2017 New York Laws
BNK - Banking
Article 9 - Licensed Lenders
342 - Conditions Precedent to Issuing License; Procedure Where Application Denied.

 342.  Conditions  precedent  to  issuing  license;  procedure  where
  application denied. Upon the filing of such application and the  payment
  of  such  fees,  if  the  superintendent  shall  find that the financial
  responsibility,  experience,  character,  and  general  fitness  of  the
  applicant,  and of the members thereof if the applicant be a partnership
  or association, and  of  the  officers  and  directors  thereof  if  the
  applicant be a corporation, are such as to command the confidence of the
  community  and  to  warrant  belief  that  the business will be operated
  honestly, fairly, and efficiently within the purposes of  this  article,
  and  if  the  superintendent shall find that the applicant has available
  for the operation of such business at  each  specified  location  liquid
  assets  of  at  least  fifty  thousand dollars, the superintendent shall
  thereupon execute a master  license,  and  if  applicable  one  or  more
  supplemental  licenses,  to make loans in accordance with the provisions
  of this article at the location  or  locations  specified  in  the  said
  application.  The superintendent shall transmit one copy of such license
  or licenses to the applicant and file the same  in  the  office  of  the
  department.  Each  such  license  shall  remain in full force and effect
  until it is surrendered by the  licensee  or  revoked  or  suspended  as
  hereinafter  provided; if the superintendent shall not so find, a master
  license shall not be issued and  the  superintendent  shall  notify  the
  applicant  of  the  denial. If an application is denied or withdrawn the
  superintendent shall return  to  the  applicant  the  sum  paid  by  the
  applicant as a license fee, retaining the investigation fee to cover the
  costs of investigating the application. The superintendent shall approve
  or  deny  every application for a master license hereunder within ninety
  days from the filing thereof with the said fees.