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This entry was published on 2014-09-22
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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.