy of any such account agreement within 15 days of establishing any such account or any amendment thereto relating to the items required by this subdivision. Every licensee shall maintain a copy of such account agreement as part of its records available for examination by the superintendent.

(3) Prior to depositing any checks, drafts or money orders in an account at a banking institution, the licensee shall cause such banking institution to give the superintendent written authorization to conduct any such examination of all books, records, documents and materials, including those in electronic form, as they relate to such account and any checks, drafts, or money orders placed on deposit in such account, as the superintendent in his/her discretion deems necessary, except that this written authorization requirement shall not apply:

(4) When the number of payroll checks cashed at a limited station amount to 50 or more, the licensee may present those checks to the drawee bank or the maker of the checks and receive in exchange a single draft, provided full details of the transaction are recorded in a manner satisfactory to the superintendent.