PCIP PAYMENT CARD INDUSTRY FINAL
SCRIPT 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
⩥ What type of crime is operating as a PI without a license? Answer:
Class B Misdemeanor
⩥ A corporation's PI license can be revoked if ___% or more of the
corporate stock is held by a person who cannot meet the character
standard set for an individual PI license. Answer: 10
⩥ Who has the power to enforce the provisions of the PI licensing law?
Answer: The Secretary of State
⩥ Is a licensee obliged to supply their books or records to the State upon
State Request? Answer: Yes
⩥ What is the term of a PI license? Answer: 2 years
⩥ What is the cost of an Individual PI license? Answer: $400
⩥ What is the cost of a Corporate PI license? Answer: $500
,⩥ Is a PI required to be bonded? Answer: yes
⩥ Is a PI required to be insured? Answer: No
⩥ What is the surety bond required of a PI? Answer: $10,000
⩥ If a NY PI license is to be issued to a non-resident, what must the
applicant file a written consent to? Answer: Consent to the jurisdiction
of the courts of NY in any case or cases arising from PI services within
NY state
⩥ No PI license shall be issued to a person under the age of ___.
Answer: 25
⩥ What is the fee to take the exam that you need to pass to qualify for a
PI application? Answer: $15
⩥ Can a NY PI license be issued to a person convicted of a felony?
Answer: No
⩥ Are there any misdemeanor convictions that will not allow a person to
be issued a NY PI license? Answer: Yes
,⩥ Are a list of the applicant names and business addresses of all pending
PI applications posted for public view? Answer: Yes
⩥ Are a list of PI licenses that had been either issued or revoked the
prior week posted for public view? Answer: Yes
⩥ Can a NY PI licensee simultaneously hold an employment agency
license? Answer: No
⩥ To change the name on a PI license, the cost is ___ Answer: $150
⩥ To change the address on a PI license, the cost is ___ Answer: $10
⩥ How must the issued PI license certificate be displayed? Answer:
Posted up and at all times displayed in a conspicuous place for which it
was issued, so that all persons visiting such place may readily see it.
⩥ Every license certificate shall be surrendered to the Department of
Stat within ____ hours after its terms shall have expired or after notice in
writing to the holder that such license has been revoked. Answer: 72
⩥ Failure to surrender the license certificate within the required hours is
what type of crime? Answer: Misdemeanor
, ⩥ What is the cost for the replacement of an unexpired PI license
certificate or an unexpired pocket card? Answer: $10
⩥ What are the restrictions on the replacement of an unexpired PI
license certificate or an unexpired pocket card? Answer: If lost or
destroyed without fault on the part of the holder.
⩥ When should a NY PI file a PI license renewal application? Answer: 6
weeks before the expiration date of the PI license
⩥ What is the cost to renew an Individual PI license? Answer: $400
⩥ What is the cost to renew a Corporation PI license? Answer: $500
⩥ If late to renew a PI license, what is the late filing fee amount?
Answer: $100
⩥ In no event will PI license renewal be granted more than ___ months
after the date of expiration of a PI license. Answer: 6
⩥ What, besides the PI license renewal fee, must accompany the PI
license renewal fee? Answer: A new surety bond
SCRIPT 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
⩥ What type of crime is operating as a PI without a license? Answer:
Class B Misdemeanor
⩥ A corporation's PI license can be revoked if ___% or more of the
corporate stock is held by a person who cannot meet the character
standard set for an individual PI license. Answer: 10
⩥ Who has the power to enforce the provisions of the PI licensing law?
Answer: The Secretary of State
⩥ Is a licensee obliged to supply their books or records to the State upon
State Request? Answer: Yes
⩥ What is the term of a PI license? Answer: 2 years
⩥ What is the cost of an Individual PI license? Answer: $400
⩥ What is the cost of a Corporate PI license? Answer: $500
,⩥ Is a PI required to be bonded? Answer: yes
⩥ Is a PI required to be insured? Answer: No
⩥ What is the surety bond required of a PI? Answer: $10,000
⩥ If a NY PI license is to be issued to a non-resident, what must the
applicant file a written consent to? Answer: Consent to the jurisdiction
of the courts of NY in any case or cases arising from PI services within
NY state
⩥ No PI license shall be issued to a person under the age of ___.
Answer: 25
⩥ What is the fee to take the exam that you need to pass to qualify for a
PI application? Answer: $15
⩥ Can a NY PI license be issued to a person convicted of a felony?
Answer: No
⩥ Are there any misdemeanor convictions that will not allow a person to
be issued a NY PI license? Answer: Yes
,⩥ Are a list of the applicant names and business addresses of all pending
PI applications posted for public view? Answer: Yes
⩥ Are a list of PI licenses that had been either issued or revoked the
prior week posted for public view? Answer: Yes
⩥ Can a NY PI licensee simultaneously hold an employment agency
license? Answer: No
⩥ To change the name on a PI license, the cost is ___ Answer: $150
⩥ To change the address on a PI license, the cost is ___ Answer: $10
⩥ How must the issued PI license certificate be displayed? Answer:
Posted up and at all times displayed in a conspicuous place for which it
was issued, so that all persons visiting such place may readily see it.
⩥ Every license certificate shall be surrendered to the Department of
Stat within ____ hours after its terms shall have expired or after notice in
writing to the holder that such license has been revoked. Answer: 72
⩥ Failure to surrender the license certificate within the required hours is
what type of crime? Answer: Misdemeanor
, ⩥ What is the cost for the replacement of an unexpired PI license
certificate or an unexpired pocket card? Answer: $10
⩥ What are the restrictions on the replacement of an unexpired PI
license certificate or an unexpired pocket card? Answer: If lost or
destroyed without fault on the part of the holder.
⩥ When should a NY PI file a PI license renewal application? Answer: 6
weeks before the expiration date of the PI license
⩥ What is the cost to renew an Individual PI license? Answer: $400
⩥ What is the cost to renew a Corporation PI license? Answer: $500
⩥ If late to renew a PI license, what is the late filing fee amount?
Answer: $100
⩥ In no event will PI license renewal be granted more than ___ months
after the date of expiration of a PI license. Answer: 6
⩥ What, besides the PI license renewal fee, must accompany the PI
license renewal fee? Answer: A new surety bond
