N.Y. Banking Law § 341: 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

application.

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.