N.Y. Banking Law § 221-a: Doing business without license prohibited

§ 221-a. Doing business without license prohibited. 1. No person,

co-partnership, association, corporation or other entity shall

establish, maintain or use one or more offices in this state as the

representative of one or more foreign banking corporations unless the

foreign banking corporation to be represented has first obtained a

license from the superintendent of financial services. Entities lawfully

registered pursuant to this article on or before September first,

nineteen hundred ninety-two shall be deemed licensed pursuant to this

section until September first, nineteen hundred ninety-four, provided

however that the superintendent may require the submission of any

additional documents or materials relating to the business activities of

the registrant as he or she may deem necessary or appropriate.

2. Upon receipt of a license, the foreign banking corporation may

establish one or more representative offices in this state which shall

be subject to examination whenever in the superintendent's judgment such

examination is necessary or advisable.

3. Such office shall be limited to conducting the following

activities: solicitation of loans and in connection therewith, assembly

of credit information, making of property inspections and appraisals,

securing of title information, preparation of applications for loans

including making recommendations with respect to action thereon,

solicitation of investors to purchase loans from the bank, the search

for such investors to contract with the bank for the servicing of such

loans; solicitation of new business and conduct of research. Any other

activity which the foreign banking corporation seeks to conduct at such

office, shall be subject to the prior written approval of the

superintendent by general regulation or upon application in such form as

the superintendent may prescribe.