2016 New York Laws
BNK - Banking
Article 5-B - (Banking) LICENSE FOR A FOREIGN BANKING CORPORATION TO MAINTAIN A REPRESENTATIVE
221-A - Doing business without license prohibited.

 221-a.  Doing  business  without  license  prohibited. 1. No person,
  co-partnership,  association,  corporation   or   other   entity   shall
  establish,  maintain  or  use  one  or more offices in this state as the
  representative of one or more foreign banking  corporations  unless  the
  foreign  banking  corporation  to  be  represented  has first obtained a
  license from the superintendent of financial services. Entities lawfully
  registered pursuant to  this  article  on  or  before  September  first,
  nineteen  hundred  ninety-two  shall be deemed licensed pursuant to this
  section until September first, nineteen  hundred  ninety-four,  provided
  however  that  the  superintendent  may  require  the  submission of any
  additional documents or materials relating to the business activities of
  the registrant as he or she may deem necessary or appropriate.
2. Upon receipt of a license,  the  foreign  banking  corporation  may
  establish  one  or more representative offices in this state which shall
  be subject to examination whenever in the superintendent's judgment such
  examination is necessary or advisable.
3.  Such  office  shall  be  limited  to  conducting   the   following
  activities:  solicitation of loans and in connection therewith, assembly
  of  credit  information,  making of property inspections and appraisals,
  securing of title information, preparation  of  applications  for  loans
  including   making  recommendations  with  respect  to  action  thereon,
  solicitation of investors to purchase loans from the  bank,  the  search
  for  such  investors to contract with the bank for the servicing of such
  loans; solicitation of new business and conduct of research.  Any  other
  activity  which the foreign banking corporation seeks to conduct at such
  office,  shall  be  subject  to  the  prior  written  approval  of   the
  superintendent by general regulation or upon application in such form as
  the superintendent may prescribe.