2013 New York Consolidated Laws
BNK - Banking
Article 9 - (340 - 361) LICENSED LENDERS
340 - Doing business without license prohibited.

 
    § 340.  Doing  business without license prohibited. No person or other
  entity shall engage in the business of making  loans  in  the  principal
  amount  of  twenty-five  thousand  dollars  or  less  for any loan to an
  individual for personal, family, household, or investment  purposes  and
  in a principal amount of fifty thousand dollars or less for business and
  commercial loans, and charge, contract for, or receive a greater rate of
  interest  than the lender would be permitted by law to charge if he were
  not a licensee hereunder  except  as  authorized  by  this  article  and
  without first obtaining a license from the superintendent.
    For  the  purposes  of  this  section,  a  person  or  entity shall be
  considered as engaging in the business of making loans in New York,  and
  subject  to  the licensing and other requirements of this article, if it
  solicits loans in the amounts prescribed by  this  section  within  this
  state  and,  in  connection  with  such  solicitation,  makes  loans  to
  individuals then resident in this state, except that no person or entity
  shall be considered as engaging in the business of making loans in  this
  state  on  the  basis of isolated, incidental or occasional transactions
  which otherwise meet the requirements of this section.
    Nothing in this  article  shall  apply  to  licensed  collateral  loan
  brokers.