N.Y. Banking Law § 221-d: 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.