2010 New York Code
BNK - Banking
Article 12-C - (579 - 587) BUDGET PLANNERS
580 - Application for license.

§  580. Application for license. 1. Application for a license required
  under this article shall be in writing, under  oath,  and  in  the  form
  prescribed by the superintendent, and shall contain the following:
    (a)  The  exact  name and the address of the applicant and its date of
  incorporation; and
    (b) The  name  and  complete  business  and  residential  address  and
  occupation of each officer and director of the applicant; and
    (c)  The complete address where the business of the applicant is to be
  conducted, showing the street  and  number,  if  any,  post  office  and
  building  and  room number, if any, the office building and room number,
  if any, and the municipality and county; and
    (d) If the  applicant  has  one  or  more  branches,  subsidiaries  or
  affiliates  operating  in  this state, the complete address of each such
  place of business; and
    (e)  Such  other  pertinent  information  as  the  superintendent  may
  require,  including  but  not  limited  to  evidence indicating that the
  applicant, or officer, director, or manager of  such  applicant  has  at
  least  one  year  of  experience in financial services or related fields
  applicable to budget planning.
    2. Where an applicant operates several places  of  business,  separate
  applications for license shall be made for each such place of business.
    3.  Upon original application for a license or licenses to operate one
  or more places of business, the applicant shall pay an investigation fee
  in an aggregate amount as prescribed pursuant to section  eighteen-a  of
  this  chapter. No additional investigation fee shall be required for any
  subsequent  application  for  a  license  unless  such  application   is
  subsequent  to  a  denial of a license or to a revocation, suspension or
  surrender of a license.
    4. As a condition for the issuance and retention of a  budget  planner
  license,  and  subject  to  such regulations as the superintendent shall
  prescribe, applicants for a license shall file with the superintendent a
  surety bond in form satisfactory  to  the  superintendent  issued  by  a
  bonding  company  or insurance company authorized to do business in this
  state. Except as provided hereunder, the principal amount of  such  bond
  shall  be  two  hundred  fifty  thousand dollars. The superintendent may
  require a larger bond if he or  she  determines,  in  his  or  her  sole
  discretion,  that  a  licensee  has  engaged  in  a  pattern  of conduct
  resulting in bona fide consumer complaints of misconduct and  that  such
  increased  bond  is  necessary  for  the protection of consumers; or the
  superintendent may increase or decrease  the  amount  of  such  bond  or
  deposit  based  upon  the applicant's or licensee's financial condition,
  business plan, and the actual or estimated aggregate amount of  payments
  and  fees  paid  by  debtors  to such licensee. In lieu of such bond, an
  applicant may keep on deposit with such banks,  savings  banks,  savings
  and loan associations, trust companies, private bankers, national banks,
  federal  savings  banks, or federal savings and loan associations in the
  state as such licensee may designate and the superintendent may approve,
  interest-bearing bonds, notes, debentures, or other obligations  of  the
  United States or any agency or instrumentality thereof, or guaranteed by
  the  United  States,  or  of  this  state,  or  of a city, county, town,
  village, school district, or instrumentality of this state or guaranteed
  by this state, or dollar deposits, or such other assets  or  letters  of
  credit  as  the  superintendent  shall by rule or regulation permit. The
  proceeds of each bond or deposit shall constitute a  trust  fund  to  be
  used  exclusively  to  reimburse  payments by debtors that have not been
  properly distributed to creditors or to reimburse fees determined by the
  superintendent to be improperly charged or collected and, in  the  event
  of  the  insolvency, liquidation, or bankruptcy of such licensee, to pay

outstanding banking department examination costs and assessments. Within
  ninety days after the effective date of this subdivision, each  licensee
  shall comply with the requirements of this subdivision.