§ 341 — Application for license; fees; capital requirements

New York § 341

• Jurisdiction: New York
• Law BNK: Banking
• Art. 9: Licensed Lenders

Text

§ 341. Application for license; fees; capital requirements. 1. (a) As\nused in this article, the term master license shall mean an original\nlicense granted to a person or entity.\n (b) As used in this article, the term supplemental license shall mean\nthe license granted to a person or entity having a master license for\nadditional licensed locations.\n 2. An application for a master license shall be in writing, under\noath, and in the form prescribed by the superintendent and shall contain\nsuch information as the superintendent may require by regulations. The\napplication shall set forth all of the locations at which the applicant\nseeks to conduct business hereunder. At the time of making the\napplication for a master license, the applicant shall pay to the\nsuperintendent a fee as prescribed pursuant to section eighteen-a of\nthis chapter for each proposed location for investigating the\napplication.\n 3. In addition to the investigation fee and annual license fee every\nlicensee hereunder shall pay to the superintendent the sums provided to\nbe paid under the provisions of section seventeen of the banking law.\n 4. In connection with an application for a master license, the\napplicant shall submit an affidavit of financial solvency noting such\ncapitalization requirements and access to such credit as may be\nprescribed by the regulations of the superintendent.\n 5. The applicant shall also prove, in form satisfactory to the\nsuperintendent, that the applicant has available for the operation of\nsuch business at the location or locations specified in the application\nliquid assets of at least fifty thousand dollars. This amount shall be\nmaintained for the period within which the licensee makes loans in the\namounts prescribed in section three hundred forty of this article at\nsuch location.\n 6. If a person or entity holding a master license seeks to open\nanother location for the conduct of activities licensable under this\narticle, the licensee shall first submit written notification of this\nfact to the superintendent. The notification shall contain the address\nof the new location and the master license number. An investigation fee\nas prescribed pursuant to section eighteen-a of this chapter shall be\npaid for each additional location. Upon receipt of the notification and\nfees, the superintendent shall issue a temporary supplemental license,\nvalid for a period not exceeding thirty days, pending the final approval\nof the new location. The superintendent, in his or her sole discretion,\nmay extend the validity of the temporary supplemental license for\nadditional thirty day periods pending investigation, but such extension\nshall not exceed a total of sixty days. The temporary supplemental\nlicense shall, upon written approval by the superintendent, become\npermanent after thirty days of issuance, or after the expiration of any\nextension granted by the superintendent, unless the superintendent finds\nthat the opening of the new location by the licensee is not in the\npublic interest, in which case, the superintendent shall send a written\ndenial to the licensee. Upon receipt of such written denial, the\ntemporary supplemental license issued to the licensee shall become void\nand the licensee shall immediately cease all activity licensable under\nthis article at the location set forth on such license. The failure of\nthe superintendent to give written approval or denial of the permanence\nof the temporary supplemental license prior to expiration of the initial\nthirty day period or any extension thereof shall not be deemed to\nconstitute the approval of a permanent supplemental license.\n