2016 New York Laws
BNK - Banking
Article 5-B - (Banking) LICENSE FOR A FOREIGN BANKING CORPORATION TO MAINTAIN A REPRESENTATIVE
221-D - Conditions precedent to issuing license; procedure where application denied.

 221-d.  Conditions  precedent  to  issuing  license; procedure where
  application denied. Upon the filing of an application for a license,  if
  the   superintendent  shall  find  that  the  financial  responsibility,
  experience, character,  and  general  fitness  of  the  foreign  banking
  corporation and its representative are such as to command the confidence
  of  the  community  and  to  warrant belief that the representative will
  operate honestly, fairly, and efficiently within the purpose and  intent
  of  this  article,  a  license shall thereupon be issued in duplicate to
  conduct the activity described in  section  221-a  of  this  article  in
  accordance  with  the  provisions of this article. If the superintendent
  shall not so find, the license shall not be issued,  and  the  applicant
  shall  be  notified of the denial. The superintendent shall transmit one
  copy of such license to the applicant and file another in the office  of
  the  department of financial services. Such license shall remain in full
  force and effect until it is surrendered by the licensee or  revoked  or
  suspended  as  hereinafter provided. The superintendent shall approve or
  deny every application for a license hereunder within ninety  days  from
  the  filing  thereof  provided,  however, that failure to act within the
  prescribed period shall not be deemed approval of any such application.