N.Y. Banking Law § 340: Doing business without license prohibited

§ 340. Doing business without license prohibited. No person or other

entity shall engage in the business of making loans in the principal

amount of twenty-five thousand dollars or less for any loan to an

individual for personal, family, household, or investment purposes and

in a principal amount of fifty thousand dollars or less for business and

commercial loans, and charge, contract for, or receive a greater rate of

interest than the lender would be permitted by law to charge if he were

not a licensee hereunder except as authorized by this article and

without first obtaining a license from the superintendent.

For the purposes of this section, a person or entity shall be

considered as engaging in the business of making loans in New York, and

subject to the licensing and other requirements of this article, if it

solicits loans in the amounts prescribed by this section within this

state and, in connection with such solicitation, makes loans to

individuals then resident in this state, except that no person or entity

shall be considered as engaging in the business of making loans in this

state on the basis of isolated, incidental or occasional transactions

which otherwise meet the requirements of this section.

Nothing in this article shall apply to licensed collateral loan

brokers.