§ 408-a. Unlicensed activities prohibited.
(a)For the purposes of\nthis section, a "prohibited unlicensed act" shall mean:\n (1) engaging in an activity in this state for which a license,\ncertification, registration, authorization, charter, accreditation or\nincorporation is required by this chapter or the banking law, or the\nregulations promulgated thereunder, without such license, certification,\nregistration, authorization, charter, accreditation or incorporation or\nan exemption from such requirement; or\n (2) any act or omission by a person who is required by this chapter or\nthe banking law, or the regulations promulgated thereunder, to be\nlicensed, certified, registered, authorized, chartered, accredited or\nincorporated and is not so licensed, certified, registered, authori
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§ 408-a. Unlicensed activities prohibited. (a) For the purposes of\nthis section, a "prohibited unlicensed act" shall mean:\n (1) engaging in an activity in this state for which a license,\ncertification, registration, authorization, charter, accreditation or\nincorporation is required by this chapter or the banking law, or the\nregulations promulgated thereunder, without such license, certification,\nregistration, authorization, charter, accreditation or incorporation or\nan exemption from such requirement; or\n (2) any act or omission by a person who is required by this chapter or\nthe banking law, or the regulations promulgated thereunder, to be\nlicensed, certified, registered, authorized, chartered, accredited or\nincorporated and is not so licensed, certified, registered, authorized,\nchartered, accredited or incorporated, or exempted from such\nrequirement, if such act or omission would constitute a violation of\nthis chapter or the banking law, or the regulations promulgated\nthereunder, subject to monetary penalty if such person were so licensed,\ncertified, registered, authorized, chartered, accredited or\nincorporated.\n (b) In addition to any civil or criminal liability provided by law,\nthe superintendent may, after notice and a hearing, levy a civil penalty\nfor any prohibited unlicensed act as follows:\n (1) The penalty for a prohibited unlicensed act that relates to the\nrequirements of the banking law or the regulations promulgated\nthereunder shall be the same as the penalty provided in section\nforty-four of the banking law for any violation of the banking law.\n (2) The penalty for a prohibited unlicensed act that relates to the\nrequirements of this chapter or the regulations promulgated thereunder\nshall be the same as the penalty provided for in section four hundred\neight of this article for violations of this chapter or the regulations\npromulgated thereunder. However, the superintendent shall not impose or\ncollect any penalty for a prohibited unlicensed act pursuant to this\nparagraph if the superintendent imposes or collects any penalty pursuant\nto paragraph one of this subsection or paragraphs two or three of\nsubsection (a) of section four hundred eight of this article for the\nsame act or omission.\n (3) If a prohibited unlicensed act results in consumer harm, the\npenalty shall be not more than double the penalty amount applicable to\nsuch violation set forth in paragraphs one and two of this subsection.\n (c) Civil penalties received by the superintendent pursuant to this\nsection shall be applied in the same manner as civil penalties received\nby the superintendent pursuant to section four hundred eight of this\nchapter.\n (d) In addition to any other penalty or sanction imposed upon a person\nby law for a prohibited unlicensed act, after notice and a hearing, the\nsuperintendent may issue an order directing such person to pay\nrestitution for such unlicensed act.\n