Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Application for license; fees; capital requirements
§ 341. Application for license; fees; capital requirements. 1. (a) As
used in this article, the term master license shall mean an original
license granted to a person or entity.

(b) As used in this article, the term supplemental license shall mean
the license granted to a person or entity having a master license for
additional licensed locations.

2. An application for a master license shall be in writing, under
oath, and in the form prescribed by the superintendent and shall contain
such information as the superintendent may require by regulations. The
application shall set forth all of the locations at which the applicant
seeks to conduct business hereunder. At the time of making the
application for a master license, the applicant shall pay to the
superintendent a fee as prescribed pursuant to section eighteen-a of
this chapter for each proposed location for investigating the

3. In addition to the investigation fee and annual license fee every
licensee hereunder shall pay to the superintendent the sums provided to
be paid under the provisions of section seventeen of the banking law.

4. In connection with an application for a master license, the
applicant shall submit an affidavit of financial solvency noting such
capitalization requirements and access to such credit as may be
prescribed by the regulations of the superintendent.

5. The applicant shall also prove, in form satisfactory to the
superintendent, that the applicant has available for the operation of
such business at the location or locations specified in the application
liquid assets of at least fifty thousand dollars. This amount shall be
maintained for the period within which the licensee makes loans in the
amounts prescribed in section three hundred forty of this article at
such location.

6. If a person or entity holding a master license seeks to open
another location for the conduct of activities licensable under this
article, the licensee shall first submit written notification of this
fact to the superintendent. The notification shall contain the address
of the new location and the master license number. An investigation fee
as prescribed pursuant to section eighteen-a of this chapter shall be
paid for each additional location. Upon receipt of the notification and
fees, the superintendent shall issue a temporary supplemental license,
valid for a period not exceeding thirty days, pending the final approval
of the new location. The superintendent, in his or her sole discretion,
may extend the validity of the temporary supplemental license for
additional thirty day periods pending investigation, but such extension
shall not exceed a total of sixty days. The temporary supplemental
license shall, upon written approval by the superintendent, become
permanent after thirty days of issuance, or after the expiration of any
extension granted by the superintendent, unless the superintendent finds
that the opening of the new location by the licensee is not in the
public interest, in which case, the superintendent shall send a written
denial to the licensee. Upon receipt of such written denial, the
temporary supplemental license issued to the licensee shall become void
and the licensee shall immediately cease all activity licensable under
this article at the location set forth on such license. The failure of
the superintendent to give written approval or denial of the permanence
of the temporary supplemental license prior to expiration of the initial
thirty day period or any extension thereof shall not be deemed to
constitute the approval of a permanent supplemental license.