2013 New York Consolidated Laws
BNK - Banking
Article 9 - (340 - 361) LICENSED LENDERS
341 - Application for license; fees; capital requirements.

 
    § 341.  Application for license; fees; capital requirements. 1. (a) As
  used in this article, the term master license  shall  mean  an  original
  license granted to a person or entity.
    (b)  As used in this article, the term supplemental license shall mean
  the license granted to a person or entity having a  master  license  for
  additional licensed locations.
    2.  An  application  for  a  master license shall be in writing, under
  oath, and in the form prescribed by the superintendent and shall contain
  such information as the superintendent may require by  regulations.  The
  application  shall set forth all of the locations at which the applicant
  seeks  to  conduct  business  hereunder.  At  the  time  of  making  the
  application  for  a  master  license,  the  applicant  shall  pay to the
  superintendent a fee as prescribed pursuant  to  section  eighteen-a  of
  this   chapter   for   each  proposed  location  for  investigating  the
  application.
    3. In addition to the investigation fee and annual license  fee  every
  licensee  hereunder shall pay to the superintendent the sums provided to
  be paid under the provisions of section seventeen of the banking law.
    4. In connection  with  an  application  for  a  master  license,  the
  applicant  shall  submit  an affidavit of financial solvency noting such
  capitalization  requirements  and  access  to  such  credit  as  may  be
  prescribed by the regulations of the superintendent.
    5.  The  applicant  shall  also  prove,  in  form  satisfactory to the
  superintendent, that the applicant has available for  the  operation  of
  such  business at the location or locations specified in the application
  liquid assets of at least fifty thousand dollars. This amount  shall  be
  maintained  for  the period within which the licensee makes loans in the
  amounts prescribed in section three hundred forty  of  this  article  at
  such location.
    6.  If  a  person  or  entity  holding  a master license seeks to open
  another location for the conduct of  activities  licensable  under  this
  article,  the  licensee  shall first submit written notification of this
  fact to the superintendent. The notification shall contain  the  address
  of  the new location and the master license number. An investigation fee
  as prescribed pursuant to section eighteen-a of this  chapter  shall  be
  paid  for each additional location. Upon receipt of the notification and
  fees, the superintendent shall issue a temporary  supplemental  license,
  valid for a period not exceeding thirty days, pending the final approval
  of  the new location. The superintendent, in his or her sole discretion,
  may extend the  validity  of  the  temporary  supplemental  license  for
  additional  thirty day periods pending investigation, but such extension
  shall not exceed a total  of  sixty  days.  The  temporary  supplemental
  license  shall,  upon  written  approval  by  the superintendent, become
  permanent after thirty days of issuance, or after the expiration of  any
  extension granted by the superintendent, unless the superintendent finds
  that  the  opening  of  the  new  location by the licensee is not in the
  public interest, in which case, the superintendent shall send a  written
  denial  to  the  licensee.  Upon  receipt  of  such  written denial, the
  temporary supplemental license issued to the licensee shall become  void
  and  the  licensee shall immediately cease all activity licensable under
  this article at the location set forth on such license. The  failure  of
  the  superintendent to give written approval or denial of the permanence
  of the temporary supplemental license prior to expiration of the initial
  thirty day period or any  extension  thereof  shall  not  be  deemed  to
  constitute the approval of a permanent supplemental license.